A World Without Banks
KashKlash writes: ““imagine yourself deprived of all of today’s financial resources” – poses a hypothetical future that’s worth serious attention.” And goes on to give us two examples from the 70s. In France it was quite unremarkable. The banks were closed, you couldn’t get money, you couldn’t deposit it. People were driving from Paris to Zurich to get cash for day-to-day spending. In Ireland it was different. Same situation – banks closed, nothing going in or coming out. “So, perhaps you will take a cheque?” For several weeks, people just wrote cheques to each other and went about their business. Some cheques were passed around through many transactions, particularly those with reliable names on them. So the strike was a problem for the bank and its staff, but less so for the users. Then there was a brief opening of the banks, and most cheques were deposited. For several months, almost a year from start to finish, the Irish did it all with their own paper and no banks. Of course, when the banks eventually reopened, everyone had to bank the cheques they were carrying just in case some issuers had had more ink in the pen than money in the bank. Wonderful… read more KashKlash, the Irish Answer.