1
00:00:06,040 --> 00:00:08,119
Speaker 1: Welcome to Fear and Greed Q and A, where we

2
00:00:08,160 --> 00:00:11,920
Speaker 1: ask and answer questions about business, investing, economics, politics and more.

3
00:00:12,000 --> 00:00:15,640
Speaker 1: Are Michael Thompson and good morning, Sean Aylmer, Good morning, Michael,

4
00:00:15,960 --> 00:00:17,840
Speaker 1: Good morning to you, Adam Lane.

5
00:00:17,880 --> 00:00:19,799
Speaker 2: Good morning, Michael, Good morning, Sean.

6
00:00:19,760 --> 00:00:20,560
Speaker 3: Morning, and Dansky.

7
00:00:20,800 --> 00:00:24,880
Speaker 1: So this week, gentlemen, we heard about the Bank of

8
00:00:24,920 --> 00:00:28,920
Speaker 1: England planning to change its pound notes, getting rid of

9
00:00:29,120 --> 00:00:33,479
Speaker 1: historical figures like Jane Austin and Winston Churchill and instead

10
00:00:33,520 --> 00:00:38,720
Speaker 1: opting for native animals like hedgehogs and badgers.

11
00:00:39,240 --> 00:00:41,760
Speaker 3: I don't you love having a native animal that's a

12
00:00:41,800 --> 00:00:42,880
Speaker 3: hedgehog or a badger.

13
00:00:43,080 --> 00:00:45,680
Speaker 1: Yeah, that's really going to get people using cash more,

14
00:00:45,800 --> 00:00:48,320
Speaker 1: isn't it. I'm going to bust out a badger to

15
00:00:48,360 --> 00:00:51,720
Speaker 1: pay for this. It got me thinking right, and so,

16
00:00:52,680 --> 00:00:55,440
Speaker 1: in keeping with our new Sunday format, I have five

17
00:00:55,680 --> 00:00:59,000
Speaker 1: questions for you both. You have got no warning, there

18
00:00:59,000 --> 00:01:03,520
Speaker 1: has been no preparation. This is all about cash and

19
00:01:03,560 --> 00:01:10,600
Speaker 1: the way we are using cash in modern society. Adam,

20
00:01:10,720 --> 00:01:13,480
Speaker 1: if I asked you right now, could you actually pay

21
00:01:13,520 --> 00:01:17,120
Speaker 1: for something in cash? Do you actually have any money

22
00:01:17,160 --> 00:01:19,640
Speaker 1: on you? Or are you off in search of an

23
00:01:19,640 --> 00:01:24,039
Speaker 1: ATM Oh yeah, Look, so I've got some in like

24
00:01:24,319 --> 00:01:26,959
Speaker 1: you know, the mystical jar that holds all the coins

25
00:01:27,000 --> 00:01:30,199
Speaker 1: and spare notes in the house but out of the house.

26
00:01:30,360 --> 00:01:32,080
Speaker 2: No, no money.

27
00:01:32,280 --> 00:01:32,880
Speaker 1: You don't carry it.

28
00:01:32,920 --> 00:01:35,120
Speaker 3: What about you, Sean, No, no, never carry it. I

29
00:01:35,160 --> 00:01:36,800
Speaker 3: happened to have one hundred dollars because I went out

30
00:01:36,840 --> 00:01:39,199
Speaker 3: for didn't We went out for dinner with my sister

31
00:01:39,240 --> 00:01:41,320
Speaker 3: and brother and law the other day and they paid

32
00:01:41,400 --> 00:01:43,600
Speaker 3: us cash, which was kind of interesting. So we paid

33
00:01:43,600 --> 00:01:46,240
Speaker 3: the bill. So I have one hundred dollars in a

34
00:01:46,319 --> 00:01:49,120
Speaker 3: drawer earning a hole in your home. But I would

35
00:01:49,200 --> 00:01:50,320
Speaker 3: never ever carry cash.

36
00:01:50,480 --> 00:01:53,279
Speaker 1: Okay. That actually leads me neatly into the second question

37
00:01:53,440 --> 00:01:57,920
Speaker 1: of when did you last receive cash? And so that

38
00:01:57,920 --> 00:02:00,960
Speaker 1: that's probably one of the few use cases right when

39
00:02:01,160 --> 00:02:05,000
Speaker 1: someone is paying you back for something. Right, seen, the.

