From: "Jo Reed" 
Newsgroups: uk.finance
Subject: Re: Bank lending policy
Date: Fri, 20 May 2005 13:38:49 GMT


"Tim"  wrote in message 
news:d6kopk$8hv$1@nwrdmz02.dmz.ncs.ea.ibs-infra.bt.com...
>> "Tim" wrote:
>> > Exactly - and that cash value could either be stored
>> > in shiny circular bits of metal, fancy printed bits of
>> > paper - *or* stored on a plastic card (or similar).
>>
> "M Holmes" wrote
>> If it's stored on a plastic card, the cops, the tacman
>> and the wife can find out about what you've bought.
>
> How?
>
> "M Holmes" wrote
>> People therefore will always want something that's anonymous.
>
> ... just as a "cash stored on a card"-type system could be!
>
>> "Tim" wrote:
>> > I'm not suggesting anyone "take cash away" - just suggesting
>> > that we store it in a different way than coins & notes!
>>
> "M Holmes" wrote
>> A different way where trade is by necessity recorded.
>
> Eh?  Where does that "necessity" come from?
>
> The system could quite easily be set up just storing **current value**, 
> not
> storing each *transaction* at all.  You just need to make it secure enough
> so that the only way of changing the value stored on it, is by a transfer
> to/from another person's card.
>
> Currently, when you pay £20 for something in a shop, your wallet "loses" 
> £20
> of value and the shop's till gains £20 of value.
> With the idea we're discussing now, your "card" reduces its value by £20 
> at
> the same time as the shop's "card" increases its by £20 -- when the two 
> are
> linked together in some agreed way (possibly wirelessly, but just 
> requiring
> the permission of the person whose card's value is going to be reduced).
>
>> "Tim" wrote:
>> > The "plastic card" (or whatever) system could easily
>> > be set up to be anonymous, just like coins & notes.
>>
> "M Holmes" wrote
>> It could, ...
>
> Glad you (finally) agree!

I'm no luddite, believe me, but I'm dead against this idea. And I suspect 
you'll find the average daily mail reading nutter would feel the same way. 
Political suicide, as well as almost certainly enormously expensive, which 
we'd have to pay through taxes for.