We received several opinions about the government’s war on cash.
“Yes, a cashless society makes monitoring citizens very easy,” says our first contributor. “The current electronic apparatus can be used to record all transactions, including (especially?) taxable income.
“Divorce lawyers are gonna love it!”
Per cash as a coronavirus carrier, a reader offers a solution:
“Simple cure: Nearly every newer oven has a ‘Keep Warm’ setting that sets temperature for 160-170 degrees. The virus cannot survive at temps above 140 degrees (according to the CDC). The spontaneous combustion temp of paper is at least 220 degrees and cash, being closer to cloth than paper, has an even higher combustion temp.
“I have been using my oven to disinfect mail (non-plastic) and currency for over two months now. I put cash/mail in a warm oven for a half hour. No virus. Worst result was plastic, address window of an envelope curled up (but did not melt).”
For the record, The Rundown DOES NOT endorse this method… unless you have cash to burn.
Your Rundown for Friday, June 5, 2020
And They Told Two Friends…
And a reader outlines how ominous-sounding government contract tracing might work…
“It is my understanding state governments are hiring ‘contact tracers’ who are essentially detectives following the ‘spiderweb’ of people whom a coronavirus-positive case has associated with.
“Hear me out. Why not forgo these COVID-19 investigators? The government could save money by simply following the money. (Notice I didn’t say follow the cash — that’s not so easy.) Instead, follow the electronic payments.
“A person buys a box of tissues, an OTC fever reducer and, say, a dehumidifier? Boom. You might have a COVID-19 case.
“Then follow his personal ‘touch points’ along the way. The pharmacy cashier. The bank teller who deposited his check earlier that day. The deli clerk who got his order of chicken noodle soup.
“And everytime he swipes his card, you have a roadmap to individuals who came in contact with a COVID-19 case. Then follow their digital payments and their personal ‘touch points.’ And so on.
“Sort of like that old shampoo commercial: And they told two friends, and they told two friends…”
Market Rundown for Friday, Jun. 5, 2020
The S&P 500 Index futures are up 70 points to 3,181.
Oil is up $1.76 to $38.97 for a barrel of West Texas crude.
Gold’s slumping $44 per ounce to $1,683.40.
Bitcoin is down $161.79 to $9,701.96.
We’ll talk after the weekend. Have a good one!
For the Rundown,