Bank of America: CEO Wants Cashless Society

saki

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#1
https://www.foxbusiness.com/business-leaders/bank-of-america-ceo-says-company-wants-cashless-society

Bank of America CEO says company wants a ‘cashless society’
By Kathleen Joyce Published June 20, 2019 Personal Finance FOXBusiness


FOX Business’s Maria Bartiromo interviews Bank of America CEO Brian Moynihan about the state of the U.S. economy, capital spending and the U.S.-China trade tensions.

Bank of America Opens a New Window.CEO Brian Moynihan spoke this week about embracing digital payment transactions while moving toward a cashless society.

Moynihan made the comments Wednesday during Fortune’sOpens a New Window. Brainstorm Finance conference in New York. The CEO spoke about Zelle, Google Pay and Apple Pay and its increasing popularity. He said Bank of America “will continue to move” toward digital banking transactions.

“We want a cashless society,” Moynihan told Fortune’s Shawn Tully. “We have more to gain than anybody from a pure operating costs (perspective).”

He explained that Bank of America spends $5 billion for “checks and cash to move around the company.”

Moynihan pointed out that many of the deposits are not made at the bank’s branches but he didn't discount the importance of having locations.

“On the other hand between now and tomorrow at this time 800,000 people will walk in our branches,” he said. “It’s a high-tech business but you need both to be successful.”

Some countries have already embraced the cashless route.

In a survey conducted in 2018, just 13 percent of Swedes reported using cash for a transaction. The country’s retailers predicted by 2025 that they would stop accepting cash for transactions. Some Swedes have even gotten a microchip inserted into their hands as a quick and convenient way of paying, NPR reported.
 





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#3
I recently visited Charlotte, NC and their headquarters where the infamous mural appears. LINK HERE
I missed that VC article about the BOA murals, thanks.

Yeah it's interesting we're seeing different companies pushing for their version of a digital currency. It's worrisome to a lot of us concerned about privacy, liberty, etc. It's not a matter of "if" world society will be cashless, but "when".
 





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#4
Interesting that Marilyn Manson’s not so subtly titled song “SAY10” includes the following line:-

“Devil's got a cut like a slit in a cattle's calf
Dollar-sign snakes, I'm all in the damn
God-less, fearless of the flood
Or the blood of the coming Spring

Something is shedding its scales
Crying from the heat of the light
Or the empty shell on the stage
"And cash is the poor man's money"
"And cash is the poor man's money"


[Chorus]
You say "GOD" and I say "SAY10"
You say "GOD" and I say "SAY10"
Say, say, "SAY10"

I think if the actual “Mark of the Beast” were presently available, there would be a good number of Mr Manson’s persuasion lining up for it!

“Unwise” does not quite cover it!
 





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#5
Interesting that Marilyn Manson’s not so subtly titled song “SAY10” includes the following line:-

“Devil's got a cut like a slit in a cattle's calf
Dollar-sign snakes, I'm all in the damn
God-less, fearless of the flood
Or the blood of the coming Spring

Something is shedding its scales
Crying from the heat of the light
Or the empty shell on the stage
"And cash is the poor man's money"
"And cash is the poor man's money"


[Chorus]
You say "GOD" and I say "SAY10"
You say "GOD" and I say "SAY10"
Say, say, "SAY10"

I think if the actual “Mark of the Beast” were presently available, there would be a good number of Mr Manson’s persuasion lining up for it!

“Unwise” does not quite cover it!
That is from a W.C Fields quote , it’s a slam on materialism.

Marilyn Manson is a brilliant artist and that whole album is phenomenal.


“Mother Mary, miscarry
But we pray just like insects
And the world is so ugly now”
 





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#6
That is from a W.C Fields quote , it’s a slam on materialism.

Marilyn Manson is a brilliant artist and that whole album is phenomenal.


“Mother Mary, miscarry
But we pray just like insects
And the world is so ugly now”
The way in which Manson is knowingly choosing damnation reminds me of a line from an old Bob Dylan album from my Dad’s record collection that I used to listen to:-

“You say you never compromise
With the mystery tramp, but now you realize
He's not selling any alibis
As you stare into the vacuum of his eyes
And say do you want to make a deal?”


~ Like a Rolling Stone
 





saki

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#7
Monopoly doesn’t use cash anymore — that may teach kids some bad financial lessons
By Jacob Passy

Published: June 23, 2019 7:27 a.m. ET

In a world of digital payments, parents need to be deliberate in teaching their kids about money

Getty Images

An updated version of the classic board game Monopoly has done away with cash entirely and now uses a voice-activated AI banker instead.
Hasbro announced Wednesday it will release a version of the classic board game Monopoly designed for the digital age. But financial experts argue the game’s new design could deprive children of important financial lessons.

