Comments by "Persona" (@ArawnOfAnnwn) on "Eliminating Cash: A Great or Terrible Idea?" video.

  1. Technically the govt. already does do that via interest rates and the structure of the tax system. This just makes the interest rate mechanism more effective at it.
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  2. This idea is pretty much a non-starter, 'cept maybe in countries where it can be forced through. A non-starter simply because in many nations people simply won't accept it. For instance India tried to push this heavily in 2016 with its infamous demonetization of all high-value currency - exactly what Ken Rogoff suggests - which caused massive disruption. The govt. has promoted a cashless society for years, and we even have a good deal of the infrastructure needed for it in place by now (our UPI system is almost on par in its capabilities with China's digital payments system, and is widely used). And yet a recent review of cash in India showed that it's up by nearly 70% compared to before the demonetisation. And keep in mind that India is a very YOUNG country in terms of its demographics, so you can't even claim it's just all those old folks using it.
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  3. Plenty of non-totalitarian and financially solvent governments are eager for it too. Not that they've been very successful with it mind.
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