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Transactions in a cashless society
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http://www.optimizemag.com/article/s...cleId=51202092
I don't see how electronic transfers really change our notion of money. If these transfers take place into and out of checking accounts, it's still the same definition of money (M1 = currency, checkable deposits, and travelers checks, the largest component being checkable deposits). We just don't use paper checks anymore (or as frequently) to make these transfers. If funds are transferred between parties without the use of checkable or savings deposits, this will be a significant change. But transferring funds electronically I do not see as an innovation. It's been happening for years. This writer is just infatuated with technology. Tom Schellberg |
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