Gold and Silver, an Antidote for the Internet of Money?

Denmark’s central bank to stop producing money … The outsourcing of banknote and coin production will result in 100 million kroner in savings, the bank said. With more and more people paying with credit cards and their smartphones, Denmark’s central bank Nationalbanken says it no longer pays to print banknotes or mint coins. – Denmark, The Local
Dominant Social Theme: Digital money is all that counts.
Free-Market Analysis: It seems these days that every time we identify a new meme, we see a “fast-track” evolution. The “Internet of Money” is no exception.
We wrote about the Internet of Money on October 20, and now in this article in The Local, we see an apparent furtherance of this dominant social theme.
We are told that physical money is becoming less and less important. Now the Danish central bank is going to outsource its printing and save millions.
“Efficiency” itself is a meme. We ran into this recently when we wrote about how much more efficient it was to grow food using green techniques than organic, small-farm ones. The only trouble with green efficiencies is that it now turns out that such farming has changed the bacterial composition of soil for the worse.
There’s nothing efficient about a technique that seems to save money initially but that in the long run is highly destructive. And so it would seem when it comes to the outsourcing of physical money. More on that in a minute.

This post was published at The Daily Bell on October 23, 2014.