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octave

The tyranny of metric???

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I hold no hope for the human race. It just gets dumb and dumber.

 

Beam me Up, Scotty!

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Actually, I've become increasingly frustrated with how much of the crappy imperial system has crept back into our lives. Three decades ago Australia adopted the metric system of weights and measures. We've been far better off since. Heavy fines were imposed on any business that advertised its wares in the old system.

 

Recently, I've noticed lots of Chinese-made products appearing in shops and ads with ONLY imperial measurement, in contravention of the law. Presumably those businesses save money by importing made-for-USA products. What an insult.

When I've protested, they've suggested I get a conversion chart!

Since when is the USA in charge of our system of weights and measures?

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It's UN AMERICAN to use metric.. So they lose market competitiveness.? F wits.

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It's UN AMERICAN to use metric...

Apparently that was Reagan’s reason for stopping their already-glacial process of converting to metrics-which Congress had voted for over a century before.

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Number of sheep in Australia:- Approx 74 Million

Number of woolly-headed thinkers in the USA:- Approx 300 million.

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Let's not be too hard on them. American scientists have been using metric for generations and I believe their military do also.

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Let's not be too hard on them. American scientists have been using metric for generations and I believe their military do also.

 

Apparently, the US does use metric, it is just that the average person doesn't NASA moved to metric for most things in the 90s. Medicine and engineering also tend to use metric. NASA uses metric but then converts when reporting to the press or public.

 

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Then there is the US reluctance to the remove low denomination coins as just about every other country has done.

 

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In an American store, if something is priced at $4.99 and you give over a $5 bill, you get change. Not like here where any price, or total of purchases is between (tens) + 6 to (tens) + 9 the cost is rounded UP to the next (ten) and you get no change. Can you imagine how much the supermarket chains make out of that little trick?

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In an American store, if something is priced at $4.99 and you give over a $5 bill, you get change. Not like here where any price, or total of purchases is between (tens) + 6 to (tens) + 9 the cost is rounded UP to the next (ten) and you get no change. Can you imagine how much the supermarket chains make out of that little trick?

 

I have often pondered when putting fuel in my car whether anyone puts let's say $78.03 in order to take advantage of the rounding down.

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In an American store, if something is priced at $4.99 and you give over a $5 bill, you get change. Not like here where any price, or total of purchases is between (tens) + 6 to (tens) + 9 the cost is rounded UP to the next (ten) and you get no change. Can you imagine how much the supermarket chains make out of that little trick?

Good point, OME. Those pennies were once worth something, and they might be again, sometime soon.

Global debt has been allowed to devalue currencies by colossal amounts, so the global monetary system is overdue for a major reset, of the sort we had in 1944 and 1971. Bretton Woods system - Wikipedia

 

The almighty US dollar is nearing the end of it's long reign as global exchange.

Long frustrated by America's overuse of dollar sanctions against nations it doesn't like, Russia, China, Turkey and others have built up huge gold reserves ready to exit the $US payment system.

 

When the reset happens, the countries with the gold will be making the rules.

Although Australia is a major export of the yellow metal, we'll be left out because we sell it all to finance our lifestyle. Our Gold reserves are tiny, after the Howard government sold most of it off, at the bottom of the market.

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Gold is only valuable because we say it is, there is some but not much value other than the value we assign to it. I can imagine a future where clean drinking water is a currency.

 

These days I seldom use cash even for small purchases. I imagine physical money will disappear in the not too distant future.

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There are some 7-Eleven stores that do not accept cash or cards. They only accept tap and go on your smart phone. Don't know what happens if you fill up, then go inside and say "I don't have a smart phone." And if you use a card or tap and go at a gas station, there is no rounding. If the bowser says $78.03, you account is debited $78.03. Rounding is only for cash transactions.

 

If you use a credit or debit card at a supermarket, the exact amount is debited to your account..

 

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Rounding only applies on cash transactions, and only on the final total. If the total ends in odd cents between 1 and 4 the total is rounded down, between 6 and 9 it is rounded up, so over time it evens out.Of course, we still use 5c coins, so totals ending in 5 is not rounded.

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look at the 9x table. If things have a price ending in 9, then you have to buy 6,7,8,or 9 units to get the advantage of rounding down.

