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No News Is Bad News
KUALA LUMPUR, Jan 6, 2024: A Facebook posting by Kenn Wunn has raised a very, very pertinent question on the use and over reliance of cashless transactions.
The whole world is now talking about life in a 21st Century AI (Artificial Intelligence)-dominated digital era.
However, has anyone given any thought on the consequences of a domestic and global power blackout or outage - that can be causewd by technical breakdowns or by natural disasters.
Everything digital depends on power supply. When that is out, what happens then?
Those with hard cash in hand are then Kings! No?
No News Is Bad News reproduces below the Facebook posting:
Kenn Wunn
*Imagine if disaster hits your country & power supply is cut & If you do not have cash in hand & rely totally on electronic payment,then you are finished*
*Interesting viewpoint Worth pondering over!*
*"The cashless society is difficult to face during war & disaster!"*
*Japan's strong earthquake in Hokkaido triggered a large-scale power outage & Sapporo City instantly became the dark capital.*
*During this period,1.95 million residents flocked to supermarkets & convenience stores to buy life supplies.*
*However, some of the victims who usually only use mobile phones have lost their ability to pay & can't buy what they need.*
*On September 6th, an anonymous discussion on the anonymous forum of the Japan Forum showed an article about crazy electronic payment.*
*"In Sapporo those who only use electronic payment are finished!" The article said:*
*I usually use Apple Pay (Pingguo pay) & go out without a wallet & very little cash.*
*In the early hours of the morning, after the strong earthquake, Sapporo suffered a large power outage.*
He checked the refrigerator in his home & found that only milk & mayonnaise remained.
He rushed to the supermarket to buy living materials.
When he arrived at the supermarket, he found that he had no cash at all.
He took the iPhone with only 62% of the battery & looked at the Apple Pay screen on his mobile phone.
He felt uneasy!
*When the queue came around, the clerk told him that he could not use electronic paying.*
*He can't use it anywhere else.*
*At seven o'clock that night, he sat alone at home, hungry.*
*Since cash cannot be taken as the power has not yet recovered, there is a feeling that everything is finished.*
*In February of this year, the Swedish Central Bank Governor Stefan Ingves warned.*
*He said that the cashless society is unrestrained in the face of war or natural disasters & the huge social & financial system will collapse in an instant.*
*“Payment function” is one of the four functions that money needs to have.*
*Cashless payment is just a supplement to the “payment function” because it can not be replaced by specific basic conditions (electricity, network, base station, etc.)*
*Sapporo is still fortunate.The earthquake gave everyone a lesson & they can correctly understand cash payments & cashless payments.*
*If a large-scale war breaks out & there is a long-term disconnection or power outage, the encounter will be even more serious.*
*Imagine if disaster hits your country & power supply is cut & If We do not have cash in hand & rely totally on electronic payment, then we are finished 
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