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National income falls sharply in Australia
Topic Started: 8 Sep 2014, 04:29 AM (2,806 Views)
newjez
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SittingOnDeFence
9 Sep 2014, 09:32 PM
Weatherspoons are trying to take over Dublin now too - which is an absolute travesty
Last time I was there you could still get 2 pound pints.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Count du Monet
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A Lurker
9 Sep 2014, 02:12 PM
When payment technology use accelerates over the next year or 2 and the amount of physical AUD in circulation starts to decline year-over-year (which, admittedly may be a few years ahead yet but is inevitable) are you going to abandon your hair-brain theories or dogmatically stick to them?

PS I have a business that is well into it's 3rd year and has never received or spent a single note or coin of physical currency. It is a pretty traditional services business. It doesn't have inventory but it buys plenty of goods and services (stationery, insurance, IT equipment, cabs, food, accounting services, various subscriptions), pays rent, makes PAYG payments, collects and pays GST, collects income.
The last 40 years has shown it seems the opposite tendency. Today there is significantly more USD in circulation per unit of US GDP.

The fiat note is the unit of account. For example interbank settlement is finally in cash. A bank cannot eternally pay another bank by saying put it on the slate Jack?

If there is debt and credit it has to be denominated in something. What do you suggest fiat money, gold, pork bellies or sheep?

If you point is true, then why does the RBA receive AUD from retail banks, send them to retail banks. Burn old notes and issue new ones?

I think your view is the product of foggy thinking.

You might not have to deal with physical currency but the banks themselves pass fiat currency between each other to settle their accounts. There is nothing new here, cheques used to be a widespread form of payment. But it was the banks settling the checking accounts with cash.

As a small business told me each EFTPOS transaction costs them 20 to 30 cents, they far rather prefer smaller transactions in cash.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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A Lurker
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Count du Monet
10 Sep 2014, 06:31 AM
The last 40 years has shown it seems the opposite tendency. Today there is significantly more USD in circulation per unit of US GDP.

The fiat note is the unit of account. For example interbank settlement is finally in cash. A bank cannot eternally pay another bank by saying put it on the slate Jack?

If there is debt and credit it has to be denominated in something. What do you suggest fiat money, gold, pork bellies or sheep?

If you point is true, then why does the RBA receive AUD from retail banks, send them to retail banks. Burn old notes and issue new ones?

I think your view is the product of foggy thinking.

You might not have to deal with physical currency but the banks themselves pass fiat currency between each other to settle their accounts. There is nothing new here, cheques used to be a widespread form of payment. But it was the banks settling the checking accounts with cash.

As a small business told me each EFTPOS transaction costs them 20 to 30 cents, they far rather prefer smaller transactions in cash.
I'm not talking USD that is a specially class as it's used by failed regimes, third world and drug dealers on a large scale.

AUD in hard folding format will begin to decline soon.

Hard currency dollars to and from retail banks and the RBA is just float. Proper transactions are done electronically and some even by bank cheque for non-ADI participants in the system (ie a bank cheque that gets walked up to the RBA each day or the walker goes to the RBA to pick one up - this might sounds strange and unlikely but I can assure you it happens).

You'll come around soon on this. We just have to wait.
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Bardon
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A Lurker
10 Sep 2014, 02:31 PM
I'm not talking USD that is a specially class as it's used by failed regimes, third world and drug dealers on a large scale.

AUD in hard folding format will begin to decline soon.

By the way 500 Euro notes are now the favoured currency of the attache case set.

Also I am with you all the way on the cashless society bit.

There was some Panda Bear on here the other night with some rabid rambling claim that the Chinese were buying our houses with counterfeit money. Beggars belief.

I don't know what the actual hard currency numbers are in China but lets say its 3% of the money supply. So this bear reckons that Chinese buyers are coming around real estate offices in suburban Australia with ute loads of notes to buy and settle on our houses. Plus they are counterfeit!
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