(AP) Sweden moving towards cashless economy

Sweden was the first European country to introduce bank notes in 1661. Now it’s come farther than most on the path toward getting rid of them.

“I can’t see why we should be printing bank notes at all anymore,” says Bjoern Ulvaeus, former member of 1970’s pop group ABBA, and a vocal proponent for a world without cash.

The contours of such a society are starting to take shape in this high-tech nation, frustrating those who prefer coins and bills over digital money.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Economy, Europe, History, Sweden

6 comments on “(AP) Sweden moving towards cashless economy

  1. Archer_of_the_Forest says:

    [blockquote]”I can’t see why we should be printing bank notes at all anymore,”[/blockquote]

    Obviously he doesn’t do his own shopping. If the computer at the store crashes and can’t take a debit or credit card or if the store makes you have a minimum $20 purchase for credit card transactions, you need cash really quickly.

  2. Archer_of_the_Forest says:

    Likewise, how would farmers make any money on sales of produce at farmer’s markets or second hand pawn shops or flea markets? Most farmers I know can’t afford credit card machines.

  3. Bart Hall (Kansas, USA) says:

    The real impetus is even more tax collection. My retail business received a 1099 from our credit card processor summarizing all c/c purchases in my business for 2011. Our federal 1120S now has a separate entry for c/c sales under revenue.

    The mind of those believing themselves to be the natural aristocrats — to borrow a Hamiltonian term — seeks above all control. Hence the urbanism movement, to get people concentrated together and relieved of their automotive freedom. Then, of course, we have to track their movements via their cell phones and their every expenditure by eliminating cash. True control is vastly easier in such circumstances.

  4. David Keller says:

    But Mexican drug cartels would be out of business without cash

  5. Ad Orientem says:

    Another way to for the Feds and the banksters to track everything you do and spy on you. I use cash for everything except very large (and rare) purchases where I am not comfortable carrying that much money around in my wallet.

    That aside, back in high school I really loved [url=http://youtu.be/-UvtOQnPE5c]ABBA[/url]. Frida Lyngstad… it’s Lent so I won’t finish that thought. Sigh

  6. FrCarl says:

    As if the value of actual money wasn’t being inflated away fast enough already; now with digital money – the one who controls the electrons …
    what fools we are.