On getting rid of $100 notes
Roy Ramage writes: Re. “Cash out: why does the govt want to ban the hundge?” (Friday). Is the banning of the hundred dollar bill the first attempt at a ‘cashless society? Are the neo-liberals so useless at collecting tax revenue from those that can afford it that they must now go for an electronic trace on all Australians financial activity? Any attempt to impose a “cashless society” will herd all citizens into a financial surveillance hub and eliminate economic liberty. And just as the tax office recently lost truckloads of Australians taxpayer information – will people suddenly be informed that all our financial records have been misplaced and please show proof that you have any money at all?
The desperate bid to ban $100 notes is eye watering proof that the current neo-liberal government is completely bereft of any ability to handle our economy. They have lost any right to govern.
Stuart Coyle writes: You remove the $100 note and then end up with the same problem with $50 notes. I suppose they hope to catch people as they try to cash in the bills. Moving towards having cash being illegal must make the banks happy.
I grieve for the lives of future generations.
I write as a long term subscriber incandescent with rage. I subscribe so I can occasionally get a mildly left wing point of view, and today (Mon) I get not only rubbish about how protectionism is a vile thing that must not be done, so as to protect the huge businesses that exploit their ability to control the country and the economy, but a vapid reprise of the Oz’s Gympie slander. I am a long term resident of that lovely town, and my many friends have no opinions that conform to the picture that was painted – it’s hell town all over again. I’m also disappointed that no-one is covering the fact that many people are not so much disappointed in the various governments and politicians, but the fact that business actually runs the joint. The folk I know in Gympie and elsewhere are perfectly aware of this, how come even mildly left wing media never even looks at this?
A cashless society is the only way to run negative interest rates, something central banks are finding themselves attempting. Right now it is to persuade bond investors to invest capital productively, but the same mechanism can be used to ensure no one sits on cash. Money would decay in a bank vault, rather than accumulating over time.
They also tested it out on Aborigines and the poor via the welfare system. There is also much interest in blockchain to run it all.
Bitcoin is already using blockchain, we could just move there.