Richard Roose

Reader & Writer, retired

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The elimination of crime in the US by elimination of untracable "Cash" currency and going to an all-electronic financial system

We could do much toward alleviating our problems in this country by the elimination crime, which can be accomplished quite painlessly by simply eliminating traceless paper currency and going to an all-electronic system as many Americans have already done so. No criminal is going to take something that can be traced directly to him or her as any money transfer in an all-electronic would be traceable. Do you think any drug dealer is going to take plastic on the street corner in exchange for his drugs? Do you think that a street mugger would rip off a little old lady for a worthless piece (to him) of plastic? If you are worried about hackers and security, forget it. If the all-electronic monetary system were not as secure as humanly possible, the present world financial system would collapse tomorrow, as almost 100% of international money transfers are made electronically. The present cost of crime in America is approaching 1 trillion dollars a year. Can you imagine what half of that amount would accomplish toward improving our educational system?

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      Mar 12 2011: Hi Richard,

      Yes counterfeiting is a crime. However, in the system I propose ALL cash and or barter transactions would be illegal and All cash would be eliminated in America. No state or any other organization would be allowed to print anything which could substitute for our present greenback system. All transitions would be made electronically and therefore traceable.

      New money would be issued by the treasury department just as it is now issued except it would not require printing, just electronic transfer to the Reserve Banks as it now happens.

      .You are right, crime, poverty, unsustainable development are a by-product of our existing monetary system and would be eliminated by adapting an all electronic monetary system.

      Once congress passes the Laws eliminating cash, people would have 30 days to deposit all of their cash in a bank account and receive an ID matching, copy proof debit card in return.. After the 30 period any remaining cash would become worthless. This would primarily affect illegal foreign criminals and funds deposited illegally in offshore accounts.
  • Mar 3 2011: I have mixed feelings about completely eliminating paper currency, but the system you talk of is almost here. I only pay cash for very small transactions, and that could easily be done by cellphone if the carriers adopted the necessary software such as in some Scandinavian countries. Otherwise I use a credit card or, more often, my debit card for pretty much all purchases. (I think debit card use is more widespread here in Canada than in the US.)
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    Mar 3 2011: This is one of the concepts that TED speaker Paul Romer is proposing as part of his Charter Cities concept, which he announced at TED this week will soon be underway in Honduras.