Everybody is already ignorant of what our munnie is.
Apple boss: Next generation of children 'will not know what money is' https://t.co/DofWxoiQ1P pic.twitter.com/rqhD8aXjho
— The Telegraph (@Telegraph) November 11, 2015Apple boss: Next generation of children 'will not know what money is' https://t.co/DofWxoiQ1P pic.twitter.com/rqhD8aXjho
— The Telegraph (@Telegraph) November 11, 2015
17 comments:
I doubt this is true. They will certainly understand the unit of account concept. And they will know what they are being paid, even if their pay comes entirely in the form of electronic credits.
The root of the problem is that the Fed ACH system is woefully out of date which constrains Visa and MC and Amex and the banks and make the payment system so ridiculously slow that there is enormous demand for something better. Fed Wire is too cumbersome and expensive for small payments.
So many uninsured, non-regulated, non-banks accepting deposits and creating payment systems to get around the regulated, insured banking system. The dozens of Silicon valley disruptivators trying to bypass regulation and re-invent the wheel make me wonder where the next crisis will originate? Anthony Mozillo, another Californian created a new paradigm in Mortgage finance last time and blew up the entire financial system and left billions around the globe in despair ultimately causing trillions in damage, nearly a decade later we are almost past the damage and voila Tim Cook is excited about something new. For joy. But I'm sure it's all fine, paypal, apple, google and all the others are flush with cash and would never run into financial problems that could cause problems with their deposit and payment systems.
Ideally it will force banks and the Fed to update their systems and then make the shadow banks obsolete. But it will probably take a high profile bankruptcy and bailout to bring about regulatory change. Anyone that deposits and keeps money in one of these shady silicon valley firms is beyond stupid but rest assured, government will bail them out because they own government.
Distributed electronic payment systems with minimum intermediation from parasitic corporations built up on stuff like the blockchain technology (Bitcoin) will substitute the current archaic usurer systems. They are already more efficient and more secure, the only problems are typical 'growing pains' of scaling up (but the technology itself is up to the task, in much better way that the current mainstream systems are, and are way more resilient too) and adoption rate.
An other channel of revenue for the financial sector cut down, or at least they will have to tremendously adjust their model if they want to stay competitive.
Yeah, but the next Gen will have the term microaggression down cold, so all isn't lost.
Mr. Franko:
There’s a reason that the government schools and powers-that-be do not want the rabble to understand the fiat system: It’s because fiat money is a self-evident mechanism for the mass looting of society by the thugs who control the government. That’s the basis of MMT, right? With fiat money, the government thugs have unlimited access to all resources of society! And how cool is that?
Since the rabble still possess something of a moral compass, if they understood how the fiat system actually worked, they would be outraged and the system would be ended.
Only the maniacal and power-mad could think such a system is a positive good for society. Therefore, it is important that the public be kept in the dark about its true “operational” nature.
Bitcoin is supposed to be a digital replacement for precious metals, thus the metaphor of "mining."
Tim Cook confuses "money" as a unit of account with money things as a tokens. Tokens are now no longer needed with digital processing and eventually they will be dispensed with entirely as inefficient and costly. No one that has grown up in the digital age will have any difficulty with that.
Younger people are already asking why they have to show up to vote instead just voting on their smartphone, saving a lot of time and hassle. They argue if banking is secure, why couldn't voting also be made secure. Again the argument is based on efficiency.
Digital people are inquiring why they are being required to waste a few hours in line waiting to vote when they no longer have to put up with this inconvenience at the bank? Digitization increases efficiency, therefore productivity, hence opportunity for leisure.
Bob no one can accuse you of not understanding 'fiat' systems imo....
I'm not libertarian though so I'd like to see more people able to reach an understanding similar to your own... then vote with that knowledge unlike now where most people think munnie is naturally scarce or something...
If the kids realise money is just a set of marked up accounts. They will have a better conceptual understanding than generation thick skull and generation blind in one eye.
Hard to imagine running out of speadsheet cells.
If the point of this is just that physical money will be replaced entirely by electronic money, that is not a big deal. There are already some weeks when I go through the whole week without withdrawing any cash, and just used my debit card. So what.
If payment systems need to get more efficient, then they will get more efficient.
In the whole history of dumb, crank ideas, fewer of them have been dumber and crankier than bitcoin.
More than 95% of all my transactions are cashless. And that's probably the norm for most working adults. And I doubt physical money will ever go away, nor should it.
Dan Bitcoin concept is dumb (wasting real resources to generate currency, like our Bob here wants with gold, an other dumb form of money, if used for that which never has really), the technology itself is pretty innovative and that's what matters. It's already bringing up new ways for payments to be done: safer for the consumer, cheaper and more resilient.
Don't kill the messenger.
Agreed with Tom and Dan and others. Money is credit. Physical cash, or the "tokens", may be eliminated, and the payment system might become more high-tech, but money will always be credit.
See also “First They Came for the Pennies…” in the War on Cash
And from this old proposal, a probable future for Gen Next that 'will not know what money is'.
"Secondly, The poorer tenants will have something valuable of their own, which by law may be made liable to distress, and help to pay their landlord's rent, their corn and cattle being already seized, and money a thing unknown."
Missed this amazing irony at first:
"Answering questions from students at Trinity College Dublin, Mr Cook said: "Your kids will not know what money is."
"Gen Next 'will not know what money is' "
? No surprise. Most past/current generations don't either. :(
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