{"id":26716,"date":"2017-10-11T12:18:29","date_gmt":"2017-10-11T17:18:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26716"},"modified":"2017-10-11T12:18:29","modified_gmt":"2017-10-11T17:18:29","slug":"in-a-cashless-world-youd-better-pray-the-power-never-goes-out","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26716","title":{"rendered":"In a Cashless World, You’d Better Pray the Power Never Goes Out"},"content":{"rendered":"

In a Cashless World, You’d Better Pray the Power Never Goes Out<\/a><\/h3>\n

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When Hurricane Maria knocked out power in Puerto Rico, residents there realized they were going to need physical cash \u2014 and a lot of it.<\/p>\n

Bloomberg <\/em>reported yesterday\u00a0that the Fed\u00a0was forced to fly a planeload of cash<\/a>\u00a0to the Island to help avert disaster:<\/p>\n

William Dudley, the\u00a0New York Fed president, put the word out within minutes,\u00a0and ultimately a jet loaded with an undisclosed amount of cash landed on the stricken island…<\/p>\n

[Business executive in Puerto Rico] described corporate clients\u2019 urgent requests for hundreds of thousands in cash to meet payrolls, and the challenge of finding enough armored cars to satisfy endless demand at ATMs. Such were the days after Maria devastated the U.S. territory last month, killing 39 people, crushing buildings and wiping out the island\u2019s energy grid. As early as the day after the storm, the Fed began working to get money onto the island,<\/p><\/blockquote>\n

For a time, unless one had a hoard of cash stored up in one’s home, it was impossible to get cash at all. 85 percent of Puerto Rico is still without power<\/a>, as of October 9.\u00a0Bloomberg<\/em> continues: “When some generator-powered ATMs finally opened, lines stretched hours long, with people camping out in beach chairs and holding umbrellas against the sun.”<\/p>\n

In\u00a0an earlier article from September 25<\/a>, Bloomberg <\/em>noted how, without cash, necessities were simply unavailable:<\/p>\n

\u201cCash only,\u201d said Abraham Lebron, the store manager standing guard at Supermax, a supermarket in San Juan\u2019s Plaza de las Armas. He was in a well-policed area, but admitted feeling like a sitting duck with so many bills on hand. \u201cThe system is down, so we can\u2019t process the cards. It\u2019s tough, but one finds a way to make it work.\u201d<\/p><\/blockquote>\n<\/div>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

In a Cashless World, You’d Better Pray the Power Never Goes Out When Hurricane Maria knocked out power in Puerto Rico, residents there realized they were going to need physical cash \u2014 and a lot of it. Bloomberg reported yesterday\u00a0that the Fed\u00a0was forced to fly a planeload of cash\u00a0to the Island to help avert disaster: […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[61,63,1035,1034,1103,7617,536,643,1574,3824,14776],"class_list":["post-26716","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-banking","tag-banks","tag-cash","tag-cashless-society","tag-electricity","tag-mises-institute","tag-money","tag-power","tag-power-grid","tag-puerto-rico","tag-ryan-mcmaken"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26716"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26716\/revisions"}],"predecessor-version":[{"id":26717,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26716\/revisions\/26717"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}