Apple CEO Wants to Kill Cash, Blames Consumers

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Laura Hutton /

The Apple CEO Tim Cook is posturing as the voice of the future, but he’s really just posturing for politicians.

When Apple CEO speaks out on an issue, he’s typically regarded in the media as a knowledgeable businessman merely speaking to the economy. For example, the rollout of Apple Pay was considered merely a new innovation that people could choose to use.

But that’s not all that is going on.

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Recently, Fortune ran the headline, “Apple’s Next Goal Is Killing Paper Money Once and For All.”

Apple CEO Tim Cook has an idea for the future—eliminating cash.

Apple Pay could be the “catalyst” that ultimately gets the world to switch from cash to digital payments, he told the Japanese news service Nikkei in an interview published on Monday.

“We would like to be a catalyst for taking cash out of the system,” Cook said. “We don’t think the consumer particularly likes cash.”

Apple  AAPL -0.07%  released Apple Pay, a digital payment service, in 2014. Users who store their credit cards, debit cards, and gift cards with the service can pay at checkout in stores by waving their iPhones near a terminal. Taking out cash or a credit card is unnecessary. Apple Pay’s top competitors in mobile payments include Samsung and Google.

Saying that consumers don’t particularly like possessing physical currency is a supposition. With the rollout of a new technology in the market, there is an initial surge in sales and then there is a drop off. Eventually, most of the people that like your product are using your product and it becomes much more difficult to convince the rest to buy in.

Tim Cook wants to force the rest to become his customers.

The only way for “taking cash out of the system” is for the government to do it. And in order to give politicians cover for eliminating cash, they need government cheerleading “wisdom” from “market experts” like the Apple CEO, Tim Cook.

If consumers really didn’t like to have and use cash, these mobile phone wallet systems would already be in much greater use.

But they’re not.

As the article goes on to say:

Apple Pay competes in a fledgling market and isn’t generating substantial revenue for Apple. Cook’s hopes for a cashless future suggests he’s bullish on the technology’s potential and believes Apple Pay could eventually become a major part of Apple’s business. Apple is believed to take a 0.15% cut on all Apple Pay transactions in the U.S. Rates vary elsewhere around the world. The notoriously secretive Apple hasn’t publicly shared the fees it charges banks on Apple Pay transactions.

So is the Apple CEO hoping to change consumer preferences? Or is he hoping for a new political order that will impose a cashless society?

Remember, the world economy is in shambles because of endless debt. Politicians and their economists are openly advocating getting rid of cash because it is a necessary step in imposing “negative interest rates.” If banks begin confiscating a portion of your money held in the bank, you will want to hoard cash in your home. (“Hoard” is the Marxist term for save.) Eliminating money is an essential feature of the plan.

Tim Cook is speaking for powerful friends.


Joe Scudder

Joe Scudder is the "nom de plume" (or "nom de guerre") of a fifty-ish-year-old writer and stroke survivor. He lives in St Louis with his wife and still-at-home children. He has been a freelance writer and occasional political activist since the early nineties. He describes his politics as Tolkienesque.

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