L.A. city moves to outlaw businesses refusing to accept cash payment.
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Posted by: LateForLunch ®

08/16/2023, 02:17:15

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It's interesting because the public interest is served by businesses only using methods of payment that may be accurately accounted for by auditors assessing taxes. 

In Japan, some business do just that at the REQUEST of the government, because there is a vast underground economy that allows people to escape taxes. So the government gives businesses requiring non-cash payment tax breaks. 

It's also interesting that two of the biggest businesses trying to eliminate cash are stadiums (Crypto formerly Staples Center and Dodger Stadium). The reason for stadiums to eliminate cash payments is to reduce their cash-handling/transporting costs. Hiring security to pick-up and drop large amounts of cash is risky and expensive compared to non-cash arrangements. 

Both stadiums are likely incurring major costs for cash-handling.

City government officials say that they are concerned about people who rely on cash-only purchasing (people who avoid having back accounts) should not be "excluded" from being able to, "enjoy the city". 

It may also be that organized crime has some influence over L.A. city government policy. Remember this is the city whose mayor made a public statement to criminals completing their prison terms, in which he said (verbatim), "...thank you for your service", as if he were thanking soldiers who served in the military!!! Criminals tend to dislike and have much discomfort with an economy that is non-cash. 

Sure, there are libertarian arguments against banning cash purchasing, but there are so many businesses which can't afford to ban cash, I really don't understand the city's policy unless they are trying to help out the Mafia to avoid paying taxes or being tracked by law enforcement by their purchases. 






Modified by LateForLunch at Wed, Aug 16, 2023, 02:24:21


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Cash payments are probably going to be obsoleted in the future.
Re: L.A. city moves to outlaw businesses refusing to accept cash payment. -- LateForLunch Post Reply Top of thread Forum

Posted by: Ihavenoname ®

08/17/2023, 01:36:29

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I see what you did there...
Re: Cash payments are probably going to be obsoleted in the future. -- Ihavenoname Post Reply Top of thread Forum

Posted by: LateForLunch ®

08/22/2023, 19:53:02

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...turning an adjective (obsolete) into a verb (obsoleted). 

One interesting thing about English is it allows for side-trips to variations in meaning aka "informal" terms/words to be added to the common lexicon. 

The term reminds me of the magnificent Twilight Zone (TOS) episode with actor Burgess Meredith as, "The Obsolete Man". 
Sublime.    






Modified by LateForLunch at Tue, Aug 22, 2023, 20:08:12


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I have nothing against cash (and prefer it to credit cards), but there's a big push to force digital currency,.
Re: I see what you did there... -- LateForLunch Post Reply Top of thread Forum

Posted by: Ihavenoname ®

09/02/2023, 01:27:34

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