In Hasbro’s HAS, -0.58% latest edition of Monopoly, gone are the paper money and Community Chest cards. Instead, the board game now comes with a voice-controlled, artificial intelligence device shaped like a top hat.

Designed to prevent cheating, players will now press a button on the top hat and dictate commands, such as paying rent or trading properties. The game is set to be released July 1 and is available for pre-order from Walmart WMT, +0.73% and Amazon.

‘Not having access to cash, both real and play money, does make it harder to teach younger kids about money and money management.’—Laura Levine, president and CEO of the JumpStart Coalition for Personal Financial Literacy​
This is not the first time Monopoly has reflected today’s cashless world. A 2006 edition of the game in the United Kingdom featured Visa-branded credit cards instead of paper play money. Similar versions of the game are also available in the U.S. Last year, Hasbro even released a version called Monopoly for Millennials in which players compete to buy experiences rather than real estate.

The new technology may appeal to kids used to interacting with voice-activated digital assistants such as Amazon’s Alexa, Apple’s Siri or Microsoft’s Cortana. Financial experts, however, remained on the fence about the game’s educational value.

“It is a mixed bag,” said Laura Levine, president and CEO of the JumpStart Coalition for Personal Financial Literacy, a nonprofit that promotes financial education in schools. “Not having access to cash, both real and play money, does make it harder to teach younger kids about money and money management.”

Board games like Monopoly can be important educational tools — if used the right way
Educators and financial advisers have often suggested that board games such as Monopoly or The Game of Life are important in promoting behaviors tied to saving and budgeting.

By removing the physical element of the game, some argue that Monopoly’s usefulness as a tool to teach children about money is reduced.

“Removing physical Monopoly money reduces the educational benefit of the game by glossing over the important task of learning to manage and count your money,” said Nicole Strbich, director of financial planning at Buckingham Advisors in Dayton, Ohio.

Research has shown that children’s approach to money changes after they are allowed to touch cash — handling money made kids work harder, but also made them stingier about giving money away.
‘Bankruptcy is a lot more painful when you have to reach across the table to hand someone your last dollar.’—Nicole Strbich, director of financial planning at Buckingham Advisors​
That corresponds with adults’ experiences using cash rather than credit card. Studies have shown consumers spend more when they use credit cards, mobile wallets and potentially even cryptocurrency. The same is true of shopping online or with a smart speaker rather than in person.

As a result, playing with literal Monopoly money can impart important financial lessons. “Bankruptcy is a lot more painful when you have to reach across the table to hand someone your last dollar,” Strbich said.

At the same time, there’s also value in having board games reflect the real world, Levine said. “The reality is this is the world they’re going to grow up into,” she said.

Even as a digital game, Monopoly is still exposing kids to a play version of the real world, she argued.

Parents need to take an active role in promoting financial literacy
Cashless or not, board games like Monopoly shouldn’t be viewed as a replacement for having real conversations around money, spending and saving. “Parents can’t expect that games alone will do all the teaching,” she said. “The teaching and learning comes from discussion and guidance. We can use these other tools to make it real and bring it to life.”

And evaluating the lessons that board games impart is just as important as playing them in the first place. Monopoly does encourage strong behaviors such as counting money. But it can also encourage risky financial behaviors — after all, the person who buys the most property tends to win, and that requires a lot of leverage.

“If you feel maximum leverage is a sound financial lesson and strategy, it’s a good teaching tool,” quipped David Harraway, principal at Substantial Financial, a financial planning firm in Colorado Springs, Colo.

Financial experts also emphasized other tried and true methods of teaching kids about money — from paying them to do chores to allowing them to run lemonade stands. Even with these strategies, the onus is on the parents.

‘If you feel maximum leverage is a sound financial lesson and strategy, it’s a good teaching tool.’—David Harraway, principal at Substantial Financial, on the drawbacks of Monopoly
When it comes to allowances, Levine advised that parents shouldn’t focus on whether their child is prepared, but whether they are themselves. Forgetting to pay a child or allowing them to buy something with borrowed money after the allowance piggy bank has become empty teaches the wrong lesson.

“If the parent isn’t disciplined, you’re sending the message that it’s loosey-goosey,” Levine said.
 





DevaWolf

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#8
I have been watching this call for a cashless society with unease for a while now. It puts all the power in the hands of those who 'create' money, like the banks. And they already have too much power.

It makes it possible to track anything and everything someone spends, and enables those in power to judge you for it. It's one more step to a complete big brother system and it's disturbing. The government doesn't need to know exactly what I spend where and why, and neither does a bank.

I will oppose this at any opportunity, it's a very bad idea.
 





