The Instigator
AlexandreTheThriceGreat
Pro (for)
The Contender
Joey_Joestar
Con (against)

Paper money has no future; time-rechargeable credit cards are the way to go

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Voting Style: Open Point System: 7 Point
Started: 5/4/2018 Category: Economics
Updated: 3 years ago Status: Debating Period
Viewed: 436 times Debate No: 113489
Debate Rounds (4)
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AlexandreTheThriceGreat

Pro

Opening argument:

Paper money has no renewable uses .. if you bring it to a shop it is exchanged for goods and then returned to the bank where the bank may flexibly lend the money to others generating new revenue interest .. this is how the banks make a profit, however the general population is not afforded the same opportunity. whereas the bank can lend 10 people the same 10 euro and end up with 110 euro in the bank (100 + 10 profit from interest) paper money can only be used once, and there is no way to profit from it's ownership.

conversely, if the bank were to offer a credit card of say 12E value, that every 24hrs returned to a max limit of 12E for that day, then people would have the same rechargeable access to money that banks do thus leveling out the capitalistic buying power of a rechargeable imaginary bank, and your every day civilian slightly or is at least a step in the direction of wealth equality.
Joey_Joestar

Con

It sounds like you want everyone to use a debit card instead of just paper currency? A debit card can provide that E-spending method but where it really comes through is a check, and a check is a part of a double protection system. Not only do you have to swipe your card and pay for the item and that information goes to the bank but the check signed out properly can't be tampered with under federal law.

With the idea of your rechargeable credit card it sounds like it would operate just about the same as a normal credit card. Credit fraud is insane. Credit cards are convenient but if you have it spent on something you didn't intend on purchasing your in a tough pickle if you can't return the item or worse even be able to pay for it.

My pros of paper currency in my view
- Its definite finite cash you can take to the bank or your mattress.
- The Government can work with the cash better than a generated number.
- The market has a less stable backing on a generated online number than it would if it was just made of paper.

The con's on your "Rechargeable Credit Card"
- A person has only to steal the card itself instead of a wad of cash.
- In these advancing times it becomes easier for other people with a higher knowledge of technology to steal the credits.
- You're more reliant on the bank which, in my view, is more reliant to the government.

I'm from the United States and I'm looking at it through our market and not the European market and if this goes on I'll gladly go into more detail and delve into other points and problems I find with this but know I don't entirely disagree with this but it just seems other systems are already in place that already provide individuals with an E based banking system. Just take the cash to the bank and use your money from there.

We can talk about wealth inequality and The Market in future rounds.
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