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#101 2016-09-30 17:14:29

PeterS
Member
From: Sydney
Registered: 2014-12-18
Posts: 114
Trades :   

Re: War on Cash continues

Yesterday a Sydney dealer where I always pay cash insisted on seeing my driver's licence and issued a receipt accordingly. The transaction was well under any reporting limit. They have previously not done so. Has anyone else had a similar experience? It made me wonder what they would do if my total purchases over any period reached a reporting limit.

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#102 2016-09-30 18:51:26

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,375
Trades :   122 
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Re: War on Cash continues

PeterS wrote:

Yesterday a Sydney dealer where I always pay cash insisted on seeing my driver's licence and issued a receipt accordingly. The transaction was well under any reporting limit. They have previously not done so. Has anyone else had a similar experience? It made me wonder what they would do if my total purchases over any period reached a reporting limit.

They have an obligation under the Anti-Money Laundering and Counter-Terrorism Financing Act to submit an AUSTRAC suspicious matters report within 3 business days if it looked like you were structuring multiple smaller transactions within a short period of time to stay below the reporting limit.


Catus amat piscem, sed non vult tingere plantas

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#103 2016-09-30 19:52:50

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,718
Trades :   36 

Re: War on Cash continues

Which dealer?  I might be up there buying again next week and want to know which ones to avoid.

Pls PM me if your not comfortable naming publicly.

Im no criminal, but I value my privacy and don't want potentially dodgy dealers passing around my address.

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#104 2016-10-13 17:39:10

boneyard
Silver Stacker
From: 55G 528505 5257160 TASSIE
Registered: 2009-07-10
Posts: 6,054
Website

Re: War on Cash continues

A large sum of stolen cash is likely to be circulating in Hobart following a break-in last weekend.

Tas Police are appealing for information relating to the burglary of a private residence in West Hobart on Saturday, 8 October 2016.


Investigations have shown that the residence was entered between 6pm-12 midnight with a significant amount of cash stolen, made up of $50 and $100 notes.

Anyone who may have seen someone acting suspiciously in the area around the time of the burglary,

or has knowledge of someone making purchases using significant amounts of $50 and $100 notes since,

is urged to contact Crime Stoppers on 1800 333 000 or Hobart CIB on 6173 2618.

Last edited by boneyard (2016-10-13 17:40:00)


"We should know where we're going, so we know when we get there..."

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#105 2017-01-11 01:00:30

HoldMeTender
Silver Stacker
From: Nunya
Registered: 2016-01-06
Posts: 877
Trades :   12 

Re: War on Cash continues

Got this in my inbox today...

A brilliant new idea presented to the Fed to facilitate negative interest rates: get rid of cash (of course), but do it by valuing physical and digital currencies differently.

Yes, an exchange rate between your bank account and your wallet!

https://www.moneymorning.com.au/2017011 … -gold.html

Oh, and that then leads to an escalating war on gold, so get it while you can (or something).


All that glitters is not gold...
...but all that is gold glitters!

Windbag in Spandex

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#106 2017-01-11 01:31:45

SpacePete
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Registered: 2014-03-01
Posts: 13,375
Trades :   122 
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Re: War on Cash continues

^^^

FTA: "When pigs are going to be slaughtered, they are first herded into pens for the convenience of the slaughterhouse. When savers are going to be slaughtered, they are herded into digital accounts from which there is no escape."

!!!!


Catus amat piscem, sed non vult tingere plantas

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#107 2017-01-11 01:37:30

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,375
Trades :   122 
Website

Re: War on Cash continues

HoldMeTender wrote:

Got this in my inbox today...

A brilliant new idea presented to the Fed to facilitate negative interest rates: get rid of cash (of course), but do it by valuing physical and digital currencies differently.

Yes, an exchange rate between your bank account and your wallet!

https://www.moneymorning.com.au/2017011 … -gold.html

Oh, and that then leads to an escalating war on gold, so get it while you can (or something).

Discussed these f**king assholes and their ideas previously:

An explosion of BS - idiocy, mendacity, politics and the war on cash
http://forums.silverstackers.com/message-954083.html

SpacePete wrote:

Just look at this bullshit. A new book by the former chief economist of the IMF, The Curse of Cash, describes how paper money is making us "less safe" and is basically a tool of criminals and terrorists, and how cash is stopping all the good that can come from the wonderful power of negative interest rates. Jeeeezuz.

... "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion--and to battle financial crises by tapping the power of negative interest rates

The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world's leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money.

https://www.amazon.com/Curse-Cash-Kenne … 0691172137

From Bloomberg:

This Harvard Economist Is Trying to Kill Cash
A new book makes the case that $100 bills enable tax evasion and crime while thwarting aggressive monetary policy.

Kenneth Rogoff has an interesting résumé: international grandmaster of chess, former chief economist of the International Monetary Fund, professor at Harvard University. And he is now—unofficially—the No. 1 enemy of cash.

...Rogoff also contends that suppressing cash would make it easier for the Federal Reserve and other central banks to boost economic growth by pushing interest rates into negative territory. That's the strange world where you pay to keep money in the bank and get paid to borrow it. The theory is that negative rates will induce people to save less and spend more, which will revive growth.

...Law enforcement officials are among Rogoff's biggest allies in the war on cash, he says, and some central bankers are also interested. The front of his book carries a blurb from former Fed Chairman Ben Bernanke, who calls the book "fascinating and important" and the argument "compelling and wide-ranging." Former Treasury Secretary Larry Summers and Citigroup Chief Economist Willem Buiter have also endorsed the idea, which Rogoff first broached in a scholarly paper in 1998.

