You might have heard a couple of political campaign slogans, like “We promise to provide a chicken in every pot.” That was Herbert Hoover’s campaign slogan in 1928. Now, Sweden is promising to “create a cashless society.” But isn’t that just silliness?
There is a difference between “public hopes” and “public policy.” Unfortunately, the government of Sweden has confused the two, by being the primary proponent of the “Cashless Society” on Planet Earth. The Guardian noted that “Swedes are blazing a trail in Europe, with banks, buses, street vendors and even churches expecting plastic or virtual payment.”
We shall be fair and discuss the advantages of not having coins and bills. A cashless society might be more efficient, if all could use a plastic card to pay for anything and everything. Taxes would be easier to collect. But besides those, there are very few other advantages.
Is Sweden no longer a democracy? Obviously, the Swedish government is not respecting the people’s freedom, when it prohibits them from being free to make purchases, as they wish. Also, not everyone can afford a plastic credit card.
The poor are just fine using gold and silver coins to pay for their merchandise. What if the technology does not work? Purchasing card readers, requires investment in new machines. Not everyone wants to learn how to use the new credit cards.
Can Sweden force all nations to go “cashless?” No. Sweden is trying to force its own banks to suspend usage of gold bars for transactions. Will this succeed? No.
One day, Sweden might rue their decision. While “encouraging certain types of money is laudable,” going to extremes is foolish. People want to be free – Brexit shows that the Swedish “Cashless Society” is a “pipe dream.”
“Gold Investment Wisdom”
Do most central banks around the world have little plastic credit cards in their vaults? Of course not. They have gold bullion bars.
When Sweden needs to purchase on the international markets, they will need gold bullion bars or cash. US Money Reserve puts gold coins and bars in your hands. This allows you to be free to control your fate.
Of course, you want to be free to make your own choices about which money you use. US Money Reserve gold coins diversify your portfolio. Don’t be like the “Silly Swedes,” gold satisfies your money needs.