40
00:02:04,960 --> 00:02:07,640
Speaker 3: Only times I ever I ever received cash is that

41
00:02:07,760 --> 00:02:10,120
Speaker 3: you're at a restaurant and someone happens to have cash

42
00:02:10,160 --> 00:02:13,040
Speaker 3: and you work out the bill that way. The other

43
00:02:13,080 --> 00:02:16,000
Speaker 3: way at different times something no longer. But my kids,

44
00:02:16,040 --> 00:02:21,559
Speaker 3: at different times have had jobs where they get paid cash.

45
00:02:21,800 --> 00:02:24,720
Speaker 3: They have no idea what to do with it. It's

46
00:02:24,800 --> 00:02:27,560
Speaker 3: an anathema to them, so they say, here's sixty dollars,

47
00:02:27,639 --> 00:02:29,560
Speaker 3: can you put it in my account? They don't even

48
00:02:29,600 --> 00:02:32,040
Speaker 3: know how to go to a bank. And maybe this

49
00:02:32,120 --> 00:02:34,040
Speaker 3: is well, now that I was saying it's totally my fault,

50
00:02:34,080 --> 00:02:35,600
Speaker 3: I should say go to the bank and put it in.

51
00:02:36,000 --> 00:02:37,680
Speaker 3: But I kind of figured i'd prefer them to put

52
00:02:37,720 --> 00:02:38,880
Speaker 3: it in the bank and actually just have it in

53
00:02:38,919 --> 00:02:41,280
Speaker 3: their pocket and spend it. So they give me the

54
00:02:41,320 --> 00:02:44,519
Speaker 3: sixty dollars and I put sixty dollars in the bank

55
00:02:45,520 --> 00:02:50,080
Speaker 3: into their account, And that really the only consistent time

56
00:02:50,120 --> 00:02:53,080
Speaker 3: in recent years that I've ever received cash. And then

57
00:02:53,120 --> 00:02:54,600
Speaker 3: you get to the point you've got like five hundred

58
00:02:54,639 --> 00:02:56,160
Speaker 3: dollars because you just you put it in the drawer

59
00:02:56,160 --> 00:02:58,000
Speaker 3: and you don't think about it something. You've got five

60
00:02:58,040 --> 00:02:59,560
Speaker 3: hundred dollars and you've got to go and put it

61
00:02:59,560 --> 00:02:59,959
Speaker 3: in your bank.

62
00:03:00,120 --> 00:03:02,440
Speaker 1: Yeah, okay, so so far, I'm making a list of

63
00:03:02,480 --> 00:03:05,359
Speaker 1: sites to burgle. I've got Sean's draw and the mystical

64
00:03:05,440 --> 00:03:08,760
Speaker 1: jar in Adam's house. Okay, good, What about you, Adam,

65
00:03:08,760 --> 00:03:11,359
Speaker 1: when was the last time you actually received cash?

66
00:03:11,760 --> 00:03:14,120
Speaker 2: So it would have been six months ago, very similar

67
00:03:14,160 --> 00:03:16,320
Speaker 2: the situation to Sean. One of the people we were

68
00:03:16,360 --> 00:03:21,440
Speaker 2: dining with prefer to use cash, and they have a

69
00:03:21,440 --> 00:03:23,160
Speaker 2: background in the construction industry.

70
00:03:26,200 --> 00:03:29,440
Speaker 1: Little cash, Yeah, there's.

71
00:03:29,200 --> 00:03:33,120
Speaker 2: Some cash and go all right, yeah, no worries, wouldn't

72
00:03:33,520 --> 00:03:36,000
Speaker 2: just don't use it. It kind of gets lost in

73
00:03:36,040 --> 00:03:37,920
Speaker 2: what we do. And the other one was when one

74
00:03:37,960 --> 00:03:41,320
Speaker 2: of our boys was working and had was paid cash

75
00:03:41,320 --> 00:03:44,800
Speaker 2: for a job. So very similar to Sean. Yeah, and

76
00:03:44,840 --> 00:03:47,040
Speaker 2: that is such I can count them on one hand

77
00:03:47,080 --> 00:03:49,440
Speaker 2: in recent years, the number of instances that's happened.

