Black People : Cashless Society 'Inevitable

Discussion in 'Black People Open Forum' started by Keita Kenyatta, Sep 25, 2008.

  1. Keita Kenyatta

    Keita Kenyatta going above and beyond PREMIUM MEMBER

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    WASHINGTON – Money won’t be around anymore in just a few years, according to trend watchers. And the same globalist taxers that are already trying to confiscate your hard-earned money can’t wait for the cashless era to begin.

    Leading the pack is the Organization for Economic Cooperation and Development (OECD), which issued a recent report hailing the prospect.
    continued read below:

    http://archive.newsmax.com/archives/articles/2002/6/28/181711.shtml
     
  2. lilpea

    lilpea Moderator STAFF

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    Hello brother Keita..

    I know very few people who use cash TODAY. Most of them don't. So to me the future in now.

    Lilpea..
     
  3. Omowale Jabali

    Omowale Jabali The Cosmic Journeyman PREMIUM MEMBER

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    How true.

    It took me livig in Texas and working at a 7/11 last year to realize how true this is.

    When I would go to and buy groceries at Albertson's or Kroger's I always got funny looks and comments and the cashiers would often say I was the ONLY customer for that day to use cash only.

    Once credit cards started going over 19% APR I cut them up (too late on some) and started going cash. Tried to use some ONLY when traveling because most car rental agencies won't accept cash. And whenever I paid cash for airline travel I always then have to go through "random search".

    So if everything goes cashless Im screwed because the ONLY bank account I had left open (checking) is WAMU.:?:
     
  4. lilpea

    lilpea Moderator STAFF

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    Dear Brother O....

    I don't mean for this to sound like a comercial... but why are using a credit card for a simple purchase... get a debit card...stop paying interest.
     
  5. Omowale Jabali

    Omowale Jabali The Cosmic Journeyman PREMIUM MEMBER

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    Brother I dont use credit cards for any simple purchase. As I stated some car rentals agencies DONT take debit cards or require large deposit. However, what I meant was that while working at 7/11 I realized how many people use credit or debit cards for simple purchases. I wasnt speaking of myself because I typically am cash only. I use debit card in cases of emergency.

    I have been increasingly "divesting" from financial institutions over the past 3years.
     
  6. Knowledge Seed

    Knowledge Seed Well-Known Member MEMBER

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    Just a lil advice.........

    Anyone concerned about losing any money that they have in the bank, to this economic crisis, should put their money in the a Credit Union because they are not suffering like the banks. If you don’t belong to and organization with a Credit Union, then set up an account through a friend in a BGLO.
     
  7. Metaverse

    Metaverse Well-Known Member MEMBER

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    Good advice Bro. Knowledge Seed. Now if you are keeping your money in the bank make sure you have all your paper work for your account that outlines that your money is insured up to $100,000 by the FDIC. Wamu has collapsed, it's possible a domino effect might proceed. Wachovia might save it's behind by merging but Bank of America and others will be having an interesting time, you see all of these institutions had some of the same investments in the same pot.

    Your money market account, CD, IRA account etc., those might be very safe for now- regular saving and checking accounts might be the issue. If the banks go "bankrupt" what will happen is the FDIC would tap it's reserves to cover the amount in your account, but we should question the length of this process and what will happen when the FDIC has to payout billions to millions of people. Basically all they will do is have more money printed, the us dollar is not backed up by anything but psychology anyway.

    Some regular credit unions also deal with larger corporate credit unions that deal in mortgage securities, this is also a major issue. Credit unions usually have a good standing when it comes to gaining back from a loss, but there is really no template for what could happen if the entire banking system fails.

    Now we have a $700 billion bailout, didn't we have a $600 tax refund incentive just recently- what did that do? Most of people didn't get it because some of these same institutions were collecting it to pay debt. If you owe on student loans for example you didn't get an incentive check. And if you did most likely it went into gas or paying down credit cards.

    African people already have a cash-less system, it's called bartering. We'd be wiser to learn more about this system because I already see it's the only thing saving our butts.
     
  8. emanuel goodman

    emanuel goodman Well-Known Member MEMBER

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    lol they go my bussiness and personal checking! we in trouble
     
  9. emanuel goodman

    emanuel goodman Well-Known Member MEMBER

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    It wont matter to most as long as they can see thier balance or a statement. They can find comfort in the illusion of money. They aint gonna kill the tooth fairy yet.! hotep
     
  10. Metaverse

    Metaverse Well-Known Member MEMBER

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    Already less that 4% of American money are in physical notes/bills/coins etc. The major money market is actually in cyberspace. Makes you think. One good EMP strike and boom. This is why I say keep your physical records on all your accounts.
     
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