 | |  | | | | The "Dirty" Truth About Cash in the Age of COVID |  | By Alex Moschina, Associate Publisher |
| It's innocent enough...
When businesses say they can't accept cash due to COVID-19, the logic appears sound. After all... cash is dirty.
On average, it's estimated that a dollar bill changes hands 110 times per year.
That's a lot of filthy mitts, no?
So when folks see a headline like this from Bloomberg, it's hardly surprising: It certainly wouldn't be safe to pass around cash during a pandemic...
Would it?
Actually...
It turns out banknotes aren't the cesspool of disease most folks take them for.
According to an official at the World Health Organization, "[The] virus will not survive for very long on surfaces, particularly on a dry surface like a banknote."
"Handling banknotes doesn't pose a particular risk of contracting coronavirus," said the head of Germany's health department.
And another expert from the George Washington School of Medicine and Health Sciences noted that using a credit card or smartphone doesn't make a transaction any safer. Contactless payment or no, if you don't wash your hands, "You are still susceptible to potential infection."
In fact, a study released in March found that COVID-19 sticks around longer on surfaces made of plastic or metal.
And yet... all across America we are seeing a growing number of businesses go cashless in response to COVID-19.
What gives?
"The Pandemic Has Changed Things"
For one thing, as Andy noted last week, coins are in short supply these days. Banks are closed. And as a result, it's tough for the cashier down at the Kroger to make your change.
But that's only part of what's happening here...
As Bloomberg reports, business owners in Georgia are eagerly seizing the opportunity to go digital: | | When Atlanta restricted restaurants to take-out and delivery service only in mid-March to slow the spread of the coronavirus, the Castellucci Hospitality Group decided that all seven of its restaurants would no longer take cash. Owner Fred Castellucci said he'd considered the move even before COVID-19, since 90% of sales were already made through credit and debit card, but held off on making the switch out of concern that it would exclude customers.
"The pandemic has changed things," he says. "Now our primary focus is the health and safety of our customers, employees and our community." | | |
It's a similar story for cash in Colorado. "Stores discouraged it, and local authorities encouraged touchless payments," says Christina Huber, professor of economics at Metropolitan State University of Denver.
And it isn't just mom-and-pop operations going cashless. Global activewear brand Lululemon says its plans won't include cash when stores reopen. "Check in with your financial institution so your digital wallets are ready to go!" the company cheerfully advises.
You can bet other brands will follow suit... citing customer safety as their chief concern.
Facts be damned.
Dirty > Digital
As I said up top, what's happening is hardly surprising. The death of cash is pretty much a foregone conclusion at this point.
Businesses want it. Banks want it. And we all know Uncle Sam is on board.
The trouble, as we've frequently noted, is that giving up cash grants Washington and its chosen corporate partners immense control over our lives.
And when that all-new, all-digital system fails... we'll have a lot more than grubby greenbacks to worry about.
If you're as concerned about this situation as we are, I encourage you to check out this informative video. It details the sordid history of our money supply... where things went wrong... and some tips to protect yourself as cash goes the way of the dodo.
Important Note: Early next week, our email system will undergo a few critical upgrades. Unfortunately, that means some readers may not hear from us for a little while. If you aren't receiving your daily issues, just head over to our website to check out our latest content. We'll be back in your inbox soon. And please note that if you are a subscriber to Manward Letter or our trading services, this upgrade will not affect your subscription in any way. | | | | | |
| Clearly cash (or the lack thereof) was on the brain at Manward this week. Thinking about a post-COVID economy, Joel Salatin asked, "When we think about investing - including buying gold - is there an even better, more solid, more stable something that would hold value into the future? In other words, if I could convert my cash-tied equity to something more stable and more valuable, what would it be?" Get his three top investments here. | | | | | | |
| The head of The New York Times opinion section, Bari Weiss, tossed in the towel this week. The cause for her sudden departure? Twitter. That's right... according to Weiss, the toxic social media site is the Times' "ultimate editor." And after years of nearly constant online backlash, she announced she'd had enough. It's just more proof that America's heading for a culture crash. The results won't be pretty. | | | | | | |
"A nickel ain't worth a dime anymore."
- Yogi Berra |
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