An interesting and timely piece by Ohio State University
economist Jay L. Zagorsky:
“Many countries around
the world are steadily shifting away from cash. Canada, the United Kingdom and
Sweden have already largely embraced a cashless society. The U.S. is also
steadily making the move, with people holding smaller amounts of cash.
However, the recent
string of natural disasters and security breaches at major financial entities
exposes a huge flaw in this trend: When the power goes out, telephone lines
shut down or account information is stolen, it is impossible to use ATMs,
credit or debit cards or mobile payments – no matter how rich you are.”