Iceland -Trying To Freeze Cash Out.

Posted on: 08/04/2015

So often, those who are seemingly well on the road to winning, throw it all away by over-stretching in an attempt to cross the line early. Mostly, the result is that they seize defeat from the jaws of victory and NEVER end up breaking the tape.

Take Iceland's anti-cash lobby.

For a long time, the noises emanating from Iceland were telling the world " Clever Iceland doesn't need cash. Hardly anybody uses it anymore. We are so smart that all we need is plastic cards".

Now, no one needs to be reminded - least of all inhabitants of Iceland - that the country has not been famed for its financial acumen in recent times. The 336,000 Icelanders were, in 2010, per person, one of the most indebted nations on the planet. How could such a country do without a payment method - CASH - which has been tried and tested for 2700 years? VERY odd.

But then, this Easter in Reykjavik, the truth emerged.

You can read the whole article here.

BUT in summary, three easily predicted events  ( including, of course, Easter itself!) were simply ignored by those planning ATM cash fills over last weekend. Hey presto: nearly all the ATMs in Iceland's Capital are empty by Saturday.


This is, of course, a total disgrace. Basically, people are being forced to use cards and other payment methods through being deprived of cash. The will of the people means nothing, in the face of attempts to rush Iceland to being a cashless society, which is of course exactly what the highly profitable vested interests want.

However, the team at Cash-is-Cool are delighted that the cynicism of the cash "haters" has been fully exposed. The cash-outs at Reykjavik were not mistakes. They were planned by those seeking to further undermine the position of cash as a payment method in Iceland.

The Icelandic Government should order a full enquiry - they can't have that much to do with only 336,000 lives to look after properly - and apply severe penalties to all those responsible.

Further, every inhabitant of the Icelandic Capital (120,000 cashless souls last Sunday) should be given 10,000 ISK as a gift from the vested interests. That's the equivalent of about £50 each - should be enough to compensate them for the extra they were induced to spend on their cards!

Cash is starting to hit back in Iceland. With 2700 years experience of battling to support the will and needs of the public, cash is always going to be the winner in a fair fight!


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