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Unformatted text preview: gasoline pump used at many service stations today. Using these pumps saves time for the customer and saves money for the business. A third benefit of such a system is its potential to eliminate illegal monetary transactions. Traffickers of illegal arms and drugs, dealers in black­market contraband, and counterfeiters all rely on tangible currency to conduct their activities. By eliminating hard currency, illegal transactions such as these would be much easier to track and record. As a result, illegal monetary transactions could be virtually eliminated. A related benefit would be the ability to thwart tax evasion by collecting tax revenues on transactions that otherwise would not be recorded. To sum up, I think it would be a good idea to convert current monetary systems into a system of electronic accounts. The economic benefits, convenience and savings afforded by such a system, along with the potential to reduce crime, far outweigh the remote loss of a significant social or political s...
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This note was uploaded on 05/05/2009 for the course ECAS asdfasdf taught by Professor Asdfaf during the Spring '09 term at Academy of Art University.

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