Monday, November 28, 2016

Who Needs Banks In A Cashless World ???

The PM of India allegedly is coercing his nation into becoming a cashless society. You can read about it here:

When this goal is achieved, what will be the purpose of banks?

If there is no cash, we won't need tellers or ATMs. 

Banks pay little or no interest, so why bother giving them our money?

And since in general banks haven't given out many loans since the crisis of 2007-2008, we won't need them for that purpose either. We should band together like the Amish do and build each other's houses, eliminating the need to take out a mortgage.

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