Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets

Journalist Scott (The Heretic’s Guide to Global Finance) sounds the alarm on a world without cash in this trenchant if uneven account. The cashless movement is gaining momentum, he writes, thanks in part to the pandemic, when paper money was seen as a disease vector (in 2020 the use of notes plummeted by almost 50% in the United Kingdom alone). Scott considers the virtues of hard currency—including its tactile nature and the fact it doesn’t track data—and portends a cash-free future wherein government and the finance-tech industry monitor transactions and extract fees. Scott’s depiction of the invisible web that facilitates digital transactions is sobering: “Cash is a bug, jamming the emerging fusion between finance and tech, and given that those are the biggest players in our economic network, they are jointly pulling away from it.” Unfortunately, in explaining financial concepts, he often relies upon clumsy analogies that muddy things more than clarify them (global monetary systems are a “nervous system,” central banks are a “Giant in the Mountain,” and bad posture is a metaphor for “the passive element” of digital payments). And while he makes a solid case for concern, he comes up short on solutions. This one’s likely to leave readers wanting. (July)