Do we need cold hard cash?

Sweden is quickly moving towards a cashless economy. According to their central bank cash payments are now less than 2 percent of GDP and less than 15 percent of retail transactions. Phil Dobbie asks Prof Steve Keen whether we could eventually go cashless? He’s very sceptical. His fear is that the people who would control the monetary system probably wouldn’t understand how money works. And what if the IT systems fail?

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