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Last post 12 years ago by DadZilla3. 38 replies replies.
Electronic money...
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DrafterX Offline
#1 Posted: Wed, Oct 12 2011, 10:09 AM EST
Joined: 10-18-2005
Posts: 98,557
what if there was no cash..?? everything was paid for electronically by cards or whatever... everything you bought was automatically taxed 10%... everything you sold would show up when you went to pay taxes... not sure how'd you buy dope and stuff tho... Mellow
DrMaddVibe Offline
#2 Posted: Wed, Oct 12 2011, 10:12 AM EST
Joined: 10-21-2000
Posts: 55,469
Barter system!!!d'oh!
DrafterX Offline
#3 Posted: Wed, Oct 12 2011, 10:15 AM EST
Joined: 10-18-2005
Posts: 98,557
like Barter Town..?? Huh
DrMaddVibe Offline
#4 Posted: Wed, Oct 12 2011, 10:17 AM EST
Joined: 10-21-2000
Posts: 55,469
DrafterX wrote:
like Barter Town..?? Huh



Let this current administration have a second go-round and Barter Town will be America's NYNY!
Brewha Offline
#5 Posted: Wed, Oct 12 2011, 10:24 AM EST
Joined: 01-25-2010
Posts: 12,199
Must be a Mel Gibson for President add . . .
DrMaddVibe Offline
#6 Posted: Wed, Oct 12 2011, 10:26 AM EST
Joined: 10-21-2000
Posts: 55,469
Brewha wrote:
Must be a Mel Gibson for President add . . .



One day **** of the walk, the next day a feather duster.
borndead1 Offline
#7 Posted: Wed, Oct 12 2011, 12:27 PM EST
Joined: 11-07-2006
Posts: 5,216
Most really big financial transactions are already electronic.

When 600 billion dollars can be "created" by punching a few buttons, a huge disaster is not far away.
DrafterX Offline
#8 Posted: Wed, Oct 12 2011, 12:52 PM EST
Joined: 10-18-2005
Posts: 98,557
borndead1 wrote:
Most really big financial transactions are already electronic.

When 600 billion dollars can be "created" by punching a few buttons, a huge disaster is not far away.




true... true...
but on a smaller scale, what happens to the garage sales or picking up a side job every now and then... the self employed I'm sure would fight this... no more pocketing cash and only depositing checks... Think
rfenst Offline
#9 Posted: Wed, Oct 12 2011, 1:38 PM EST
Joined: 06-23-2007
Posts: 39,336
borndead1 wrote:
Most really big financial transactions are already electronic.

When 600 billion dollars can be "created" by punching a few buttons, a huge disaster is not far away.



You don't think paying that in cash would create huge disasters?
rfenst Offline
#10 Posted: Wed, Oct 12 2011, 1:40 PM EST
Joined: 06-23-2007
Posts: 39,336
DrafterX wrote:
what if there was no cash..?? everything was paid for electronically by cards or whatever... everything you bought was automatically taxed 10%... everything you sold would show up when you went to pay taxes... not sure how'd you buy dope and stuff tho... Mellow


Forgetting about your taxation idea, many of us predominantly live that way already. Another 5-10 years, a cash transaction will be rare.
Big_Bear Offline
#11 Posted: Wed, Oct 12 2011, 1:46 PM EST
Joined: 09-27-2008
Posts: 2,664
It's gonna make all of my coin magic obsolete. Hard to pull 25 monetary units out of someone's ear.
DrMaddVibe Offline
#12 Posted: Wed, Oct 12 2011, 2:07 PM EST
Joined: 10-21-2000
Posts: 55,469
rfenst wrote:
You don't think paying that in cash would create huge disasters?



Nope. "Pay as you play" is the way to be. Debt free. Own it outright or don't.

Over extending one's finances and giving people that had no way to pay loans got us in the mess we're in...that and illegal immigration...got us in the mess we're in...bad loans, illegal immigration and derivitave swaps...that's what got us in the mess we're in. Bad loans, illegal immigration, derivitave swaps and a vast military complex...that's what got us in the mess we're in...Bad loans, illegal immigration, derivitave swaps, vast military complex and giving money to nations that will NEVER give a thing in return...that's what got us in the mess we're in....horse
DrafterX Offline
#13 Posted: Wed, Oct 12 2011, 2:07 PM EST
Joined: 10-18-2005
Posts: 98,557
rfenst wrote:
Forgetting about your taxation idea, many of us predominantly live that way already. Another 5-10 years, a cash transaction will be rare.