78
00:03:50,080 --> 00:03:54,920
Speaker 1: Really Michael a slightly probably different position because with young

79
00:03:55,040 --> 00:03:57,480
Speaker 1: kids there's a bit of birthday money kind of and

80
00:03:57,520 --> 00:03:59,640
Speaker 1: so there is actual cash kind of that that that

81
00:03:59,760 --> 00:04:03,760
Speaker 1: come in an envelope from grandparents and the like, and

82
00:04:03,800 --> 00:04:05,280
Speaker 1: so you see a little bit of cash. And so

83
00:04:05,320 --> 00:04:07,440
Speaker 1: the kids actually have kind of money building up in

84
00:04:07,480 --> 00:04:10,680
Speaker 1: their in their pea banks, which I have on occasion

85
00:04:10,680 --> 00:04:17,120
Speaker 1: when I've needed cash shamefully raided the other Yes, did.

86
00:04:16,960 --> 00:04:18,960
Speaker 3: You remember how much you took so you could repay

87
00:04:19,000 --> 00:04:19,680
Speaker 3: them more?

88
00:04:19,839 --> 00:04:26,760
Speaker 1: Yeah, you drop a little io you in, oh dear, yes, maybe,

89
00:04:27,160 --> 00:04:30,880
Speaker 1: and the yeah, no oh no, no, no no, it's

90
00:04:30,880 --> 00:04:32,159
Speaker 1: a very low low.

91
00:04:32,040 --> 00:04:33,080
Speaker 2: Like daytime lend.

92
00:04:34,520 --> 00:04:38,560
Speaker 1: Oh yeah. And the other one is I've sold a

93
00:04:38,600 --> 00:04:41,799
Speaker 1: couple of things on Facebook marketplace in the last week

94
00:04:42,279 --> 00:04:44,560
Speaker 1: right where I've just been clearing out some clearing out

95
00:04:44,600 --> 00:04:48,279
Speaker 1: some stuff, and it's like sold a bedside table for

96
00:04:48,360 --> 00:04:51,240
Speaker 1: ten bucks and I sold some jigsaw puzzles for twenty

97
00:04:51,279 --> 00:04:54,279
Speaker 1: bucks and that was cash. And they actually just slid

98
00:04:54,320 --> 00:04:57,320
Speaker 1: it under the door and took the stuff off the

99
00:04:57,360 --> 00:04:59,320
Speaker 1: porch because I wasn't home at the time, and there

100
00:04:59,320 --> 00:05:01,400
Speaker 1: you go, sudden you've got cash. And so there is

101
00:05:01,720 --> 00:05:04,040
Speaker 1: still this value in having a little bit of cash

102
00:05:04,040 --> 00:05:06,679
Speaker 1: floating around. And that was the last time I received it.

103
00:05:06,680 --> 00:05:10,000
Speaker 3: How don't be worth the ten bucks for going on marketplace?

104
00:05:10,240 --> 00:05:13,360
Speaker 1: Well, no, it's it's not. And so this is it

105
00:05:13,480 --> 00:05:16,280
Speaker 1: was we digress but no, no, no, it's a really good point.

106
00:05:16,320 --> 00:05:18,760
Speaker 1: And I have this We have this conversation here at

107
00:05:18,760 --> 00:05:23,320
Speaker 1: home all the time that we are over full of stuff.

108
00:05:23,760 --> 00:05:26,000
Speaker 1: We are overwhelmed by clutter, and so we are trying

109
00:05:26,000 --> 00:05:29,320
Speaker 1: to declutter. And the options are you are the dispose

110
00:05:29,400 --> 00:05:31,640
Speaker 1: of it and check it out, in which case we

111
00:05:31,720 --> 00:05:35,200
Speaker 1: come to landfill, you donate these, you donate them, or

112
00:05:35,240 --> 00:05:37,440
Speaker 1: you just give it away, or you can sell it. Right,

113
00:05:37,480 --> 00:05:39,479
Speaker 1: and so we donate a lot of stuff, take it

114
00:05:39,520 --> 00:05:42,120
Speaker 1: down to Vini's or the Salvos. But if it's stuff

