Why do MasterCard, Visa, the banking sector, and Big Tech companies hate cash? The answer is probably easy to guess: because they can't take a cut of the millions of transactions that are made every day. Financial journalist Brett Scott explains why it might still be useful to keep cash in our society. You wouldn't cut back on fire escapes in tall skyscrapers, would you? Or bike paths in the city? Another good reason not to ban cash is that cash actually belongs to the government, unlike the digital euros in your commercial bank account. That money is actually a poor substitute for real government money, says Scott, and only retains its value as long as the commercial banks remain financially healthy. Goodbye 2008 housing crisis, hello AI bubble. Or the government, and therefore the taxpayer, will have to foot the bill again, of course. So there are plenty of reasons to take cash seriously for the time being. The same applies to the plan to create a new digital euro, but one that really belongs to the government. Three guesses who's against it...
