September 01, 2020— Coinage No More?
One trend that is slowly sneaking up on us is the move toward a cashless society. That means money is exchanged and recorded only in an electronic digital form.
It has some very attractive aspects and is already much more of a reality than many of us realize.
Credit or debit cards, online and mobile banking, Tesco Pay+, Google Pay, or Apple Pay are all types of cashless monetary transactions. These may offer rewards or discounts and do, at the very least, make shopping or banking easier.
Safety also contributes to the cashless appeal. When fewer people carry cash in their wallets, in-person robberies decline. However, as with anything, greedy unscrupulous people will find a way to wrongly exploit even a fully digital monetary system.
A study into which nations are winning the cashless race was done by Forex Bonuses. It says,
“Coming out on top is Canada, where an estimated of 57% of transactions are cashless … Next on the list are Sweden and the United Kingdom … France, the United States, and China are not far behind when it comes to cashless payment.”
EU Digitally Beefs Up
The EU plans to radically modify that equation and soon.
On July 2, 2020, US News and World Report republished a Reuters article titled, “ EU banks to take on Visa, Mastercard with new payment system”. It is projected to be functioning in 2022.
According to Reuters, the stated goals are,
“to fully digitalize a region where half of all retail payments are still in cash.” and to “… to become a new standard means of payment, offering a card for consumers and retailers across Europe …”
“European Union policymakers and central bankers have long sought a “home grown” rival to take on Mastercard and Visa from the United States, and more recently tech giants like Alipay and Google.”
The EU payments plan won’t just be limited to credit cards.
“It will cover all types of transactions including in-store, online, cash withdrawal and ‘peer-to-peer’”.
That makes it very attractive for anyone residing in Europe or wanting to conduct business there.
Photo Credit: Tesco PLC, License: CC BY-NC-SA 2.0.
August 18, 2020 — Britain’s Current Troubles
On May 7, 2020, CNN posted an article with the headline, “The UK economy is heading for its worst crash in 300 years”. CNN stated a recent forecast from the Bank of England indicated it could happen.
“The central bank said Thursday that the British economy could shrink by 14% this year. That would be the biggest annual contraction since a decline of 15% in 1706”.
Bloomberg’s August 11, 2020 article titled, “UK’s Worse Slump in Europe Raises Pressure to Sustain Rebound” included the final quarterly GDP figure.
“Gross domestic product plunged 20.4% in the second quarter… roughly double that of Germany and the U.S.“
According to Bloomberg,
“The country also has Europe’s highest death toll from the coronavirus, and probably has the worst downturn of any major economy worldwide.”
UK’s June output showed a substantial rise of 8.7%. However, the article also referred to “worrying signs that the upturn could soon run out of steam”.
And on top of all of that, hopes of London reaching an acceptable Brexit deal by the end of 2020 with the EU, regarding trade and other issues, look rather dismal at this point.
“Chancellor of the Exchequer Rishi Sunak acknowledged that more pain is to come.”
Photo Credit: UK Pounds by Howard Lake, License: CC BY-SA 2.0.
Related article: Brexit and Modern Day Ephraim
June 17, 2020 — Technology Gone Rogue
If you’ve never heard of the word deepfake, don’t feel bad. After all, the term has only been in use since 2017.
In January 2019 CNN Business published a page dedicated to the dangers of deepfake videos. At the top is a section heading, “When seeing is no longer believing”. The page cautioned,
“Deepfake technology could change the game … anyone could have the ability to make a convincing fake video, including some people who might seek to “weaponize” it for political or other malicious purposes.”
In 2020, deepfake programs – often used to alter photos or recordings to seriously damage a group or individual’s reputation – are popping up all over the Internet.
The New York Times posted an article in August 2019 titled, “This Video May Not Be Real”. The Op-Ed starts with a video clip demonstrating just how clever video fakes can be.
Julie Smith, university professor and author of “Master the Media: How Teaching Media Literacy Can Save Our Plugged-In World” says,
“If a clip we see gives us a strong emotional response, that’s our first clue to check it for authenticity.”
But, knowing human nature, few people will bother to do that.
And, some experts say there may soon be no way to use technical means to tell a fake from a real recording. The fake will be that good.
More on deepfake’s current status was covered in a Washington Post article, dated June 12, 2020, titled, “Top AI researchers race to detect ‘deepfake’ videos: ‘We are outgunned’”
According to Claire Wardle, author of the New York Times Op-Ed piece,
“The real danger of fakes — deep or shallow — is that their very existence creates a world in which almost everything can be dismissed as false.”
Clearly, that is a dysfunctional state.
Photo credit: Matrix by Gerd Altmann, License: CC0.
May 8, 2020 – Lessons to Learn
Washington DC TV station WTOP News and other news media posted, on April 4, 2020, an article titled, “A classic ‘Twilight Zone’ episode warns us how not to behave during a pandemic.” The article early on says,
“If life during the Covid-19 pandemic makes it seem like you’ve entered “The Twilight Zone,” that seminal sci-fi series about dread and paranoia, than you’re more right than you realize. On March 4, 1960, it aired a classic episode that’s a cautionary tale about how social order can quickly break down when an unseen threat causes fear to go viral.”
The Twilight Zone season 1 episode 22 show was named, “The Monsters are Due on Maple Street”. However, unlike the 1960 television program, the current pandemic, food shortages, and the fear people feel are all very real.
On March 16, 2020, the Brookings Institute posted its article called, “Lessons from past pandemics: disinformation, scapegoating, and social distancing.” It said,
“One common element across historical pandemics is widespread disinformation, and COVID-19 has already spawned an impressive crop of conspiracy theories. Widespread panic, especially when it involves a disease with unknown and lethal consequences, lends itself perfectly to fringe notions reinforcing already-held world views.”
Nations blame each other and, within them, people tend to be targeted if they don’t look, or think, or worship exactly the way everyone else near them does. It’s not a great time right now, for instance, to be an Asian in parts of Europe or a Muslim in a predominately Hindu India.
The Brookings Institute added,
“The most notorious historical parallel was the massacre of Jews in Western Europe during the Black Death, with suspicions of well-poisoning resulting in mass murder across several hundred communities.”
Don’t Deflect, Reflect
The fictional Maple Street story shined a light on how easily our minds can lead us to wrongly turn on someone else with tragic consequences.
Charlie Campbell, author of the book, “Scapegoat: A History of Blaming Other People,” explains that from the beginning humankind has always blamed their action on others. He stated,
“… it’s just an inbuilt system we have to deflect guilt elsewhere and make it easier to live the unexamined life. But now it’s working overtime; nothing is our fault, it seems. … Whatever’s wrong with us, there might not be a cure, but there’s always a culprit.”
“Man has achieved so much … We are taught all about these achievements but rarely about man’s stupidity and the ways in which he deceives himself.”
People like to joke there is no cure for ‘stupid’, but actually, there is. For starters, humankind must begin to look within and see ourselves more clearly.
Image credit: Corona by iXimus, License: CC0.