What’s a Brexit? It’s a term that may well be unfamiliar to many Americans, although it’s causing quite a storm on the other side of the Atlantic. In June, the British public will vote in a referendum to decide whether the country will retain its membership of the European Union or whether it will make a strategic exit – or Brexit.
Where’s the glamour gone?
Up till recently, technology companies have enjoyed a privileged position in the commercial hierarchy. Think of software giants like Microsoft – riding to fame and fortune on the brilliance of their geeky founders, making money as easily as shelling peanuts and elevating tech innovations to the top of the cool list. All the messy compliance issues, environmental problems and pettifogging regulations that dog other, less glamorous, sectors didn’t concern this gilded league.
Could cash become obsolete? It seems unthinkable. Although advancements in technology mean we can now pay for even small purchases with a quick tap of the credit card, there’s nothing quite so reassuring as having a wallet filled with crisp $20 bills.
That said, banks and other financial institutions would prefer it if cash became a thing of the past. So far, central banks’ anti-crisis measures have included cutting interest rates to the bone and various quantitative easing (QE) programs. More recently, we’ve seen countries like Japan and Sweden imposing negative interest rates in order to further stimulate economic growth.