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#9
The way in which Manson is knowingly choosing damnation reminds me of a line from an old Bob Dylan album from my Dad’s record collection that I used to listen to:-

“You say you never compromise
With the mystery tramp, but now you realize
He's not selling any alibis
As you stare into the vacuum of his eyes
And say do you want to make a deal?”


~ Like a Rolling Stone
If he chooses anything it’s rational thinking. You can judge him unfairly but he was right on this.

https://www.google.com/amp/s/www.ro...-news/columbine-whose-fault-is-it-232759/amp/

Maybe he told more truths than you can ever give him credit for, I don’t agree with him on a lot of things, but he encourages people to think.

From One of the best albums of the 90s

“Because it's a great big white world
And we are drained of our colors
We used to love ourselves
We used to love one another
All my stitches itch
My prescriptions low, I wish you
Were queen
Just for today
In a world so white what else could I say?”

He is a rare creative genius, and much smarter and nuanced than any fundie could possibly give him credit for.
 





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#10
If he chooses anything it’s rational thinking. You can judge him unfairly but he was right on this.

https://www.google.com/amp/s/www.ro...-news/columbine-whose-fault-is-it-232759/amp/

Maybe he told more truths than you can ever give him credit for, I don’t agree with him on a lot of things, but he encourages people to think.

From One of the best albums of the 90s

“Because it's a great big white world
And we are drained of our colors
We used to love ourselves
We used to love one another
All my stitches itch
My prescriptions low, I wish you
Were queen
Just for today
In a world so white what else could I say?”

He is a rare creative genius, and much smarter and nuanced than any fundie could possibly give him credit for.
A rare creative genius seems to have preceded him though...

“...For I am Saruman the Wise, Saruman Ring-maker, Saruman of Many Colours!'

I looked then and saw that his robes, which had seemed white, were not so, but were woven of all colours, and if he moved they shimmered and changed hue so that the eye was bewildered.

I liked white better,' I said.

White!' he sneered. 'It serves as a beginning. White cloth may be dyed. The white page can be overwritten; and the white light can be broken.'

In which case it is no longer white,' said I. 'And he that breaks a thing to find out what it is has left the path of wisdom.'

- Gandalf, J.R.R. Tolkien
 





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#11
A rare creative genius seems to have preceded him though...

“...For I am Saruman the Wise, Saruman Ring-maker, Saruman of Many Colours!'

I looked then and saw that his robes, which had seemed white, were not so, but were woven of all colours, and if he moved they shimmered and changed hue so that the eye was bewildered.

I liked white better,' I said.

White!' he sneered. 'It serves as a beginning. White cloth may be dyed. The white page can be overwritten; and the white light can be broken.'

In which case it is no longer white,' said I. 'And he that breaks a thing to find out what it is has left the path of wisdom.'

- Gandalf, J.R.R. Tolkien
That's a great quote. Tolkien was a literary genius wasn't he? No surprise he was so popular during the hippie movement of the 1960s.


"But I'm sorry Shakespeare was your scapegoat,
And your apple sticking into my throat.
Sorry your Sunday smiles are rusty nails,
And your crucifixion commercials failed.
But I'm just a pitiful; anonymous.
I see all the young believers;
Your target audience.
I see all the old deceivers,
And we all just sing their song."


Please understand that "Marilyn Manson" is separate from the man Bryan Warner. Marilyn Manson is shocking, in your face, hard rock act, its performance art with vaudeville and macabre elements. Bryan Warner is a smart man with a knack for social commentary. He was right about Columbine, that essay is absolutely on the mark.
He became everyone's favorite scapegoat in the 90's by people who took his lyrics literally ( of course ) without any context or understanding of what Manson was conveying. While not a great technical musician himself he has an incredible knack for songwriting and works with great producers and music partners and tours with quality musicians. I understand why you don't like him, the man has his problems and is no ones role model, nor has he ever claimed to be one. I wish I could convey to you what the man's work meant to us oddballs back in the 90s.


Behind the pageantry there really is an extraordinary creative force, the last rock icon, and a man who has used his platform to speak against violence and abuse, who isn't the boogeyman people make him, and was right :

"Capitalism has made it this way, old fashioned fascism will take it away!"
-Marilyn Manson 1996
 





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#12
Turning our currency from pieces of paper to lines of code doesn't really seem like a "cashless" society to me. I wouldn't really change the social structure; the wealthy elite would still be wealthy.
 





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#13
A cashless society would be for the better of civilization s everywhere! when the rfid chips are activated, u wont have to worry about ppl stealing your identification. The new world order is sumthing not even god can sellout. Understand, the idiocracy of those whom arent jesuschrist

Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF's power to create money and begin global "quantitative easing". In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body.”