War on cash continues in MSM

More on the India crisis. There's a lot more to this than Indian bureaucratic inefficiency and bloody mindedness.

Interesting also to note that actual physical gold has jumped to U$3000.

The Chief Justice Thakur asked why the government has a problem in dispensing enough cash. "Is there any deficiency in Rs. 100 notes? They have not been demonetised. Why are they not been made available at least?" he asked.

The government acknowledged that there is a shortage of Rs. 100 notes as the now defunct Rs. 500 and Rs. 1000 notes formed 80 per cent of the currency in circulation before November 8. "Rs. 100 notes are not available. Rs. 500 and Rs. 1000 notes was over 80 per cent of the currency," Mr. Rohatgi owned up.

Mr. Rohatgi, at the same time, denied any "cash crunch". He submitted that there was only trouble dispensing the newly printed currency from the mints to all over the country to post offices, ATMs, banks, etc.

The hearing started with Chief Justice Thakur asking how the government reduced the limit of exchange of currency from Rs. 4500 to Rs. 2000 again despite the Supreme Court asking the Centre to do its best to alleviate the hardship of the common man.

Mr. Rohatgi replied by saying that cash will be made available on swiping cards in petrol stations with State Bank of India cards. He said Rs. 2.5 lakh will be allowed for weddings and farmers will get Rs. 50000.

Mr. Sibal said: "people with Mercedes can afford to swipe their cards at petrol bunks, not farmers. Eight hundred crore people in this country earn less than Rs. 10000 a month. That is not black money. A family walked 20 km from Bastar to an ICICI bank branch."

Mr. Sibal said 23 lakh crore notes have to be printed and 14 lakh crore worth currency was frozen as from November 8. Only about nine lakh crore currency is in circulation.

http://www.thehindu.com/news/nation...e-riots-says-supreme-court/article9361512.ece
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And now catchy 80's pop song expert Bjorn Ulvaeus is jumping on the bandwagon

When Bjrn Ulvaeus, one time member of Swedish pop super group ABBA and custodian of the ABBA brand, found out his son's house had been burgled, he reasonably assumed the stolen goods would have landed in the lap of a local black market peddler, who likely paid cash for the ill-gained loot.

As Ulvaeus points out in an open letter to visitors at Stockholm's ABBA, The Museum, for the black market to operate, it needs cash.
Spurred on by the event, Ulvaeus has become one of the more prominent figures in Sweden espousing the benefits of a cashless future where individuals use electronic payments for almost everything. Indeed, guests visiting ABBA, The Museum, can only pay by cashless means.
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http://www.afr.com/news/special-rep...cashless-future-20161204-gt3w53#ixzz4S1v865T3
 
http://www.straitstimes.com/asia/au...cial&utm_source=Facebook#link_time=1481005537

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I gotta get me a dog that can sniff out cash! Smells like a good business opportunity :)
 
"Head of Product at ING, Tim Newman, said the innovation was a reaction to Aussies turning away from cash in preference for cashless payment systems such as PayPass, payWave and Apple Pay.

He also said that Australians hated change and the new system was a way of turning change into something beneficial, rather than being forgotten or thrown away.

Research from the bank shows Aussies collectively lose $466 million per year in loose change — or $38.85 million a month.

The research, which quizzed 1000 Australians, found 93 per cent of people admit to throwing away five cent coins and 29 per cent have thrown away 10 cent pieces.

“The research shows that we’re literally throwing away money by paying with cash."

read more at: http://www.news.com.au/finance/busi...e/news-story/a8616b3eeb5f2cec9fd6618166b99e5a

I don't believe what the banks say or what their "research" shows ... but people will be rounded up like dumb sheep ...
 
Shaddam IV said:
South Australia will lead the return to cash. Too hard to pay by card when there is no power.
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Two days ago at our local (good sized) Supermarket in Central Victoria the signs were out the front - CASH ONLY.

I wonder how many people missed a meal that day.

Think of the potential for the thought police to get involved - (with no cash allowed) - to cut off your food, electricity, etc. purchases if you don't agree with whatever the flavour of the month is. _JLG.

This computer failure happens about every 3 months.
 
JulieW said:
So tired of seeing this old furphy endlessly recycled. Do some research. The ABC News has a slightly Right Wing bias, otherwise it's pretty much even handed at the ABC, even the Q an A circus, despite the Left Wing bias of some of the presenters, (whom the ABC inspects regularly to ensure the bias doesn't happen btw).
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Ahahah. I just came across this gem from JulieW, Thanks Julie for a good belly laugh. Only trouble was I spilt some of my glass of wine (not Chardonnay, love).

Once again. HAHAHA. (what a P!$$ER.) _JLG.
 
Apparently smoking bans have changed prison currency from ciggies to Ramen noodles. Gresham lives on?
 
NEW research has found that people who make cashless transactions are more likely to lose track of their spending.

"The researchers found that “individuals who pay by card have a less accurate recall of the amount paid than individuals who settle their bill with cash”.

That’s a problem for the average shopper, because “a precise recollection of past spending has an effect on the willingness to spend money in the future”.

Canstar spokesman Steve Mickenbecker said it was easy to overspend when you couldn’t see your cash actually depleting in your wallet.

“It’s no surprise that as cash gets more and more obsolete that it is becoming a bigger and bigger problem,” he said."

read more at: http://www.news.com.au/finance/mone...t/news-story/15222db4af403b8c5410b1582b9c349d

Physical currency is vital ...
 
The war on cash is proceeding:

Concerns kids can no longer grasp value of money due move to cashless society

There are grave concerns that children can no longer grasp the value of money due to the speed our society is moving to a cashless society.

Dante De Gori, chief executive officer of the Financial Planning Association (FPA), spoke to 3AW on Monday explaining how parents are struggling to raise 'Invisible-Money Generation kids'.

'They are growing up in a world where technology is greater now...their experience and behaviour, understanding is on the technological side of things rather than the value money.'

He said this drastic change from cash to cashless is causing parents to fear that their kids won't understand the value of money.

The FPA describe the 'invisible money generation' as those aged 18 years and below for 'whom money is often unseen in the form of online transactions, credit and debit cards, and 'tap and go'.'
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http://www.dailymail.co.uk/news/article-6078499/Australian-kids-no-longer-grasp-value-money.html


ATO says Australian consumers distrust 'cash-only' businesses

The Australian Taxation Office (ATO) has published research that shows Australian consumers are more likely to trust a business if they accept electronic payment methods, rather than those requesting payment in cash-only.

The research, conducted by Colmar Brunton and commissioned by the ATO, highlighted that Australians have negative views of cash-only businesses, describing them as inconvenient and sparking concerns over the business being dishonest.

"The real cost of cash to business seems to be twofold. Consumers are twice as likely to associate 'cash only' as negative rather than positive ... being cash-only may have a direct impact on reputation," Assistant Commissioner Matthew Bambrick said.

"Secondly, time is money for business. Tap-and-go payments cost an average of nine cents less than cash payments, and are nearly twice as fast. This research suggests cash-only businesses take a hit to their bottom line by not offering electronic payment."

The ATO said that when asked about their reactions to seeing a cash-only sign, nearly 50 percent of consumers said it was inconvenient; while nearly two-thirds of respondents believe business owners that use cash transactions pay less tax than they should and have an unfair advantage over small businesses that do pay tax on all their earnings.​

https://www.zdnet.com/article/ato-says-australian-consumers-distrust-cash-only-businesses/
 
All the café's in my area are in disarray, this is the second day with little or no EFTPOS, the café nearest my building is serving customers and giving them IOU's, they don't have any other choice.
 
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