Cryptocurrency: Demand For Cash And Cash-Likes High As Govts Cockup, WarOnCash

grarpamp grarpamp at gmail.com
Wed Aug 10 01:01:05 PDT 2022


"Anything But A Cashless Society": Physical Money Makes Comeback As UK
Households Battle Inflation

https://www.theguardian.com/business/2022/aug/08/cash-comeback-cost-of-living-crisis-post-office

The World Economic Forum (WEF) has been pushing hard for a 'cashless
society' in a post-pandemic world, though physical money has made a
comeback in at least one European country as consumers increasingly
use notes and coins to help them balance household budgets amid an
inflationary storm.

Britain's Post Office released a report Monday that revealed even
though the recent accelerated use of cards and digital payments on
smartphones, demand for cash surged this summer, according to The
Guardian. It said branches handled £801mln in personal cash
withdrawals in July, an increase of 8% over June. The yearly change on
last month's figures was up 20% versus the July 2021 figure of
£665mln.

Across the Post Office's 11,500 branches, £3.31bln in cash was
deposited and withdrawn in July -- a record high for any month dating
back over three centuries of operations.

The report pointed out that increasing physical cash demand was
primarily due to more people managing their budgets via notes and
coins on a "day-by-day basis." It said some withdrawals were from
vacationers needing cash for "staycations" in the UK. About 600,000
cash payouts totaling £90mln were from people who received power bill
support from the government, the Post Office noted.

Britain is "anything but a cashless society," according to the Post
Office's banking director Martin Kearsley.

    "We're seeing more and more people increasingly reliant on cash as
the tried and tested way to manage a budget. Whether that's for a
staycation in the UK or if it's to help prepare for financial
pressures expected in the autumn, cash access in every community is
critical," Kearsley said.

We noted in February 2021, UK's largest ATM network saw plummeting
demand as consumers reduced cash usage. At the time, we asked this
question: "How long will the desire for good old-fashioned bank notes
last?

... and the answer is not long per the Post Office's new report as The
Guardian explains: "inflation going up and many bills expected to rise
further – has led a growing numbers of people to turn once again to
cash to help them plan their spending."

So much for WEF, central banks, and major corporations pushing for
cashless societies worldwide, more importantly, trying to usher in a
hyper-centralized CBDC dystopia. With physical cash back in style in
the UK, the move towards a cashless society could be a much more
challenging task for elites than previously thought.


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