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
The Zapata Air Scooter Would Be Great In A Science Fiction Story
'Betty's slapdash style.'
Thermostabilized Wet Meat Product (NASA Prototype)
There are no orbiting Michelin stars. Yet.
Could Crystal Batteries Generate Power For Centuries?
'Power could be compressed thus into an inch-square cube of what looked like blue-white ice'
India Ponders Always-On Smartphone Location Tracking
'It is necessary... for your own protection.'
Amazon Will Send You Heinlein's Knockdown Cabin
'It's so light that you can set it up in five minutes by yourself...'
Is It Time To Forbid Human Driving?
'Heavy penalties... were to be applied to any one found driving manually-controlled machines.'
Replace The Smartphone With A Connected Edge Node For AI Inference
'Buy a Little Dingbat... electropen, wrist watch, pocketphone, pocket radio, billfold ... all in one.'
Artificial Skin For Robots Is Coming Right Along
'... an elastic, tinted material that had all the feel and appearance of human flesh and epidermis.'
Robot Guard Dog On Duty
I might also be thinking of K-9 from Doctor Who.
Wearable Artificial Fabric Muscles
'It is remarkable that the long leverages of their machines are in most cases actuated by a sort of sham musculature...'
BrainBridge Concept Transplant Of Human Head Proposed
'Briquet’s head seemed to think that to find and attach a new body to her head was as easy as to fit and sew a new dress.'
Google's Nano Banana Pro Presents Handwritten Math Solutions
'...copy was turned out in a charming and entirely feminine handwriting.'
Edible Meat-Like Fungus Like Barbara Hambly's Slunch?
'It was almost unheard of for slunch to spread that fast...'
Sunday Robotics 'Memo' Bot Has Unique Training Glove
'He then started hand movements of definite pattern...'
Woman Marries Computer, Vonnegut's Dream Comes True
'Men are made of protoplasm... Lasts forever.'
Natural Gait With Prosthetic Connected To Nervous System
'The leg was to function, in a way, as a servo-mechanism operated by Larry’s brain...'
