Money will become obsolete

Commentary by Chris Clegg

It is said everything cycles. Or, if you will, history repeats itself. So I wonder, as we begin a new year, what will happen? I won’t bore anyone with needless predictions of newfangled devices soon to be on the market, of predictions concerning politics or sports. What I have been thinking about is a prediction some will find so crazy they’ll send the men in white jackets to find me. The prediction: there will be a time when money is obsolete and it will happen in my lifetime. To be clear, there will be a need for accounting of money, but there will be no need for money. I began thinking about this when I went to a gas station a few months ago and attempted to pay by cash. It was not accepted. Indeed, the day had come when you went to purchase a product and cash was not an option. I knew this day was coming, I just didn’t think it would come so soon. Indeed, the day will come when money will not be needed. Everyone will pay by debit card or credit card. It may be sooner than you think. And this may not necessarily be a bad thing. Many years ago when we wandered around in animal skins, commerce was done by bartering. Three skins for five flints and two jugs of fresh water for a slab of meat or fish. Everything on the up and up, each deal finalized on the spot. Bartering is still the major method of commerce in many parts of the world. However, as history progressed, someone “invented” money. It has become the staple of a civilized society. As I wrote earlier, however, everything cycles. Could it be we are heading for a time when money that you possess is not necessary? Think about it. What value does money serve? In today’s world, it is unnecessary. We can use plastic cards to conduct all our trade. Today, I’m sure store clerks love it when people pay by card. No need to count money, no need to make change, no hassle whatsoever, as long as the electricity is working and the debit machine is working properly. Think of all the time and effort saved by people making money. No need to print paper money – we can save a few trees – and all those useless coins, especially pennies. Do we really need them? With today’s technology, there is no doubt finance could be done through computers and cards. Children could be given allowances on cards with spending limits, much like today’s cards that stop the transaction when the well runs dry. It is not hard to fathom a world without coins and paper bills. In fact, the world might be an easier place if there wasn’t coins and bills! Almost all the science fiction movies don’t bother dealing with money. Press a button and it’s there! All merchandise paid by computer card, aka credit card. Is this coincidence, keenly accurate foresight or are the movie makers too cheap to waste precious seconds in a movie counting money. Probable all of the above. I’ll never forget the first day when my cash was not accepted. It was weird, almost serene. There was a day when cash was the only option. Did you ever think the day would come when cash was not a option? Get used to it, people, because I truly believe you will see this more and more. Hopefully, in the 30-40 years I have left in my life – assuming I live into my eighties – I am sure the day will come when money is obsolete. How’s that for a prediction!

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