115
00:05:42,120 --> 00:05:44,480
Speaker 1: that we know kind of other people will just jump

116
00:05:44,520 --> 00:05:47,680
Speaker 1: straight on you put it up for virtually nothing. And

117
00:05:47,680 --> 00:05:49,400
Speaker 1: I would also just I'd be happy to just put

118
00:05:49,400 --> 00:05:51,839
Speaker 1: it up free. You just post it as free to

119
00:05:51,880 --> 00:05:54,640
Speaker 1: free cut. Yeah indeed, but you may as well just

120
00:05:54,680 --> 00:05:57,880
Speaker 1: put a price on. You put a small price on it,

121
00:05:58,120 --> 00:06:00,599
Speaker 1: and it prices. Kind of the time goes into it,

122
00:06:00,640 --> 00:06:02,560
Speaker 1: and it makes someone a little bit more likely to

123
00:06:02,600 --> 00:06:05,800
Speaker 1: actually turn up if there is money involved. Anyway, There

124
00:06:05,800 --> 00:06:10,800
Speaker 1: you go. That's my philosophy behind at Facebook marketplace. Moving on,

125
00:06:11,640 --> 00:06:15,440
Speaker 1: are there any situations where you feel like cash is

126
00:06:15,520 --> 00:06:21,919
Speaker 1: still easier than using a card? Like sports canteens for instance?

127
00:06:22,080 --> 00:06:24,560
Speaker 1: Like that all seems to be cards, garage sales, market

128
00:06:24,600 --> 00:06:27,840
Speaker 1: stall anywhere? Yeah, bunny, is there anywhere where where you

129
00:06:27,880 --> 00:06:30,840
Speaker 1: would be tempted just to slip a fiver into your

130
00:06:30,839 --> 00:06:32,240
Speaker 1: pocket or something and you're not going to get much

131
00:06:32,279 --> 00:06:34,680
Speaker 1: for five bucks a but ten bucks or twenty bucks

132
00:06:34,760 --> 00:06:37,000
Speaker 1: just so you've got that walking round money.

133
00:06:36,800 --> 00:06:40,839
Speaker 3: So my favorite pork roles spot is it Far from

134
00:06:40,839 --> 00:06:46,159
Speaker 3: Home only accepts cash? Really not many stores only accept cash,

135
00:06:47,040 --> 00:06:50,279
Speaker 3: except my pork role play does oh excepts cash.

136
00:06:50,560 --> 00:06:53,200
Speaker 1: Okay, so that's one. What about you, Adam?

137
00:06:53,760 --> 00:06:57,200
Speaker 2: If I was going to a fair like in the

138
00:06:58,120 --> 00:06:59,320
Speaker 2: or a school fair.

139
00:06:59,440 --> 00:07:00,680
Speaker 1: A many evil fair?

140
00:07:00,920 --> 00:07:04,440
Speaker 3: Is that? And you've got to me? Yeah, I'm looking

141
00:07:04,480 --> 00:07:07,200
Speaker 3: for corn dogs? No.

142
00:07:07,279 --> 00:07:08,960
Speaker 1: I suppose if you go to like a country show,

143
00:07:09,040 --> 00:07:12,559
Speaker 1: if you're going to like the local and stuff, yeah, local,

144
00:07:13,720 --> 00:07:14,200
Speaker 1: you know they.

145
00:07:14,240 --> 00:07:16,720
Speaker 3: Like trash and treasure places and stuff like that. You

146
00:07:16,760 --> 00:07:17,800
Speaker 3: need cash for those things.

147
00:07:17,920 --> 00:07:21,280
Speaker 1: Yeah? Oh yeah, what I'm I'm getting a sense though,

148
00:07:22,120 --> 00:07:26,480
Speaker 1: right that the uses for cash are diminishing, right, I mean,

149
00:07:26,560 --> 00:07:28,400
Speaker 1: out of the three of us, none of us use

150
00:07:28,400 --> 00:07:31,400
Speaker 1: it on a regular basis. When you have it, and

151
00:07:31,560 --> 00:07:34,040
Speaker 1: in the days when you did carry cash, did you

152
00:07:34,080 --> 00:07:36,720
Speaker 1: spend it differently to how you spend money on a card?

