Same £50 pays off villages debts

mattyg

mattyg

mattyg

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Joined
17 Jun 2007
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Hi guys

Anyone know the explanation regarding the anti cashless system.
There was a thing on twitter a while back explaining how the £50 note paid of everyone's debt..

Not the one going round now about the £50 note still being worth £50.
It was more along the lines of A pays B. B pays C. C pays D etc. So the £50 paid off £1000's worth of debt...

It was trying to show how it just doesn't work like that
 
Found it bies..


Lol

It’s a slow day in some little town……..
The sun is hot….the streets are deserted.
Times are tough, everybody is in debt, and everybody lives on credit.
On this particular day a rich tourist from back west is driving thru town.
He stops at the motel and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs in order to pick one to spend the night.
As soon as the man walks upstairs, the owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill at the feed store.
The guy at the Farmer’s Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her services on credit.
She, in a flash rushes to the motel and pays off her room bill with the motel owner.
The motel proprietor now places the $100 back on the counter so the rich traveler will not suspect anything.
At that moment the traveler comes down the stairs, picks up the $100 bill, states that the rooms are not satisfactory, pockets the money & leaves.
NOW,… no one produced anything…and no one earned anything…however the whole town is out of debt and is looking to the future with much optimism.
Click to expand...
 
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I posted and ran last night after some very nice Amarone della valpolicella


Raymond Lin said:
I remember seeing this, let’s assume this earning is under the threshold so no tax, it’s the debit card fee being skimmed off the transaction that it illustrates.

So £50 will mean £49.50 or something after fees (I forgot what the UK fees are), as an example. And if you take that £49.50 and spending using card again there is fees skimmed off.

Of course there will be no fees if paid using Bank Transfer.

The argument is that the fees with cash can also be applied as a business for dropping cash into the bank. I think a lot of them charged a few. Although I don’t know the exact amount. Or with cash transactions you will have to also spend time keeping it safe and also sort and file, basically time spent on it and as a business, time is money.
Click to expand...
This is whats doing the rounds at the moment.


Why should we pay cash everywhere with banknotes instead of a card ?
- I have a £50 banknote in my pocket. Going to a restaurant and paying for dinner with it.
The restaurant owner then uses the bill to pay for the laundry.
The laundry owner then uses the bill to pay the barber.
The barber will then use the bill for shopping.
After an unlimited number of payments, it will still remain a £50 value, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made.
BUT
IF I come to a restaurant and pay digitally via Card,
- the bank fees for my payment transaction charged to the seller are 3%, so around £1.50
( and so will be the fee of £1.50 for each further payment transaction )
-for the owner re laundry or
- payments of the owner of the laundry shop,
- or payments of the barber etc.....
Therefore, after 30 transactions, the initial £50 will exist at only £5, and the remaining £45 has become the property of the bank … thanks to all of the digital transactions and fees!
Use it or lose it folks…
Once it’s gone we won’t get it back!
Cash is king!
Click to expand...
 
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