Macquarie Bank Scraps Cash

Anyone heard their latest news?
The big push starts 1 January 2024 - 1 November 2024.
They won’t be handing out or accepting cash.

preparation for future negative interest rates?

 

Macquarie Bank announces shock move to scrap cash in all branches
A major bank had made a shock decision which could have massive implications for the way Aussies access their cash
A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society.

Macquarie Bank has announced it will phase cash out across their branches in 2024, and by November of the same year, the bank won’t accept cash anywhere.

“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts,” the bank said in a statement to clients.

 

I doubt the RBA would ever set a negative cash rate. I think they are just preparing for a phase out of cash and the beginning of a cashless society.

 

The control of people and Dictatorship in Australia has began. Some other banks will follow soon...

 

Have a look at the RBA website.
CBDC definitely coming next year.
Of course Mac bank would go cashless.
There are 6 trials going already in Australia.

 

Negative interest rates can only work in a cashless society, especially in a definitionary period
Nothing happens overnight but in the future….
Never doubt…..it will happen or it won’t.
I strongly suggest you do some research

 

In the current financial system negative interest rates would just lead to people housing their wealth in other assets/investments.

In a system of CDDCs, where they have some form of control over the currency and its whereabouts I imagine they could theoretically set the cash rate to negative, although in such a system there would be much more efficient and targeted methods of influencing the economy.

 

It's simple. If the bank is taking a portion of deposits as negative rates. Most people would withdraw their deposit as cash negating the bank's ability to take it.

 

https://www.rba.gov.au/payments-and...digital-finance-innovation-project-report.pdf

https://www.rba.gov.au/media-releases/2023/mr-23-21.html
https://dfcrc.com.au/cbdc/

 

I did see it , can't find it again though .

 

CBDC has the ability to influence individual spending habits by a personal individual inflation rate on everything you purchase.
You buy to much of your favourite thing, you get hit with a inflation tax to discourage you from buying it until they see fit.
Government here to help keep inflation in check.
Government price controls have been proven to be detrimental to the economy, trying to control inflation via individual inflation rate is a new thing

 

CBDC will be introduced in Australia when the economy truely hits the fan. It will be adopted through universal income and the masses will welcome it with open arms

 

As you know, economies run in cycles.

 

Negative interest rates are ment to get you spending which Spurs the economy and government gets their taxes.
Remember Howard was telling us to save more.
Remember our previous treasurer was telling us to go and spend, spend, spend.
With CBDC, it will be all programmed

 

A bit of research Shiney and you’ll find them.
Start with the fall of Rome
The Dutch, Spanish, English all went through the same cycles, now it’s the US’s turn. I really think CBDC’s is the US’s last ditch effort to hold onto power, whether it works remains to be seen or whether it’s just another kick of the can down the road (prolonging the inevitable)

 

Rome and all the other great economies suffered the same fate
Inflation, war, debt and debasement of their currency.

 

Where to park your wealth during uncertain times and make money are for those very small % in the know.
We may all take a haircut, it’s just some may get a trim but most will get a crew cut, then the cycle starts all over again.
Place your bets

 

It’s all the same outcome