153
00:07:36,760 --> 00:07:38,640
Speaker 1: And so I'm just kind of interested in the mentality

154
00:07:38,680 --> 00:07:41,040
Speaker 1: of it that if you can see the money that

155
00:07:41,080 --> 00:07:44,280
Speaker 1: you're handing over, do you feel a stronger connection to

156
00:07:44,480 --> 00:07:48,120
Speaker 1: that and makes you a little bit more appreciative of

157
00:07:48,160 --> 00:07:50,560
Speaker 1: what you are spending and what you're getting in return

158
00:07:50,680 --> 00:07:51,920
Speaker 1: rather than just the tap and go.

159
00:07:52,920 --> 00:07:57,320
Speaker 3: So where that hit me? So? Yes, sort of. But

160
00:07:57,400 --> 00:08:00,680
Speaker 3: it's if something costs five dollars twenty a coffee costs

161
00:08:00,680 --> 00:08:06,000
Speaker 3: five dollars twenty in cash, that's effectively six dollars because

162
00:08:06,000 --> 00:08:09,320
Speaker 3: the eighty cents you get in change you either give

163
00:08:09,360 --> 00:08:11,360
Speaker 3: as a tip, you put it somewhere in your house

164
00:08:11,400 --> 00:08:14,560
Speaker 3: that you never see. It's gone, it's gone. Yeah, And

165
00:08:14,640 --> 00:08:17,120
Speaker 3: sometimes the four dollars the diff's been the six and

166
00:08:17,160 --> 00:08:18,640
Speaker 3: the ten dollars could be the case too if you're

167
00:08:18,640 --> 00:08:20,960
Speaker 3: giving me a ten dollar note, although you so, but

168
00:08:21,040 --> 00:08:25,000
Speaker 3: whereas that a tap, it's five dollars twenty and that's it. Yeah.

169
00:08:25,120 --> 00:08:27,840
Speaker 1: What about you, Adam? Does it change? Do you spend

170
00:08:27,840 --> 00:08:29,920
Speaker 1: cash differently to the way you do a card?

171
00:08:31,360 --> 00:08:34,120
Speaker 2: Sammy, Sean and I do sort of wonder about how

172
00:08:34,160 --> 00:08:37,880
Speaker 2: it's affected tips for like cafe restaurant workers, you know,

173
00:08:37,880 --> 00:08:41,760
Speaker 2: particularly on easy small purchases. But that marvel of you

174
00:08:41,800 --> 00:08:44,000
Speaker 2: know the mobile phone where you can just pay via

175
00:08:44,080 --> 00:08:44,920
Speaker 2: mobile number.

176
00:08:45,400 --> 00:08:46,520
Speaker 1: It's just pay ID.

177
00:08:46,800 --> 00:08:50,280
Speaker 2: Easy, Yeah, pay ID. That's it to you to pay

178
00:08:50,320 --> 00:08:54,800
Speaker 2: the exact amount and no more, right, And so it

179
00:08:54,880 --> 00:08:57,439
Speaker 2: does a little bit. So if I'm using cash, I would,

180
00:08:57,480 --> 00:08:59,840
Speaker 2: but by the same token. On the other side, I think,

181
00:09:00,280 --> 00:09:03,559
Speaker 2: you know, when you're at that restaurant and you you're

182
00:09:03,600 --> 00:09:08,920
Speaker 2: paying electronically and you get that five, it's so easy

183
00:09:08,960 --> 00:09:11,080
Speaker 2: not to make a judgment on how much to give

184
00:09:11,120 --> 00:09:13,480
Speaker 2: in tip. It's easy to give more just to hit

185
00:09:13,520 --> 00:09:18,040
Speaker 2: the percentage button of your choice. So it's probably counterbalanced

186
00:09:18,920 --> 00:09:22,360
Speaker 2: for those purchases. Yeah, but it definitely has affected my behavior.

187
00:09:23,520 --> 00:09:28,320
Speaker 1: Last one, and I'll start with you, Adam, if cash

188
00:09:28,400 --> 00:09:31,760
Speaker 1: disappeared tomorrow, would you actually care? No?

189
00:09:33,000 --> 00:09:33,240
Speaker 3: Right?