I could live off my cards... I need to get a pike pass tho... but the idea is aimed more at tracking illegal money.. drug money, gambling, and tax evasion.... wouldn't be easy tho... how would Wheel pay Pedro and stuff...?? Huh
DrafterX Offline
#14 Posted: Wed, Oct 12 2011, 2:16 PM EST
Joined: 10-18-2005
Posts: 98,557
DrMaddVibe wrote:

Over extending one's finances and giving people that had no way to pay loans got us in the mess we're in...that and illegal immigration...got us in the mess we're in...bad loans, illegal immigration and derivitave swaps...that's what got us in the mess we're in. Bad loans, illegal immigration, derivitave swaps and a vast military complex...that's what got us in the mess we're in...Bad loans, illegal immigration, derivitave swaps, vast military complex and giving money to nations that will NEVER give a thing in return...that's what got us in the mess we're in....horse




lyrics..??? Huh


Whistle Whistle Whistle Whistle
Stinkdyr Offline
#15 Posted: Wed, Oct 12 2011, 2:49 PM EST
Joined: 06-16-2009
Posts: 9,948
Don't let the gubment control even more of your life.

resist now!

ram27bat
DrMaddVibe Offline
#16 Posted: Wed, Oct 12 2011, 2:52 PM EST
Joined: 10-21-2000
Posts: 55,469
DrafterX wrote:
lyrics..??? Huh


Whistle Whistle Whistle Whistle



Nope a play on Steve Martin's "The Jerk"
Brewha Offline
#17 Posted: Wed, Oct 12 2011, 2:55 PM EST
Joined: 01-25-2010
Posts: 12,199
And the crowd goes wild . . . .
DrafterX Offline
#18 Posted: Wed, Oct 12 2011, 3:06 PM EST
Joined: 10-18-2005
Posts: 98,557
Stinkdyr wrote:
Don't let the gubment control even more of your life.

resist now!

ram27bat




good point.... the self-proclaimed smartest guy in our company has suggested this to me a couple times... thought I'd bring up here just for the halibut... I don't really see it ever happening or being sucessful if it were tried... Mellow
rfenst Offline
#19 Posted: Wed, Oct 12 2011, 3:24 PM EST
Joined: 06-23-2007
Posts: 39,336
DrafterX wrote:
I could live off my cards... I need to get a pike pass tho... but the idea is aimed more at tracking illegal money.. drug money, gambling, and tax evasion.... wouldn't be easy tho... how would Wheel pay Pedro and stuff...?? Huh


Presently, he could buy a pay as you go Visa or Amex and load electronic money on it, then hand it to Pedro.
borndead1 Offline
#20 Posted: Wed, Oct 12 2011, 3:48 PM EST
Joined: 11-07-2006
Posts: 5,216
rfenst wrote:
You don't think paying that in cash would create huge disasters?


My point is that our whole monetary system is headed for disaster when something like that can even happen.

Paper money basically began as receipts for gold. When we abandoned the gold standard, the dollar became "currency" by decree of the government (and the central bank). It no longer represents anything of value, and can therefore be manipulated very easily.
FuzzNJ Offline
#21 Posted: Wed, Oct 12 2011, 3:59 PM EST
Joined: 06-28-2006
Posts: 13,000
Smart phones will soon have apps where you can pay by just waving your phone.

Soon you'll have to get the mark of the beast to buy stuff, 666 and all that, and then Jesus will come back and those who have the mark will be 'left behind' and tortured by god's plagues. Uh oh, I just heard a horse run by. Start rampaging!
DrafterX Offline
#22 Posted: Wed, Oct 12 2011, 4:32 PM EST
Joined: 10-18-2005
Posts: 98,557
Think
what if we make Jesus stay.... God won't plague us and stuff if Jesus is still here right..??Huh
Brewha Offline
#23 Posted: Wed, Oct 12 2011, 8:48 PM EST
Joined: 01-25-2010
Posts: 12,199
DrafterX wrote:
Think
what if we make Jesus stay.... God won't plague us and stuff if Jesus is still here right..??Huh


Damn! Did Jesus come back again?

I’m gonna loose big on some bets if this is true . . . .
rfenst Offline
#24 Posted: Wed, Oct 12 2011, 9:23 PM EST
Joined: 06-23-2007
Posts: 39,336
FuzzNJ wrote:
Smart phones will soon have apps where you can pay by just waving your phone.

Soon you'll have to get the mark of the beast to buy stuff, 666 and all that, and then Jesus will come back and those who have the mark will be 'left behind' and tortured by god's plagues. Uh oh, I just heard a horse run by. Start rampaging!


Stuff like that already exists and some gas stations (Mobil?) with their credit cards.


wheelrite Offline
#25 Posted: Wed, Oct 12 2011, 9:28 PM EST
Joined: 11-01-2006
Posts: 50,119
You idjits,,,

Our Dollar is a myth it's worthless...

Buy Corn,,,
jackconrad Offline
#26 Posted: Wed, Oct 12 2011, 11:20 PM EST
Joined: 06-09-2003
Posts: 67,461
Hemp Bullion
DrafterX Offline
#27 Posted: Thu, Oct 13 2011, 12:30 PM EST
Joined: 10-18-2005
Posts: 98,557
Brewha wrote:
Damn! Did Jesus come back again?

I’m gonna loose big on some bets if this is true . . . .



That's what I heard.... Mellow
Stinkdyr Offline
#28 Posted: Thu, Oct 13 2011, 2:23 PM EST
Joined: 06-16-2009
Posts: 9,948
Hayzoose walks right here on earth amongst us.

Matter of fact, there are a few of them in my 'hood.


