Letters: May 18, 1998

THE FUTURE OF MONEY

With the emergence of megabanks and the use of electronic cash [BUSINESS, April 27], what will stop institutions at simply monitoring our purchases? If an electronic cash card is programmable, it can be turned on and off with a simple line of code. It could be used to regulate what we can buy, when we can buy and whom we can buy from. A cashless society is not about freedom, as banks would have us believe; it is about controlling the consumer. Such a society would be the end of America and the beginning of a banking-corporate...

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