Some conservatives, on the other hand, detest the idea, fearing that getting rid of cash will make it easier for government to monitor and control citizens' behavior. The anti-cash ideas of Rogoff and Buiter "are now the foundation for the new age of Economic Totalitarianism that confronts us," foreign-exchange analyst and blogger Martin Armstrong wrote last year.

Rogoff doesn't view totalitarianism as much of a threat.

http://www.bloomberg.com/news/articles/ … its-dollar


Catus amat piscem, sed non vult tingere plantas

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#108 2017-01-11 01:38:57

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,375
Trades :   122 
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Re: War on Cash continues

Some conservatives, on the other hand, detest the idea, fearing that getting rid of cash will make it easier for government to monitor and control citizens' behavior. The anti-cash ideas of Rogoff and Buiter "are now the foundation for the new age of Economic Totalitarianism that confronts us," foreign-exchange analyst and blogger Martin Armstrong wrote last year.

Rogoff doesn't view totalitarianism as much of a threat.


Catus amat piscem, sed non vult tingere plantas

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#109 2017-01-11 01:51:04

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,375
Trades :   122 
Website

Re: War on Cash continues

Read this!!

From a seminal academic paper on empowering central banks to set deeply negative interest rates by destroying the power and value of cash in private hands:

This paper considers three methods for removing the zero lower bound on nominal interest rates.

...

The third method decouples the numéraire function of currency from its means of payment/medium of exchange function and introduces a variable exchange rate between a unit of the one-period safe non-monetary security denominated in terms of the numéraire and the currency/means of payment. That exchange rate can either be set by the government or be market-determined. This permits the nominal interest rate in terms of the numéraire to be negative, even though the nominal interest rate in terms of the currency is subject to the zero lower bound.

http://www.lse.ac.uk/fmg/workingPapers/ … 0bound.pdf

Last edited by SpacePete (2017-01-11 01:55:28)


Catus amat piscem, sed non vult tingere plantas

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#110 2017-01-11 07:33:17

systematic
Member
Registered: 2010-06-06
Posts: 6,412
Trades :   

Re: War on Cash continues

It is the big banks that are the money launderers ... and they do it electronically ...


if everyone is thinking the same, we aren't thinking very much ...

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#111 2017-01-11 07:40:11

Clawhammer
Silver Stacker
From: Gone Fishin'
Registered: 2010-02-26
Posts: 9,492
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Re: War on Cash continues

Has there been any discussion about the Indian Govt cancelling the most common demonination currency note used in the country...

...and the stampede of the populous to comply with such a rediculous decree?

Last edited by Clawhammer (2017-01-11 07:40:47)


Specialisation is for insects

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#112 2017-01-11 17:40:16

projack
Silver Stacker
From: Brisbane
Registered: 2009-08-12
Posts: 3,135
Trades :   143 

Re: War on Cash continues

Clawhammer wrote:

Has there been any discussion about the Indian Govt cancelling the most common demonination currency note used in the country...

...and the stampede of the populous to comply with such a rediculous decree?


This is one of the largest human made disaster, as half of the population don't have bank account and quarter of the population don't even have any personal ID.  Also very limited banking facilities exist in rural arias where most of these people live.
The MSM is totally ignoring the issue. They want you to watch the cricket instead all day long.


The US dollars and Treasury debt called "risk off" because the global fiat system can only survive as long as that remains the case.

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#113 2017-01-12 23:23:22

systematic
Member
Registered: 2010-06-06
Posts: 6,412
Trades :   

Re: War on Cash continues

India was biometrically data based a few years ago using retinal scanning technology ... 

https://www.corbettreport.com/india-fin … on-people/

Last edited by systematic (2017-01-12 23:23:37)


if everyone is thinking the same, we aren't thinking very much ...

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#114 2017-01-12 23:26:52

systematic
Member
Registered: 2010-06-06
Posts: 6,412
Trades :   

Re: War on Cash continues

Deutsche Bank's Anti-Money Laundering Head Just Quit After 6 Months

"According to Germany's Manager Magazin, the bank's British 'Global Head of Anti-Financial Crime', Peter Hazlewood, is quitting after only six months, apparently to take another job inside the bank. This comes at a time when U.S. and British authorities are still investigating over $10 billion in trades by the bank's Moscow office over years, which officials suspect were aimed at getting round U.S. sanctions and other money-laundering regulations. "

more at: http://fortune.com/2017/01/04/deutsche- … -6-months/

Cash is not the problem .... banks are the problem ...but it seems they like putting the focus on the public ....


if everyone is thinking the same, we aren't thinking very much ...

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#115 2017-01-13 22:34:48

alor
Silver Stacker
From: Pulau Alor ;)
Registered: 2011-06-16
Posts: 4,461
Trades :   39 

Re: War on Cash continues

http://www.globalresearch.ca/a-well-kep … ct/5566167

That is surprising, as Washington's role has been disguised only very superficially.

US-President Barack Obama has declared the strategic partnership with India a priority of his foreign policy. China needs to be reined in. In the context of this partnership, the US government's development agency USAID has negotiated cooperation agreements with the Indian ministry of finance. One of these has the declared goal to push back the use of cash in favor of digital payments in India and globally.


Hear Say See -> N o t h i n g
May this stacking hobby be my blessing smile

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#116 2017-01-14 00:26:18

projack
Silver Stacker
From: Brisbane
Registered: 2009-08-12
Posts: 3,135
Trades :   143 

Re: War on Cash continues

This can be one more reason for the global push to go cashless, as a total control on any country. Do it as we tell you, or we can pull the plug on your county's banking system.


The US dollars and Treasury debt called "risk off" because the global fiat system can only survive as long as that remains the case.

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