Posted Oct 6, 2016 by Martin Armstrong
I wanted to let you know that I stopped at a Jimmy John’s today and they wouldn’t allow me to use cash.
They had no drawer or physical money on the premises. It was either chip card or no sandwich. They claimed it was their first store in the nation to go cashless.
So, bravo for highlighting this trend. I have a feeling that the next generation of American tax payers might not even know what Federal Reserve notes or nickel and copper coins are even for.
REPLY: I kept a 2011 BMW 535i as long as I could because it was a manual drive. I went to a place for dinner where they had a valet to park cars, but the valet did not know how to drive manual. That happened a couple of time. I then pulled into a car wash. Again, they had to call the cashier who was a woman, perhaps in her 50s, to drive the car. The youth already do not know how to drive a stick shift. Very dramatic.
We now have cars that are starting to drive themselves. Can you image a two-year-old today growing up and asking, “Wow. You used to drive a car? How was that?”
We are advancing. There will be no physical money any more than there will be manual cars or cars you drive. Things are changing. The greatest risk to small business is people stealing from them. Eliminate cash and you do not have to worry about employees taking the cash.