Banning cash and NEGATIVE interst rates.

Discussion in 'Markets & Economies' started by bretto, Feb 11, 2019.

  1. alor

    alor Well-Known Member Silver Stacker

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

    openeyes Well-Known Member Silver Stacker

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    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.
     
  3. sctpc

    sctpc Active Member

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    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.
     
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  4. openeyes

    openeyes Well-Known Member Silver Stacker

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    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.
     
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  5. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    wont happen
     
  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    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.
     
  7. openeyes

    openeyes Well-Known Member Silver Stacker

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    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.
     
  8. JulieW

    JulieW Well-Known Member Silver Stacker

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    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.

    :oops:
     
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  9. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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    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.............................
     
  10. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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    In the Interest of the People
    Former Liberal Economic Advisor
     
  11. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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  12. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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

    sammysilver Well-Known Member Silver Stacker

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    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".
     
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  14. sctpc

    sctpc Active Member

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    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
     
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  15. openeyes

    openeyes Well-Known Member Silver Stacker

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    There is always a way around these things
     
  16. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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

    openeyes Well-Known Member Silver Stacker

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    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
     
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  18. sctpc

    sctpc Active Member

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    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?
     
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  19. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    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
     
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  20. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    defiantly wont happen
     

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