Canadian Precious Metal Dealers forced out of business?

Discussion in 'General Precious Metals Discussion' started by Mintaka, Mar 25, 2022.

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  1. Ag bullet

    Ag bullet Well-Known Member

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    A cashless society with govt regulated crypto is the end game for humanity. The insidious tentacles of govt will have a grasp on every aspect of your life.
     
    Ag bullet, Mar 28, 2022
    #21
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  2. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Got a link for where they said they'll ban cash?
     
    mmm....shiney!, Mar 28, 2022
    #22
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  3. Ag bullet

    Ag bullet Well-Known Member

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    no, but anyone with 3 or more brain cells can see that's what they want. Ban cash, force you into a crypto system they control and game over. your card will be declined if you don't comply.
     
    Ag bullet, Mar 28, 2022
    #23
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  4. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Righto.

    At the moment the RBA and a number of other CBs are investigating the use of a multi-CBDC platform to make international settlements more efficient. No one sends cash overseas anyway (unless it's stuffed into teddy bears, Xmas cards or the orifice of drug mules) so it's obviously not an issue or related to your concerns.

    As far as retail transactions go which are related to your concerns the RBA has made repeated public statements that cash will be retained.
     
    mmm....shiney!, Mar 28, 2022
    #24
  5. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Conversely non government Crypto currencies can provide
    Freedom
    Borderless ownership
    Choice
    Inflationary hedging

    Kind of like the 'Force' there's a 'Dark' side and a 'Light' side and the Midi-Chlorians dictate the Protocol choices.

    CBDC's are in fact essential just like regulation and should be looked upon as an integral part of a greater ecosystem.
     
    REDBACK, Mar 28, 2022
    #25
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  6. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    They won't "ban" cash.... They will just stop minting it and the banks will continue to quietly close branches and remove ATMs so that cash will become so inconvenient that stores will increasingly stop accepting it. And of course they could also use the "$100.00 and $50.00 bills are only used by criminals and evaders" narrative which they have already hinted at through the media and announce that those denominations are ending and have to be banked by a certain date after which they will become extinct (ie: bring all of the mattress money that people removed during the GFC into the economy).

    The logical way to do it is to announce that in 1 year those denominations will lose 20% of their face value and that percentage devaluation will occur every subsequent year until they reach zero.
     
    Shaddam IV, Mar 28, 2022
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  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    I used some of those 3 or more braincells I have left and did a search of the RBA's site for any recent discussion on cash. A paper was released in November last year and contained this statement:

    https://banknotes.rba.gov.au/resources/banknote-distribution-consultation/

    I couldn't find any mention of phasing out banknotes. ;)
     
    mmm....shiney!, Mar 28, 2022
    #27
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  8. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Here is the official CBA manager training video

     
    REDBACK, Mar 28, 2022
    #28
  9. Ag bullet

    Ag bullet Well-Known Member

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    So you're telling me they'll ban cash......;)
     
    Ag bullet, Mar 28, 2022
    #29
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  10. Timmy88

    Timmy88 Well-Known Member Silver Stacker

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    Not possible in such a short time and need funds to trade day to day.
    Was hard enough making bank cheque's for full amounts of fund and re-drew every facility to the max. Just to keep a float.

    Went to ANZ opened new accounts and continued on my merry way.

    Mind you they did not close loan/overdraft of line of credit accounts, they just froze them, interest is still charged which is fine, but they still charge bank fee's in full, even though all I can do is log on and view my loans.

    Timmy
     
    Timmy88, Mar 31, 2022
    #30
  11. Davros10

    Davros10 Well-Known Member Silver Stacker

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    What was your sin?
     
    Davros10, Apr 1, 2022
    #31
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