Insert on Page 581 (Box 27.2), Titled Term Paper

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insert on page 581 (Box 27.2), titled "Are the Days of Cash Numbered?" And discuss, giving reasons for your answer.

Modern cash - Federal Reserve Notes, are but the newest incarnation of Man's attempt to use simulacra to denote value. Our money is fiat or fiduciary money - the force of the United States Government backs it, as it does the value of the Treasury bond. Since the 1970's-era breakup of the Bretton Woods system, the value of gold has served as a counter-weight to the value of the United States dollar and rises and falls with political instability, the amount of gold that is mined, and the decisions of central banks to hold gold or dollars (or Euros or whatever) in reserve. In much the same way, paper money is a counter-weight to electronic transactions. Whereas most of our money is in a bank and electronically represented for us, we remain confident that this may at any time be exchanged for Federal Reserve Notes.

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It is important to see the idea of a cash-less society in this context. Australia has embarked on an ambitious cashless society project, and in Finland people use their cell phones to buy vending machine projects. The transition of Europe to the Euro was called the greatest logistical endeavor since D-Day, and required over twenty years of consistent political endorsement. Even as such, Sweden and Denmark are still opposed to the Euro, citing loss of sovereignty. Many vocal conservatives equate a cashless economy with a move toward one-world government. Conspiracy theorists and nay-sayers aside, everyone with a reason to conceal a transaction has a reason to resist a cashless economy, not only Osama's minions and drug dealers but also waitresses who don't report their income. Alternately, almost everyone with a reason to promote transparency would support a cashless economy; the millions defrauded….....

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