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"Subjectifying" Objective U.S. Currentcy

 
 
Reply Wed 2 Jun, 2010 04:21 pm
I had an idea, please be aware this is all hypothetical: What if tender, lets say for the U.S. to keep this discussion contained, was made subjective in the sense that you could only buy things using credit/debit cards?

How?: The country makes a deadline for all civilians no matter how much bills or change they have, to aquire a bank account, all banks in america would be controled by the government, and which the banks would require no minium deposit making anyone eligble to open one. and since the banks would be getting more then enough money because they litteraly hold it all, things like "the insufficent funds fee"" wouldent exsist, they just wouldent allow you to go over if you didnt have the cash.

what would be the good side to this? what might be some drawbacks?
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prothero
 
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Reply Wed 2 Jun, 2010 06:42 pm
@imfreakinman,
imfreakinman;172235 wrote:
Iwhat would be the good side to this? what might be some drawbacks?
So no credit?
Cant buy a house, a car, a large appliance or anything unless you have the money in your account?
You need to do some reading about the role of credit in the economy?
We certainly could do away with cash as a medium of exchange, in fact many people rarely use cash anymore but our economy depends on credit.
Our paper currency is no longer backed by gold only by the full faith and credit of the US government and treasury which is why we need to watch those federal deficits and the total level of federal debt burden. Say Greece, 3 times.
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