In public places where this could happen, keep your bag on your person or your hand on it.
Liberals Want To Raise GST And Apply It To Fruit And Veg
They waste too much of our money already. To the degree we earn and do not have the choice of where our money goes we are that much a slave. We are too big a percentage a slave already!
BEC (Business Email Compromise) Scams
BEC scams are rampant but scammers are now also using CEO voice ‘deepfakes’ to con workers into wiring cash
AI-generated audio was used to trick a CEO into wiring $243,000 to a scammer’s bank account.
Banning cash so you pay the bank to hold your money is what the IMF wants
As the Federal Government moves to ban cash transactions above $10,000, there’s a theory gaining traction that the real motive for the cash ban isn’t the so-called “black economy”, but rather, to give authorities greater control over your behaviour during recessions.
Paying more than $10,000 in cash could make you a criminal under proposed law
This theory, put forward by economists such as John Adams — and picked up by some federal politicians — has not been plucked out of thin air.
It is based on repeated public papers and statements by the international body in charge of financial stability — the Washington-based International Monetary Fund (IMF).
A recent IMF blog entitled “Cashing In: How to Make Negative Interest Rates Work”, explains its motive in wanting negative interest rates — a situation where instead of receiving money on deposits, depositors must pay regularly to keep their money with the bank.
As the blog notes, during the global financial crisis central banks reduced interest rates.
Ten years later, interest rates remain low in most countries, and “while the global economy has been recovering, future downturns are inevitable”.
“Severe recessions have historically required 3 to 6 percentage points cut in policy rates,” the IMF blog observed.
“If another crisis happens, few countries would have that kind of room for monetary policy to respond.”
The article then goes on to explain that to “get around this problem”, a recent IMF staff study looked at how it could bring in a system that would make deeply negative interest rates “a feasible option”.
The answer, it said, is to phase out cash.
When cash is available, cutting interest rates into negative territory becomes impossible as cash acts as an ‘interest rate floor’.
The RBA says cash will become a niche payment sooner than we think, as the Government considers imposing tougher penalties on cash economy activity.
Cash acts as “an interest rate floor” as people hold cash when bank deposit interest rates are at zero.
The thought of paying the major banks to hold your money isn’t one that most consumers would jump at.
The alternative — as risky as it may be — is hoarding cash, or making investments in tangible commodities like gold.
So, the end game, the article explains, is the IMF’s ideal world — one without cash.
“Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive,” it said.
This, would “jolt lending, boost demand, and stimulate the economy”.
In other words, the central banks get greater control to influence your behaviour and economic outcomes.
For those who have faith in monetary policy and central banks, this is no problem.
But one year on from the banking royal commission, faith in our financial institutions — and the regulators who failed to police the banks’ bad behaviour — isn’t exactly at an all-time high.
Negative interest rates could affect Australia
This weird world where savers are penalised — and borrowers get paid — is no longer just a problem for central banks in Europe and Japan.
With the cash rate down to a fresh low of 1 per cent, Australia has entered what’s been dubbed the “era of irrationality, impotence and inequality”.
The Reserve Bank’s consecutive interest rate cuts in June and July have taken the cash rate to an historical low at just 1 per cent.
Put this together with Governor Philip Lowe’s comment on August 9 at a parliamentary hearing.
He was asked by Labor’s Andrew Leigh what work the Reserve Bank has done on what “unconventional monetary policy” might look like as Australia heads towards the zero lower bound of interest rates.
Dr Lowe answered: “I think it’s unlikely, but it is possible. We are prepared to do unconventional things if the circumstances warranted it.”
In answering some other questions Dr Leigh threw his way, Dr Lowe also noted that “monetary policy is less effective than it used to be”.
“Once upon a time, when we lowered interest rates people were very quick to run off to the bank to borrow more to spend,” he said.
“In today’s environment people don’t run off to the bank to borrow more when interest rates fall; they are more likely to pay back their mortgage more quickly.”
Dr Lowe also noted international political tensions are weakening the global outlook, “and it’s very hard for central banks to completely offset that”.
Do Not Gove Up Too Soon
I don’t know that it is EVER a GOOD time to give up on yourself, your goals or dreams!
Retire at 55 and live to 80; work till you’re 65 and die at 67. Startling new data shows how work pounds older bodies.
Here’s a very sobering piece from financial planner Alec Riddle, who looks at the relationship between how long you work and how long you’re likely to enjoy your retirement. Citing some interesting research, Alec argues that those who continue to work right up to the maximum retirement age tend to have shorter retirements than their peers who retire younger. This article will certainly make you think about your own retirement plans and strategy, especially if you’re like me and hoping to work until you’re 95.
(P.S. 26 June 2024 I found the original link did not work. I searched the site and found only articles supporting working longer rather than retiring earlier. Amazing what 4 years and a necessity to keep people from accessing their retirement funds will do to a story.)
Banking establishment lashes out at ‘effective’ opposition to cash ban
Australia’s corrupt banking establishment have used their cheap home-brand toilet paper, the Australian Financial Review, to attack the public opposition to the Morrison government’s $10,000 cash ban.
The sewer journalism by reliable bank shill Aaron Patrick, “Cash ban brings out the conspiracy theorists”, published on 13 September, was a panicked response to one thing, as AFR conceded: that the explosive public opposition to the cash ban has been “effective”.
Now’s the time to step up the fight. Members of Parliament who also oppose the cash ban, including one unnamed government MP reported by John Adams and Martin North on their Interests Of The People YouTube channel, are calling on Australians to redouble their efforts in calling MPs to object to this totalitarian policy.
