Thursday, December 7, 2023
HomeTAX PLANNINGOn money, and its rising irrelevance

On money, and its rising irrelevance

Following my current posts on the character of cash, there was some dialogue on the character and usefulness of money within the feedback. The suggestion has been made that my indifference to money is opposite to my concern for funding the longer term. I commented in response this morning and thought it price making my place clear extra typically:

This weblog is about funding the longer term. If you happen to had requested me within the 90s whether or not I believed money would have had a task in that I might have stated “I hope not”.

As an accountant I refused, just about, to ever account for companies that dealt with money. They have been expensive, uncontrolled, unreliable and albeit too generally criminogenic in nature to take the danger of being related to, not least due to the danger of Income investigation, which was actual in these days.

I’ve labored very arduous to remove money from economies for that reason. So, I demanded the top of massive denomination notes.

I demanded proof of supply for giant deposits.

And, after all, the management of suitcases of money in tax havens.

However I’ve additionally demanded elevated transparency of banking typically to tax authorities, while searching for that platforms like eBay and Amazon be open to HMRC.

I consider in tax justice. Money and opacity are its enemies. Nothing will change my place.

However I don’t want to vary my place. Individuals don’t need money. I might have thought the the explanation why are apparent.

And there isn ‘t an sincere enterprise proprietor who will not be delighted to place up the signal saying ‘card solely’. Money is a nightmare to handle, and dear too, due to the dangers. After all in addition they need to be rid of it.

This weblog is about funding the longer term. And money has no half in it.

Does that give me a civil rights concern? No. That concern doesn’t come from the absence of money. It comes from authoritarianism.

Does it give me an exclusion concern? Sure, however solely as a result of we have to assure digital and fundamental banking inclusion for everybody. Labour tried that in 2019. It isn’t doing so now. That’s the place your downside is.

However will I alter my thoughts on money? No, as a result of it is going to be a reminiscence quickly and has no function in funding the longer term.

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