Cloudmoney
Cash, Cards, Crypto and the War for our Wallets
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Who really benefits from a cashless society?
Many of us rarely use cash these days. And the reach of corporations into our lives via cards and apps has never been greater. But what we're told is inevitable is actually the work of powerful interests: the great battle of our time is for ownership of the digital footprints that make up our lives.
Cloudmoney tells a revelatory story about the fusion of big finance and tech, which requires physical cash to be replaced by digital money or 'cloudmoney'. Diving beneath the surface of the global financial system, Brett Scott uncovers a long-established lobbying infrastructure waging a covert war on cash under the banner of progress but at the cost of our privacy, politics and individual freedom.
'A wonderfully revolutionary text' YANIS VAROUFAKIS
'Scott has struck an important vein that is vital in a digital age' FINANCIAL TIMES
'Brilliant, fascinating and utterly accessible' KATE RAWORTH, author of Doughnut Economics
PUBLISHERS WEEKLY
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.
