Status of Everything Attachments

[Eagle1]

If you ignore sales tax......

I have a $50.00 bill in my pocket. I go to a restaurant and pay for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping. After an unlimited number of payments, it will still remain a $50 - which has fulfilled its purpose to everyone who used it for payment.
But if I come to a restaurant and pay with a credit card, bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner, the laundry or payments of the owner of the laundry shop, or payments of the barber and down hill from there. Therefore, after 30 transactions, the initial $50 only $5.00 will remain and the remaining $45 became the property of the bank thanks to all digital transactions and fees.

 

[ultrarunner]

I have never heard of anyone asking a merchant for a cash discount before until now.

In the car business it happens every day.

The thing is we make more offering credit so when a buyer says how much off for cash it doesn’t translate to savings.

 

[ultrarunner]

If you ignore sales tax......

I have a $50.00 bill in my pocket. I go to a restaurant and pay for dinner with it. The restaurant owner then uses the bill to pay for the laundry. The laundry owner then uses the bill to pay the barber. The barber will then use the bill for shopping. After an unlimited number of payments, it will still remain a $50 - which has fulfilled its purpose to everyone who used it for payment.
But if I come to a restaurant and pay with a credit card, bank fees for my payment transaction charged to the seller are 3%, so around $1.50 and so will the fee $1.50 for each further payment transaction or owner, the laundry or payments of the owner of the laundry shop, or payments of the barber and down hill from there. Therefore, after 30 transactions, the initial $50 only $5.00 will remain and the remaining $45 became the property of the bank thanks to all digital transactions and fees.

It’s like when my Irish neighbor Tom always has a way of explaining things.

He says every time a dollar changes hands 5 times the dollar belongs to the government and why it’s so important to keep money circulating.

 

[TN8Man]

I'll be putting it off as long as possible

We don't control the rollout, the central banking system does and they already started the process.

 

[Eagle1]

Time to hoard cash and barter goods....

 

[ultrarunner]

Cash as in Paper?

Story of a farmer who sold a plot of land with installment payments in Germany… overnight the money became worthless but the buyer showed up with a satchel of cash to pay the loan in full…

 

[Eagle1]

Barter it is.... I've often traded services for goods.

 

[ultrarunner]

When the senior farmer would step back and turn over the farm to the next generation the terms were often spelled out in goods and services and not currency.

So many pounds of beef, pork, milk, butter etc…

The goods could be sold for cash or consumed…

 

[2manyrocks]

Cash as in Paper?

Story of a farmer who sold a plot of land with installment payments in Germany… overnight the money became worthless but the buyer showed up with a satchel of cash to pay the loan in full…

I've read that a lawyer came up with the plan for Germany to print more money to pay its obligations. Not an economist.

 

[ultrarunner]

Does history repeat?