Science Fiction
Dictionary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
 |
Will Japan Abolish Cash?
Japanese economists are contemplating the abolition of cash, a radical monetary policy that could help the country's economy recover.
Japan is a country uniquely positioned to actually implement the abolition of physical currency. It has six major competing cashless payment systems, some of them implemented in mobile phones. It is estimated that there are about 120 million different cashless payment chips already in circulation.
According to Richard Jerram, a senior economist with Macquarie bank:
One Bank of Tokyo Mitsubishi strategist described it as being “in the realms of economic science fiction”.
The idea of a cashless society was fully realized in the science-fictional work Looking Backward, an 1888 novel by Edward Bellamy. It's a very early reference, to the basic idea of a universal credit card:
"You observe," he pursued as I was curiously examining the piece of pasteboard he gave me, "that this card is issued for a certain number of dollars. We have kept the old word, but not the substance. The term, as we use it, answers to no real thing, but merely serves as an algebraical symbol for comparing the values of products with one another. For this purpose they are all priced in dollars and cents, just as in your day. The value of what I procure on this card is checked off by the clerk, who pricks out of these tiers of squares the price of what I order."
From Business Times Online.
Without physical cash, a central bank can set rates exactly where it likes, runs the argument. Mr Jerram said: “At the heart of the problem of achieving negative nominal interest rates is the idea that physical currency is an anonymous bearer bond with a nominal interest rate of zero.” While a central bank can impose positive or negative rates on non-physical assets, transmitting those rates to physical currency is a huge challenge. By permanently removing cash from a system, he added, policymakers are robbed of the excuse that zero is the lowest that nominal rates can go as a deflation-fighting tool.
A credit corresponding to his share of the annual product of the nation is given to every citizen on the public books at the beginning of each year, and a credit card issued him with which he procures at the public storehouses, found in every community, whatever he desires whenever he desires it. This arrangement, you will see, totally obviates the necessity for business transactions of any sort between individuals and consumers. Perhaps you would like to see what our credit cards are like.
Scroll down for more stories in the same category. (Story submitted 6/20/2009)
Follow this kind of news @Technovelgy.| Email | RSS | Blog It | Stumble | del.icio.us | Digg | Reddit |
Would
you like to contribute a story tip?
It's easy:
Get the URL of the story, and the related sf author, and add
it here.
Comment/Join discussion ( 6 )
Related News Stories - (" Lifestyle ")
Sleep Pods At Daxing International Airport
'Do not waste your priceless company on the unappreciative folds of a sleep pod...' - Chris Boyce, 1967.
Amazon Blimp Parent Drone Concept
'So the parent drone carries a spotter that it launches...' - Daniel Suarez, 2012.
Tortoise Mobile Smart Stores
'... all round the city dozens of cars have rented out their trunks, which contain cigars and scotch and stuff.' - Karl Schroeder, 2019.
Sony Pocket Air Conditioner Is Phil Dick's Idea!
'... he went to the hall closet to get his pith helmet and his mandatory cooling-unit.' - Philip K. Dick, 1965.
Technovelgy (that's tech-novel-gee!) is devoted to the creative science inventions and ideas of sf authors. Look for the Invention Category that interests you, the Glossary, the Invention Timeline, or see what's New.
Science Fiction
Timeline
1600-1899
1900-1939
1940's 1950's
1960's 1970's
1980's 1990's
2000's 2010's
Current News
Musk Proposes Sites For Martian Cities
'...its streets were of remarkable width, with few or no buildings so high as mosques, churches, State-offices, or palaces in Tellurian cities.'
Bambot Open Source Cheap Delivery Robot
'Not since the time he rewired the delivery robot...'
Robot Collective Acts Like A Smart Material
'...it was all composed of tiny, identical cubes, carefully laid to form a tilelike surface.'
Vipera Electric Skis From Frigid Dynamics
'JOAN strapped on her power-skis...'
Pixel Watch 'Loss of Pulse Detection' And Philip K. Dick
'He carried on his person a triggering mechanism sensitive to his heartbeat.'
Nuclear Plant Restarted To Power AI To Feed Us Dreams
'...Anything was possible in my imaginary environment.'
SpaceX's Starman Tesla Roadster In Space
'Somewhere in space, a chrome and blue automobile raced the green light of Earth.'
Pivotal Blackfly Electric Aircraft Lifts And Hovers
'That explains how it was so easy for me to remain motionless in midair...'
CORLEO Robotic Horse Concept Looks Ready To Ride
Imagine digging your heels in to a steam horse!
Who First Thought Of A Tin Foil Hat?
'We had discovered that metal was relatively impervious to the telepathic effect.'
Warp Drive Tech Back On The Menu
'Detailed plans for the construction of the Gundstetter-Halone warp drive were flowing.'
Huawei Pura X Folding Phattie Phone
Why can't we get more innovative phone configurations?
Sleep Pods At Daxing International Airport
'Do not waste your priceless company on the unappreciative folds of a sleep pod...'
Robot Baristas Learn Their Trade Without Paying Royalties
'...so we've promised him a generous pension from the royalties.'
JAXA Int Ball 2 Coming Right Along As Star Wars Remote
'Hocus-pocus religions and archaic weapons are no substitute for a good blaster at your side.'
Robot Bricklayer Or Passer-By Bricklayer?
'Oscar picked up a trowel. 'I'm the tool for the mortar,' the little trowel squeaked cheerfully.'