190
00:09:33,559 --> 00:09:34,440
Speaker 1: Wow? Gone?

191
00:09:34,559 --> 00:09:36,719
Speaker 2: Please go? It's inefficient, illogical.

192
00:09:36,800 --> 00:09:40,440
Speaker 3: Go Really, I'm with Adam, totally get rid of it.

193
00:09:40,920 --> 00:09:42,800
Speaker 1: Okay, even though there is kind of more cash in

194
00:09:42,840 --> 00:09:47,120
Speaker 1: circulation than ever before, so clearly people need it. People

195
00:09:47,160 --> 00:09:50,480
Speaker 1: are still stashing it away, storing it. You personally would

196
00:09:50,480 --> 00:09:51,559
Speaker 1: not care if it was gone.

197
00:09:51,640 --> 00:09:54,840
Speaker 2: Now, star of the Black economy, get it rid of.

198
00:09:54,960 --> 00:09:57,720
Speaker 3: This is a Taylor site. I'm actually was given Tony

199
00:09:57,760 --> 00:10:02,320
Speaker 3: Abbott's book on the st of Australia and I started

200
00:10:02,360 --> 00:10:07,800
Speaker 3: reading it and what I didn't realize was the currency

201
00:10:07,840 --> 00:10:12,640
Speaker 3: of rum. So very early days, in particular, Rum in

202
00:10:12,640 --> 00:10:17,959
Speaker 3: Sydney was the best currency. I mean, I've heard of

203
00:10:18,000 --> 00:10:20,400
Speaker 3: it over the years, but I didn't ever actually click

204
00:10:20,840 --> 00:10:23,640
Speaker 3: if you wanted something done, you would pay for them

205
00:10:24,160 --> 00:10:27,480
Speaker 3: with rum, because there was actually no currency initially when

206
00:10:27,480 --> 00:10:31,959
Speaker 3: they first came and it's fascinating anyway, I digress.

207
00:10:32,040 --> 00:10:34,640
Speaker 2: It's like salt and the salary in the Romans.

208
00:10:35,000 --> 00:10:35,720
Speaker 3: Back in the day.

209
00:10:35,880 --> 00:10:38,240
Speaker 1: Oh, you are going a long way back now, aren't you, Adam.

210
00:10:38,559 --> 00:10:41,480
Speaker 1: And one final tip for you, Sean, is that when

211
00:10:41,480 --> 00:10:43,920
Speaker 1: the kids give you that cash, head on into the

212
00:10:44,600 --> 00:10:46,760
Speaker 1: and you're putting it into the bank account, head into

213
00:10:46,800 --> 00:10:51,480
Speaker 1: the post office. Use bank at posts. It's so easy,

214
00:10:50,720 --> 00:10:54,720
Speaker 1: is It's just you just deposited at the post office

215
00:10:54,760 --> 00:10:56,240
Speaker 1: in the same way that you would at the bank.

216
00:10:56,520 --> 00:10:57,760
Speaker 1: And you can do it at the same time as

217
00:10:57,760 --> 00:11:00,680
Speaker 1: you're sending a letter, which we all do so often.

218
00:11:00,960 --> 00:11:02,839
Speaker 1: I'm just making a list of things that no longer

219
00:11:02,840 --> 00:11:05,040
Speaker 1: have a place cash letters, you.

220
00:11:04,960 --> 00:11:08,280
Speaker 2: Write your penny farthing to the post office.

221
00:11:09,400 --> 00:11:12,280
Speaker 1: It's a very old school like that. Thank you very much, Adam,

222
00:11:12,920 --> 00:11:14,640
Speaker 1: Thank you, Michael, Thanks.

223
00:11:14,440 --> 00:11:15,600
Speaker 3: Sean, Thanks Michael.

224
00:11:15,880 --> 00:11:17,560
Speaker 1: If you've got a question that you'd like us to

225
00:11:17,600 --> 00:11:20,920
Speaker 1: tackle and send it through on LinkedIn or Instagram or

226
00:11:21,000 --> 00:11:23,520
Speaker 1: at Fearangreed dot com dot au. I'm Michael Thompson. This

227
00:11:23,679 --> 00:11:24,800
Speaker 1: is Fear and Greed Q and a