Banning cash and NEGATIVE interst rates.

[alor]

people in China have a mobile phone to transact
so many people have not visited a bank branch in years

 

[openeyes]

Interesting, when it comes to that, 1oz silver will really become money.

Try using gold coin to barter for stuff.

Initially bartering with an oz of gold will not be practical. But people love avoiding tax. I mean this has been going on for a long long time. So I think that the government will get unintended consequences from cracking down on cash. Crypto’s have to become more popular. And they can spring up faster than rabbits (breed faster too). PM’s could also become more popular for trading.

If the government increases taxes then it will really give the bartering economy a boost. Bring it on I say.

 

[sctpc]

Currently they are only reducing it to $10000 and above right?

To start yes KPMG who wrote the report (law) say to work it down, IF they get in the law it can be changed by the minister at any time.

 

[openeyes]

people in China have a mobile phone to transact
so many people have not visited a bank branch in years

It’s the same in Africa. But these transactions are all traceable and as such taxable. People have a desire to transact outside the tax system.

 

[Court Jester]

Interesting, when it comes to that, 1oz silver will really become money.

Try using gold coin to barter for stuff.

wont happen

 

[sgbuyer]

wont happen

Do you mean silver won't become money? Maybe not official money in the sense that you can't bank it, but there's nothing to stop anyone from bartering silver for other goods and services.

As for going completely cashless, the technology is already there, and it will happen within a decade or so. China might be one of the first country to do so, by abolishing the rmb so everyone needs to download an app.

 

[openeyes]

although the Chinese have advanced cities I think the rural community would struggle. There are still quite a lot of subsistence farmers who probably don't have much money but I cant see them going digital anytime soon.

It will be interesting to see how it plays out.

 

[JulieW]

gold is claimed to be an aphrodisiac

Especially when draped around the neck, the aphrodisiac effect being in direct proportion to the pressure exerted by the weight of the piece or pieces of gold.

 

[betterinvestmentthanshare]

It also has everything to do with bail ins! The bill has been passed and is open ended, meaning there's grey areas, this is for a reason.
The Gillard Gov tried to pass a bill to grab our super when the gov is in the shyte. The bill never passed.
For those that think things wont happen, think again. If it has been legislated it will be used.
Before both world wars, citizens said a world war would never happen.............................

 

[betterinvestmentthanshare]

In the Interest of the People
Former Liberal Economic Advisor

 

[betterinvestmentthanshare]

 

[betterinvestmentthanshare]

I think what we all need to understand is we are now global. All markets are tied together.

 

[sammysilver]

Getting back on subject, So the Government get the law through and then go to -% and ban cash above $1000 and we want to sell some gold. It would make it hard to sell for cash and (KPMG also in the report said we should also have to explain any deposits into our accounts or be taxed) So transfer to a bank account could bring on a tax event.
Australia could soon be worse than china or France with regulation and spying on the people. Lucky country no more.

I think the solution has to be low value silver in this case. Small enough not to worry enforcement, but large enough to be practical. The 10oz silver bar will become the "l'argent du jour".

 

[sctpc]

I think the solution has to be low value silver in this case. Small enough not to worry enforcement, but large enough to be practical. The 10oz silver bar will become the "l'argent du jour".

It will certainly limit who you deal with.
This reminds me of the Aboriginals in Alice that have the Government welfare card (No cash) they but shit eg in my case Fill my motorbike with fuel for cash so they can buy smokes. there will be another way around the law

 

[openeyes]

There is always a way around these things

 

[betterinvestmentthanshare]

I only have 4 concerns for a cashless system.
1. Security
2. Power outage
3. Bail in laws
4. Choice

 

[openeyes]

Power outages are become such a lot of fun. We have experienced a few bank outages recently which have highlighted the vulnerability of a cashless society.

Danger Will Robinson danger

 

[sctpc]

I only have 4 concerns for a cashless system.
1. Security
2. Power outage
3. Bail in laws
4. Choice

5. Cost bank charges will go up when you a forced to deal with them, Remember the 80s they bought in fees as the cost of auto tellers was so expensive?

 

[Court Jester]

Do you mean silver won't become money? Maybe not official money in the sense that you can't bank it, but there's nothing to stop anyone from bartering silver for other goods and services.

As for going completely cashless, the technology is already there, and it will happen within a decade or so. China might be one of the first country to do so, by abolishing the rmb so everyone needs to download an app.

wont hapen

I woundt trade anything for an oz of gold off a random joe off the street let alone an oz of silver you have no way to know if tis real and to take teh gamble istn worth the hassle or risk

so no

wont happen

 

[Court Jester]

I think the solution has to be low value silver in this case. Small enough not to worry enforcement, but large enough to be practical. The 10oz silver bar will become the "l'argent du jour".

defiantly wont happen