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Trust?


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Our use of paper money, as opposed to barter, is based on "trust". We trust the State to honour the value of a piece of paper, and trust everyone else to do the same. However, now that Banks are clearly a risk factor, if we take Cyprus as an example, do you still "trust" the system? Or are we drifting back into barter or the new "bitcoin" virtual money that's been invented by a computer hacker - perhaps even more iffy?

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in these days of debit and credit card transactions for most purchases. How much folding money do people actually handle these days. Wages are paid into banks by electronic transfer so the days of somebody handing you a pay packet are long gone (unless you are working cash in hand that is), More and more household bills insurances etc are being paid by direct debit or standing order and people can check their balance statement at an atm, online or even on their phone. It would appear that most money today is "virtual" money.

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