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"I imagine physical money will disappear in the not too distant future." Not in my life time !, lots of small shops can't afford the money E,F T, charges for it's service.

What happens if you can't use the Efpos for any reason.

Call the cops to get you out of there if they haven't a sign advertising no EFPOS.

It's free

spacesailor

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look at the 9x table. If things have a price ending in 9, then you have to buy 6,7,8,or 9 units to get the advantage of rounding down.

 

 

For the buyer the rounding on any purchase is minuscule. There is little you can buy now for 1 or 2 cents, I would even suggest that 5 cent pieces are pretty useless. These days 5 cents would be equivalent to a 2 cents piece x number of years ago (x because I have looked at the devaluation through inflation)

 

As far as the cashless society, I have can only think of one occasion when I needed cash and that was at a restaurant (probably dodging tax). I imagine carting money around is costly and inefficient, although of course electronic transactions also have a cost. I recall my first job was in the RAAF and pay Thursday an armoured van would deliver the cash to the base pay section then a couple of armed guards would bring to our section where the duty Sgt and Cpl would count it out then pay everyone, took ages.

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We're just in a transition period. Some places still have a minimum amount for eftpos ($5 for example) yet I tried to pay cash for a $3.50 coffee in Brisbane the other day to be told they don't accept cash.

Part of the problem is that shops are charged a fortune for the tap 'n' go card readers. Banks of course reap the benefits.

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We're just in a transition period. Some places still have a minimum amount for eftpos ($5 for example) yet I tried to pay cash for a $3.50 coffee in Brisbane the other day to be told they don't accept cash.

Part of the problem is that shops are charged a fortune for the tap 'n' go card readers. Banks of course reap the benefits.

 

I use a credit card which I then pay from my bank account every Friday so don't get hit with interest but a $50 a year fee. Makes budgeting easy though, no financial secrets in my house (except for the few students that pay me in cash shhh dont tell!)

 

I visit NZ once or twice a year and it seems to be a little further ahead with moving away from cash although I noticed last time that some smaller places did not have pay wave so I had to insert and try to remember my PIN.

 

Whilst in NZ I did go to this weird sculpture park where there was no one in attendance and you paid the entry fee at an honesty box for cash but there was also an honesty efpos machine and instructions on how to pay your entry fee, very strange

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Gold is only valuable because we say it is, there is some but not much value other than the value we assign to it...

A brave statement, Octave (In the Yes Minister sense of those words...)

Gold has always been a favourite store of value and many nations are spending precious money building up their gold reserves ready for the next reset, which is likely to bring in a gold-backed Cryptocurrency.

Russia (and possible also China )are working on it as we speak.

 

...I can imagine a future where clean drinking water is a currency...
Very likely, a bit like in Kevin Costner's Water World.

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A brave statement, Octave (In the Yes Minister sense of those words...)

Gold has always been a favourite store of value and many nations are spending precious money building up their gold reserves ready for the next reset, which is likely to bring in a gold-backed Cryptocurrency.

Russia (and possible also China )are working on it as we speak.

 

Very likely, a bit like in Kevin Costner's Water World.

 

What I enjoy about this forum is the wide range of topics I end up reading about that I would otherwise not.

 

I have just been reading about the gold standard and why the world has moved away from it. I know some think we should return to it. I have no opinion on that but I do note there are many disadvantages to the gold standard as well as advantages.

 

Gold standard - Wikipedia

 

Gold standard - Wikipedia

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Modern money is only a promissory note from people you wouldn't trust in a fit. they can just print more of it any time they choose to and that dilutes everything of value. Nev

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Modern money is only a promissory note from people you wouldn't trust in a fit. they can just print more of it any time they choose to and that dilutes everything of value. Nev

 

But really we do trust it to in a day to day way, at least I am reasonably certain that I will be paid for my labour today and that I can buy shiraz with it. Even a gold standard is based on a promise that the gold exists unless we start exchanging actual gold. Whilst it is, of course, true that printing money or quantitative easing can be inflationary we have been in a long period of low inflation for some time now.

For many reasons a return to a gold or a silver standard is unlikely.

By the way, this is an issue about which I have very little opinion.

 

Fun fact - it is estimated that all the mined gold in the world would make a cube of just 20 metres.

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I've heard the figure is much larger than that. Most of what has been mined is still around. It doesn't oxidise easily. Nev

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