Krugman is full of elite nonsense about cash if you note that you can't withdraw more than a few thousand dollars in cash from a bank where you have your money (try to get 20+K in cash from your bank, and they will tell you to "order" that amount X days in advance).
If you look at life risks for your family, there are situations like eart…
Krugman is full of elite nonsense about cash if you note that you can't withdraw more than a few thousand dollars in cash from a bank where you have your money (try to get 20+K in cash from your bank, and they will tell you to "order" that amount X days in advance).
If you look at life risks for your family, there are situations like earthquakes in California where a significant event may require some big hunks of cash in short emergencies. If you have to wait for the government, like in Katrina in New Orleans, your outcome may be much worse. Having immediate access to those 60+ $100 bills could be life or death. Our first responders may have priorities for their own families rather than my family when the big one hits (I know some first responders who have claimed their families are first).
Krugman may be significant enough to get priority over my family, but I can counter that with cash and get that backhoe to dig out my family. Crypto is as irrelevant as banks when utilities are down. Crypto is for illegal activities, and cash is for when something goes drastically wrong. Big government people want to eliminate cash so they can de-bank people who they don't like, such as what was done to truckers in Canada (they froze their bank accounts).
Even with a lifetime probability of only a few % of such an event, cash access is worthwhile insurance relative to the loss of value from having cash from inflation or risk of theft.
Krugman is full of elite nonsense about cash if you note that you can't withdraw more than a few thousand dollars in cash from a bank where you have your money (try to get 20+K in cash from your bank, and they will tell you to "order" that amount X days in advance).
If you look at life risks for your family, there are situations like earthquakes in California where a significant event may require some big hunks of cash in short emergencies. If you have to wait for the government, like in Katrina in New Orleans, your outcome may be much worse. Having immediate access to those 60+ $100 bills could be life or death. Our first responders may have priorities for their own families rather than my family when the big one hits (I know some first responders who have claimed their families are first).
Krugman may be significant enough to get priority over my family, but I can counter that with cash and get that backhoe to dig out my family. Crypto is as irrelevant as banks when utilities are down. Crypto is for illegal activities, and cash is for when something goes drastically wrong. Big government people want to eliminate cash so they can de-bank people who they don't like, such as what was done to truckers in Canada (they froze their bank accounts).
Even with a lifetime probability of only a few % of such an event, cash access is worthwhile insurance relative to the loss of value from having cash from inflation or risk of theft.