E Millennials Need To Wake Up About Derivatives And The Cashless Society

Millennials need to wake up about the coming cashless society. The reason why is because they have not been thinking critically about how it will affect America, and because they are the victims of a media blitz claiming to speak for them. But the real danger to millennials and all Americans lies in the details of a coming cashless society.

Let's look at the media blitz, Millennials. I took a sample on the first page of Google, searching for the positive take on a cashless society. There are hundreds of similar articles.Damon Darlin wrote this NY Times piece:

Cashless Society? It's Already Coming

Mr. Darlin says he has been using Apple Pay, and that it will replace your wallet, but not all your credit cards. He goes on to say that young people think it strange to have more than 20 dollars, and so their behavior is resulting in the end of cash. He the fact that Millennials prefer debit cards instead of cash. He never mentions that the central banks want cash. He never mentions that the people who are most pushing for the end of cash are the bankers and their economists.

5 Payment Trends to Know About Millennials in 2015

This Mastercard article is quite disturbing, really. The essential points are: Millennials want a secure future so they want that thumbprint ID; Millennials call the fashion police every time they see a bulky wallet; Millennials are always on the go. So the author, Brittany Berliner, says that she simply has no reason to pay with cash. She also withholds information that the bankers and their economists are pushing for the end of cash and that millennials are ready to scrap cash for the very shallow reasons she gives, like the unsightly fashion error of a fat wallet.

Millennials Checked Out on Using Cash

Nerdwallet interviews some Millennials and one in particular is so excited that we are facing a cashless future that he believes people in the future won't even know what cash was. Of course, neither the author of the article nor the interviewees discussed for the record the banker and economist obsession with eliminating cash in order to offer interest rates.

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Disclosure: I am not an investment counselor nor am I an attorney so my views are not to be considered investment advice.

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