CASHLESS SOCIETY IS A FAILURE: CENTRAL BANK TAKE NOTE

Last week every damn fool who supports the idea of a cashless society should be doing penance this week, Because of some glitch in the systems of Microsoft, the whole platform of interconnections for business especially in the flying business collapsed. Flights in the thousands were cancelled worldwide and some banks could not operate their accounts.  So much for digital transformation.  We keep saying that while digital is fine when it works, sometimes it doesn’t work and in such times cash should be king.  So while those who want to be digital can be digital, those who want to use cash should be able to do so and to write cheques. John Rolle who is leading the fool’s errand at the Central Bank of The Bahamas could only stand by helplessly last week to say that the Central Bank was watching the chaos. Fat lot of good that did.