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18/10/2017

Danger or rampant consumerism promoted by credit institutions

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Money is an intangible based more on consumer’s confidence than in the economic and financial base that supports its real value, although this base, of course, is essential to hold its value. Therefore, for practical purposes, there is no real difference between a piece of paper or a piece of rectangular plastic. It all depends on these two fundamental factors. The problem of replacing paper with plastic rests primarily in the fact that the State issues paper money, while private companies, especially banks, issue credit (or debit) cards. In the first case, it is an instrument to handle and control economic stability, while in the second case it is a lucrative business that feeds consumerist exceses that often lead to increased debt and the capital loss suffered by consumers having to pay substantial interests. That is why it is so interesting the article that follows, which focuses on the forceful way banking and financial interests are driving a transformation that stimulates even more dangerous consumerism.  

War on Cash 2.0 — Visa Now Paying Businesses to Stop Taking Cash

July 18.– According to the most recent data, Visa — which is mostly owned by banks–accounts for over 50 percent of all credit card transactions and 70% of all debit card transactions in the world. Hundreds of billions in transactions process through Visa’s databases every year and this number continues to grow.

Despite their overwhelming increase in market share, cards issued, and overall total volume, Visa has made a recent move that shows they intend to completely snub out their most unaccountable, untraceable, and most liberty-associated competitor and means of payment–cash.

In a news release, ostensibly written as an attempt to “help small businesses,” Visa announced that they are launching “a major effort to encourage businesses to go cashless. Aiming to create a culture where cash is no longer king, the program will give merchants increased ability to accept all forms of global digital payments.”

“At Visa, we believe you can be everywhere you want to be, and that it should be easy to pay and be paid in more ways than ever — whether it’s a phone, card, wearable or other device,” Jack Forestell, Visa’s head of global merchant solutions, said in a statement. “We have an incredible opportunity to educate merchants and consumers alike on the effectiveness of going cashless.”

Laughably, Visa claims that companies who stop accepting cash — a major form of payment for people around the globe — could increase profits ...

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