Click here to watch “EXCLUSIVE: Government MP Will Oppose The Cash Ban!” https://www.youtube.com/watch?v=wf2j6JwH_5Q
‘Conspiracy theories’
In his dishonest and lazy attack, Aaron Patrick tried desperately to belittle the opposition to the cash ban as based on conspiracy theories—specifically the link between cash restrictions and negative interest rates—and associate the opponents and media that have reported on it with “anti-Semitism” due to the leading role of the Citizens Electoral Council, which he smeared as believers in a “global Jewish banking conspiracy”. To fabricate his slur, Patrick refused to talk to the CEC, and in his written communication with CEC Research Director Robert Barwick he dishonestly did not ask about a “global Jewish banking conspiracy”, just a “global banking conspiracy”, and he deliberately did not print Barwick’s reply, which read:
“The major banks in Australia and around the world operate as a private cartel. The regulators and central banks in almost every country, including the BIS, are captured by the private banking cartel, and as the royal commission showed they ignore and cover for the banks’ crimes, allow their reckless speculation, and prop them up when they fail, at the expense of taxpayers and their customers. The global system is broken. Do you deny it?”
Patrick’s attack is not aimed at convincing the general public, who don’t read the AFR anyway. It’s aimed at intimidating people, whether other opponents of the cash ban, other journalists who report on it, or politicians who oppose it, whose views on the matter might overlap those of the CEC.
Questions for Aaron Patrick
Ironically, if Aaron Patrick thinks the tactic of guilt by association (let alone fabricating slurs) is legitimate, it raises much bigger questions for him:
Does Aaron Patrick stand by the AFR’s track record of deliberately covering up atrocious bank crimes by attacking the innocent victims whose lives have been destroyed by the banks, attacking other media outlets that have exposed bank crimes, and attacking the politicians who tried to inquire into bank criminality and who fought for the banking royal commission?
Did Aaron Patrick support AFR’s opposition to the banking royal commission?
Was Aaron Patrick surprised by the evidence of banking criminality that emerged from the royal commission? If so, why? Wasn’t it his job as a senior finance journalist to investigate and expose such criminality? If not, why did he and AFR cover up banking crimes by not reporting them?
These questions show Aaron Patrick is either an incompetent, lazy reporter, or a shameless propagandist for the criminal and predatory banks.
AFR certainly is the latter. After failing to stop the royal commission from being called, AFR’s 12 February 2018 editorial made this statement: “The financial sector royal commission … is fundamentally a political response to the core problem of dysfunctional politics, rather than of fundamental problems in Australia’s banks. … [T]here is no evidence of systemic corruption, criminality or even widespread unethical behaviour in Australia’s big banks.” (Emphasis added.)
Even in May 2018, by which time the revelations from the royal commission had proven AFR’s editors to have been complicit liars for the banks, Aaron Patrick attacked the hundreds of BankWest customers who had had the rug completely pulled out from under their lives when CBA mass-foreclosed on their business loans following its takeover of BankWest in the middle of the global financial crisis in 2008. Perhaps reflecting a rushed analysis due to its too-short inquiry period, the royal commission wrongly found that CBA had no case to answer, but Patrick seized on this one case to slander bank victims by using terms such as “lie” and “conspiracy theory”. Retired Sydney University political economist and veteran bank victims’ advocate Evan Jones, in a 19 June 2018 article for Independent Australia, described Patrick’s attack as “an exemplar of gutter press journalism”.
The real lie: the ‘black economy’
Clearly the main reason for the AFR’s hysterical attack on the CEC and other opponents of the cash ban is that the crooks at KPMG and the banks who want this ban hoped to avoid scrutiny, but now they can’t. And the problem they have is that under scrutiny, their claims are quickly proven to be bogus.
First, the claim that the cash ban is necessary to crack down on the black economy is a farce. The most authoritative study of black economies, by Medina and Schneider, shows that 1) Australia doesn’t have a serious black economy problem, being the 10th smallest of 158 countries; 2) the size of Australia’s black economy almost halved in 1991-2015, without any cash bans; and 3) near-cashless economies in Scandinavia, by comparison, have larger black economies than Australia does, and their black economies expanded after they went increasingly cashless. Click here for charts that prove this: https://cecaust.com.au/australia-doesnt-have-serious-black-economy
Second, the ulterior motive of restricting cash to trap people in banks so they can’t escape negative interest rates is hardly a conspiracy theory, as it comes directly from the International Monetary Fund, which was cited by the 2017 Black Economy Taskforce report that recommended the $10,000 cash ban.
Now’s the time to escalate the fight against this totalitarian policy:
Keep calling your MP and Senators, especially in the major parties to object to the law. Click here for contact details all Labor and cross-bench MPs and Senators https://cecaust.com.au/sites/default/files/2019-08/opposition_crossbench.pdf; click here for contact details for all government MPs and Senators https://www.change.org/p/scott-morrison-stop-scott-morrison-from-banning-cash-to-trap-australians-in-banks
Sign and share the Change.org petition: Stop Scott Morrison from banning cash to trap Australians in banks! https://www.change.org/p/scott-morrison-stop-scott-morrison-from-banning-cash-to-trap-australians-in-banksEurope should ignore ‘treacherous promises’ of Facebook’s Libra currency, says central banker
Wow! Here is a tough call, the pot calling the kettle black here. Who would you rather trust, the chief crooks at the top of the financial criminal racketeers or the company that sells your personal data and censors truth that does not benefit its paying advertisers?
The Real Issues Behind The Cash Ban
The unethical and criminal banking cartel should not have a monopoly on how we transact. It is also a security point. Without cash we do not have a backstop if digital processing fails. Imagine not being able to buy groceries or top up your tank because the system was down. No fun at all!
US Budget Deal – More Fiscal Insanity!
