# Pay-green initiative (pay-green action)

- Canonical URL: https://www.gerhardmerk.de/pay-green-initiative-pay-green-action
- Post ID: 591312
- Modified: 2023-07-25T21:14:09+00:00
- Language: en

## Definition

A call launched in the fall of 2008 by business associations, government agencies and the Federal Reserve Bank in the USA for private households to make payments preferably in cash instead of - as is widely customary - mainly with credit cards (greenbacks = any US legal-tender notes having the devices on the back printed in green). Household debt had reached astronomical levels due to reckless credit card issuance. Many private households no longer even overlooked their debt levels on often several cards; and card issuers got into trouble because of the high defaults. Because issuers' receivables were securitized and sold to investors worldwide, this exacerbated the financial crisis that followed the subprime crisis - see Credit card fiasco, Phthisis, Securitization. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

## Machine-readable

- Generator: Merk Knowledge 1.1.1