Here’s an email I received recently from one of our portfolio management clients. Lots of readers may find something they can identify with in his views.
“Subject: cashless society
Good morning Pat,
After reading an article that said that 93% of all monetary transactions in the U.S. are now done electronically, I wake up and notice that people are even buying a coffee with plastic. A little more research, and I find that supposedly there are now seven U.S. states where you can be arrested for selling second-hand items for cash. Apparently there are some businesses (including restaurants) that do not accept cash anymore.
John Keynes had a good idea for expanding the economy by printing money in bad times but taking it back in good times. Obviously today’s politicians forgot the second part. The Federal Reserve appears to be getting drunk on pushing the print button without thinking about the long-term repercussions (short-term gain for long term pain??).
In 1933 gold was confiscated—can that…
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