Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • Debbie Young
  • Jimmy Buffett
  • Key West
  • Your Survival Guy
  • How We Are Different
  • Paris
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • The Great Reset
  • The Swiss Way
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • Dick Young
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool
  • Anti-Gun Control
  • Anti-Digital Currency
  • Joel Salatin and Alfie Oakes
  • World Gold Mine Production
  • Fidelity and Vanguard Since 1971

Digital Currency Risks: Sweden Considers Cashless Society

April 4, 2018 By E.J. Smith - Your Survival Guy

By Akarat Phasura @ Shutterstock.com

When you consider good governance vs bad governance, Sweden typically falls into the good camp. Life is pretty good if you’re a Swede. But a recent push by central banks to adopt a cash-free-society has put many on edge.

Riskbank governor, Stefan Ingves, says going cash-less is for the “collective good” of society. “Most citizens would feel uncomfortable to surrender these social functions to private companies,” he said. “It should be obvious that Sweden’s preparedness would be weakened if, in a serious crisis or war, we had not decided in advance how households and companies would pay for fuel, supplies and other necessities.”

But 72- year old former national police commissioner, Bjorn Ericksson, sees some big time risks. “When you have a fully digital system you have no weapon to defend yourself if someone turns it off,” he says. “If Putin invades Gotland [Sweden’s largest island] it will be enough for him to turn off the payments system. No other country would even think about taking these sorts of risks, they would demand some sort of analogue system.”

Mattias Karec, 29, a digital security consultant, points to problems with credit card, and even pension, fraud. “We are lucky that the people who know how to hack into them are on the good side, for now,” he says. “But we don’t know how things will progress. It’s not that easy to attack devices today, but maybe it will become easier to do so in the future.”

David Crouch writes for The Guardian:

The banks recognise that digital payments can be vulnerable, just like cash.

“Of course there are people trying to abuse them, but they are no more vulnerable than any other method of payment,” says Per Ekwall, a spokesperson for Swish, the immensely popular mobile payments system owned by Sweden’s banks.

“From a macro perspective Swish has made it safer, and cheaper,” he says. There is little point in fighting a trend that customers themselves are driving, the banks argue.

But an opinion poll this month revealed unease among Swedes, with almost seven out of 10 saying they wanted to keep the option to use cash, while just 25% wanted a completely cashless society. MPs from left and right expressed concerns at a recent parliamentary hearing. Parliament is conducting a cross-party review of central bank legislation that will also investigate the issues surrounding cash.

The Pirate Party – which made its name in Sweden for its opposition to state and private sector surveillance – welcomes a higher political profile for these issues.

Look at Ireland, Christian Engström says, where abortion is illegal. It is much easier for authorities to identify Irish women who have had an abortion if the state can track all digital financial transactions, he says. And while Sweden’s government might be relatively benign, a quick look at Europe suggests there is no guarantee how things might develop in the future.

“If you have control of the servers belonging to Visa or MasterCard, you have control of Sweden,” Engström says.

“In the meantime, we will have to keep giving our money to the banks, and hope they don’t go bankrupt – or bananas.”

Read more here.

Originally posted on Yoursurvivalguy.com.

Related Posts

  • Sweden Puts the Brakes on its Cashless Society Plans
  • The Threat of a Cashless Society
  • The Multicultural Rape of Sweden
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • Your Survival Guy Fishing with Dolphins - September 25, 2023
  • Wellington and Wellesley Funds Not Managed by Vanguard - September 22, 2023
  • Remembering Jimmy Buffett: The Oldest Surfer on the Beach - September 22, 2023

Dick Young’s Must Reads

  • V4 Stands Against North African and Middle Eastern Invasion
  • The Clock is Ticking: You Must Protect Your Family
  • The Government Attack on Americans’ Independence
  • Joel Salatin and Alfie Oakes, America’s Food Kings
  • ACTRESS: “Liberal Politicians Are Ruining Cities”
  • Work to Make Money/Invest to Save Money
  • Tucker Carlson Interviews My Favorite Florida Farmer
  • Yes, Your Children Are Listening to You
  • Who’d be Nuts Enough to Have Put Money into SVB?
  • Why Investors Should Forget Prices and Focus on Income

Compensation was paid to utilize rankings. Click here to read full disclosure.

RSS Youngresearch.com

  • Your Survival Guy Fishing with Dolphins
  • The Single Worst Market Timing Event in History
  • Government Intervention Begets More Intervention
  • Wellington and Wellesley Funds Not Managed by Vanguard
  • Inflation Could Kill Social Security
  • Will the Fed Hold Up Its End of the Bargain?
  • Should America Move Closer to the Saudis, or Push them Away?
  • Don’t Ask Me When to Haul Your Boat
  • Robot Warehouses Need Better Internet
  • California Mandates Drive Diesel Truck Buying Spree

RSS Yoursurvivalguy.com

  • Your Survival Guy Fishing with Dolphins
  • Judge Shatters California High Capacity Magazine Ban
  • Is Your Water Safe to Drink? NOLA Residents Aren’t Sure
  • Wellington and Wellesley Funds Not Managed by Vanguard
  • Remembering Jimmy Buffett: The Oldest Surfer on the Beach
  • The Folly of Windmills from Nowhere USA
  • NYC Rolling Out the Robocops
  • Will the Fed Hold Up Its End of the Bargain?
  • Are Most NFTs Now Worthless?
  • 2ND AMENDMENT ALERT: Biden to Create New Anti-Gun Office

US Treasury Yield Curve: My Favorite Investor Tool

Five Year Treasury Yield

Speaking of Bad Ideas …

The Single Worst Market Timing Event in History

Your Survival Guy Fishing with Dolphins

“But What Happened to Eggs?”

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives