Re Brick & Mortar Store Goes Cashless

["David Farber" <farber () gmail com>]

Begin forwarded message:

From: Suresh Ramasubramanian <suresh () hserus net>
Subject: Re: [IP] Re Brick & Mortar Store Goes Cashless
Date: February 3, 2017 at 2:14:52 PM EST
To: <dave () farber net>
Cc: Rollie Cole <rolliecole () gmail com>

Kenneth Rogoff you mean?  For all that, here he is, talking about the recent botched efforts to eliminate cash by 
government fiat in India
 
http://blog.press.princeton.edu/2016/11/17/kenneth-rogoff-indias-currency-exchange-and-the-curse-of-cash/ 
<http://blog.press.princeton.edu/2016/11/17/kenneth-rogoff-indias-currency-exchange-and-the-curse-of-cash/>
 
Funnily enough, Rogoff’s bio cites Jagdish Bhagwati of Columbia U as one of his mentors, and it is several of 
Bhagwati’s former students, now working for the Indian government’s Niti Aayog economic think tank, who appeared to 
have pushed through the decision to demonetize 500 and 1000 rupee notes (which, at the most, would buy a few days worth 
of groceries, rather than 1000 or 500 dollar bills – a thousand rupees works out to just under $15).  
 
Bhagwati and his students are among the most vocal supporters of the move, which has, otherwise, received widespread 
criticism.
 
https://www.wsj.com/articles/indias-demonetization-debacle-1481851086 
<https://www.wsj.com/articles/indias-demonetization-debacle-1481851086>
https://hbr.org/2016/12/indias-botched-war-on-cash <https://hbr.org/2016/12/indias-botched-war-on-cash>
[etc]
 
Bhagwati himself calls such criticism “cockeyed” and throws in a snide reference to “stupid economists” (that he 
declines to name) in this TV interview he gave on the subject - https://www.youtube.com/watch?v=Oeii-4tvs1Y 
<https://www.youtube.com/watch?v=Oeii-4tvs1Y>
 
Right now things have sort of limped back to normal, if you count a huge (possibly short term) GDP hit of 25-50 bps 
growth among other factors.  https://www.entrepreneur.com/article/288522 <https://www.entrepreneur.com/article/288522> 
but well .. 
 
--srs
 
 
From: Dave Farber <dave () farber net>
Reply-To: <dave () farber net>
Date: Friday, 3 February 2017 at 10:57 AM
To: ip <ip () listbox com>
Subject: [IP] Re Brick & Mortar Store Goes Cashless
 
 
---------- Forwarded message ---------
From: Rollie Cole <rolliecole () gmail com <mailto:rolliecole () gmail com>>
Date: Fri, Feb 3, 2017 at 1:48 PM
Subject: Re: [IP] Brick & Mortar Store Goes Cashless
To: Dave Farber (by way of Bernard A. Galler) <dave () farber net <mailto:dave () farber net>>
 

The Harvard professor who has written a book on this is not worried about small cash transactions, but large ones (like 
buying a house or car with cash). His idea is to keep small bills, but cut way back or eliminate the large ones ($1000, 
$500).
 
We also, currently, lack widespread access to "stored value cards" that would preserve anonymity. I did get a rebate 
via one of them recently -- it operated like a debit card without a pin code. I suspect we will see many more such 
cards in the future.



Rollie Cole
Co-Founder, Wholesale Economic Development
512-537-0898 <tel:512-537-0898> | rolliecole () gmail com <mailto:rolliecole () gmail com> | http://wholesaleecdev.com 
<http://wholesaleecdev.com/> |
5902 Westslope Drive, Austin TX 78731 | WHOLESALE ECONOMIC DEVELOPMENT Vol. I 
http://preview.tinyurl.com/wholesaleeconomics <http://preview.tinyurl.com/wholesaleeconomics> |wiseintro.co/rolliecole 
<http://wiseintro.co/rolliecole>
 <http://wiseintro.co/rolliecole>
 
On Fri, Feb 3, 2017 at 11:35 AM, Dave Farber <dave () farber net <mailto:dave () farber net>> wrote:
>  
> ---------- Forwarded message ---------
> From: Edward Biebel <edward () biebel net <mailto:edward () biebel net>>
> Date: Fri, Feb 3, 2017 at 12:17 PM
> Subject: Brick & Mortar Store Goes Cashless
> To: Dave Farber <dave () farber net <mailto:dave () farber net>>
>
>
> Dave,
>
> I thought IP might find this interesting.  This is the first retailer
> that I've encountered that has gone completely cashless.
>
> Thinking sustainably — one of our core values is all about making
> decisions that will last longer than we will. We run our business with
> an eye on the future, always thinking about choices that will make the
> biggest impact and will resonate with you, our consumers, who embrace
> evolution and innovation. It’s through that lens that we’ve decided to
> go cashless.
>
> By March of 2017, sweetgreen will no longer accept cash — we’ll accept
> payment by credit card, debit card or mobile app.* Welcome to the
> future, baby.
>
> https://medium.com/@sweetgreen/cashless-49f64f24dd0f#.ch0ssajyj 
> <https://medium.com/@sweetgreen/cashless-49f64f24dd0f#.ch0ssajyj>
>
> Ed

 
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