Herfing
Brewha Offline
#29 Posted: Thu, Oct 13 2011, 2:54 PM EST
Joined: 01-25-2010
Posts: 12,199
I knew I guy name Jesus – he had low self-esteem and did not believe in himself.
I told him that was blasphemy . . . .
DrafterX Offline
#30 Posted: Thu, Oct 13 2011, 2:56 PM EST
Joined: 10-18-2005
Posts: 98,557
I thought being a cops son was tough.... just imagine being God's son.... d'oh!
Brewha Offline
#31 Posted: Thu, Oct 13 2011, 3:14 PM EST
Joined: 01-25-2010
Posts: 12,199
DrafterX wrote:
I thought being a cops son was tough.... just imagine being God's son.... d'oh!

Yeah, no smoking in the boys room for him . . . .
DadZilla3 Offline
#32 Posted: Fri, Oct 14 2011, 3:57 AM EST
Joined: 01-17-2009
Posts: 4,633
Big_Bear wrote:
It's gonna make all of my coin magic obsolete. Hard to pull 25 monetary units out of someone's ear.

Not hard at all. The Federal Reserve just pulled about a trillion dollars out of its a$$.
Brewha Offline
#33 Posted: Fri, Oct 14 2011, 7:58 AM EST
Joined: 01-25-2010
Posts: 12,199
Zimm zala bim, ala kazam, behold the illusion of my disappearing ham.
Bend over . . . .
DrafterX Offline
#34 Posted: Fri, Oct 14 2011, 8:17 AM EST
Joined: 10-18-2005
Posts: 98,557
DadZilla3 wrote:
Not hard at all. The Federal Reserve just pulled about a trillion dollars out of its a$$.




Laugh
FuzzNJ Offline
#35 Posted: Fri, Oct 14 2011, 8:51 AM EST
Joined: 06-28-2006
Posts: 13,000
DadZilla3 wrote:
Not hard at all. The Federal Reserve just pulled about a trillion dollars out of its a$$.


Much, much more than that. They lent something like 15 trillion to banks in overnight loans during the end of 08 in an attempt to stabilize the financial system.
DadZilla3 Offline
#36 Posted: Sat, Oct 15 2011, 1:48 AM EST
Joined: 01-17-2009
Posts: 4,633
FuzzNJ wrote:
Much, much more than that. They lent something like 15 trillion to banks in overnight loans during the end of 08 in an attempt to stabilize the financial system.

Yep, and only about 585 trillion to go before all the derivative paper floating around in the world's financial system will be covered. Beer
FuzzNJ Offline
#37 Posted: Sat, Oct 15 2011, 11:30 AM EST
Joined: 06-28-2006
Posts: 13,000
DadZilla3 wrote:
Yep, and only about 585 trillion to go before all the derivative paper floating around in the world's financial system will be covered. Beer


From what I understand the derivatives market is several times larger than the entire world economy.

It's secret and unregulated. One party wants to stop more regulation and get rid of regulation. The other one wants to do less of that and add some more to cover stuff like this market. We need a government to regulate stronger, bring back glass steagall, and a bunch of other things that are over my head to prevent another economic blow up.

From after the new deal up to 1980 there weren't any big bubbles bursting, huge economic downturns etc. Then the Reagan administration started the whole deregulation thing and shifting the tax burden from the wealthy to the middle class. Since then the rich have gotten richer at an unprecedented clip and we've had several economic 'tragedies' that no one saw coming, which of course is bs.
DadZilla3 Offline
#38 Posted: Sun, Oct 16 2011, 6:30 AM EST
Joined: 01-17-2009
Posts: 4,633
FuzzNJ wrote:
From what I understand the derivatives market is several times larger than the entire world economy.

It's secret and unregulated. One party wants to stop more regulation and get rid of regulation. The other one wants to do less of that and add some more to cover stuff like this market. We need a government to regulate stronger, bring back glass steagall, and a bunch of other things that are over my head to prevent another economic blow up.

From after the new deal up to 1980 there weren't any big bubbles bursting, huge economic downturns etc. Then the Reagan administration started the whole deregulation thing and shifting the tax burden from the wealthy to the middle class. Since then the rich have gotten richer at an unprecedented clip and we've had several economic 'tragedies' that no one saw coming, which of course is bs.

The derivatives market has grown almost unbelievably large. Our best chance at reigning in the OTC derivatives market in time came when Brooksley Born, new Clinton appointee to run the CFTC, tried to initiate some degree of regulation of that 'dark' market and was effectively shut down in a Washington turf war which was eventually won by laissez-faire economists Alan Greenspan, Larry Summers, and Robert Rubin. Deregulation continued unchecked through subsequent administrations in the US, the consequences of which the world faces today with a half quadrillion dollar derivatives market time bomb buried in its financial system.

Born's effort to regulate the OTC derivative market was actually shut down during the Clinton administration...not that subsequent administrations showed any real interest in regulating them either.

Call me paranoid but I think the Lehman Brothers bankruptcy and ensuing world financial market turmoil in 2008 wasn't the end of it, it was just one of the early tremors of a likely financial earthquake.
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