It is important to retain a stock of cash.
Given the widespread concerns of power blackouts this winter, the majority of supermarkets and petrol stations in affected areas would likely close, since EPOS systems and card reader equipment would not work. However, many local shops, would likely continue to sell items for cash. So, if you need any basic items urgently, such as milk, bread or medicines (or even a pint at the pub!), you could likely buy them for cash. Of course, this also applies to internet blackouts alone, as card reader systems usually require a connection to work. Recently, my local chippie's internet went down and they could only accept cash payment.
It should clear that the wholesale reliance on microprocessors and internet connections for commercial transactions leaves any country's security weakened. In the event of either a huge crash of the web or a massive electromagnetic pulse (EMP), citizens could be left entirely unable to purchase any basic necessities without cash.
Keep a stash under the bed! 
Yes a good point
Indeed, a good point.
The only issue would be that all ATM’s would also be knocked out by any power or system blackouts. That means you would have to hoard a good amount of cash to cover any lasting outages.
As correctly stated by Migalot, retail systems, such as bar code readers and tills, let alone the computers that are behind those systems will also be dead. Thus there would nowadays, unlike when I started in retail, be no facility in most retail outlets to handle cash, and the stores would have to close for the duration of the outage. In addition most supplies of stock come via fully electronic control systems, so they would effectively be shut down by the event. Farm shops and on the side of the road outlets could of course still trade and handle cash, but that is about it.
Remember, most retail outlets are now controlled by companies, franchises, or just sole traders using the electronic facilities like everyone else. That is the big issue with todays IT controlled life, but we have been creating and living with it for decades. I remember when in the 1980’s our local Safeway supermarket lost it’s power, which led to the management then stepping in and roughly estimating what the person at each checkout had to purchase, then accepting a greatly reduced cash price. Great for the customer at the till, but everyone else had to drop their baskets and leave the store to close. Now in those days our outlets could and would readily accept cash without any system restrictions, as we were a bit backward in bringing in full technology, which anyway was in its infancy.
Now that cash option is not open to the vast majority of retailers who rely totally on electronic systems regardless of the weaknesses and risks of doing that. With the quantities and values of commodities now, let alone, crucially, of the customers requirements for quick payment methods, plus security needs, electronic payments are really the only way to go.
Us older ones may still use cash, and I personally still hanker for the good old days £. s. d., but like it or not, handling cash is expensive, a higher security risk, and hinders sales which any commercial concern MUST see grow. There are even retailers who will refuse to take large cash payments for , say furniture, white goods, carpets, etc, due to the aforementioned factors.
Cash has had it’s days and is therefore numbered no matter what some of us want.
Author
Topic: WEF (Read 3497 times)