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Australia Looking Into Cancelling the $100 Bill
Topic Started: 19 Dec 2016, 05:21 PM (1,778 Views)
Terry
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This is so cool. All the way from Martin Armstrong.

The Australian federal government is planning a full assault on the black or underground economy by appointing a taskforce who will consider the future of the $100 note and bans on cash payments over a certain level. Australia, like everyone else, is facing a monetary crisis whereby the current system of taxes and social programs with pensions are colliding and will simply collapse. This idea of perpetual borrowing cannot be sustained. Instead of reforming the system, they prefer to attack the people, as always — we are just the enemy.

The Australian black economy of unrecorded economic activity that is untaxed by government is estimated to be worth $21bn or 1.5% of gross domestic product. Even if they got all the taxes that they think they deserve, it would still not solve any problems. We are simply doomed and the longer governments postpone real reform, the worse the collapse will be.

Former KPMG Global Chairman Michael Andrew will head the new underground economy taskforce, which I suspect is one reason to think twice about KPMG. It will also include the Australian Tax Office, Reserve Bank of Australia, the Australian Securities and Investment Commission, the Australian Transaction Reports and Analysis Center, and immigration and human services departments. They plan on considering the continued use of the $100 note of which there are $30bn in circulation. They are also looking to France, a fantastic role model, where the government banned cash payments of over €1,000.

The taskforce is looking at putting a limit on cash transactions, and they are no doubt keeping one eye on how India’s cancellation of currency with no notice works out. Indian Prime Minister Narendra Modi told the nation that the cancellation of the currency would protect the interests of “those citizens earning honestly and with hard work.” Modi’s actions are sending probably more than 400,000 people into unemployment while shops have closed as they are unable to collect money or pay workers.
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Trollie
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Very old news roddy.
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Sydneyite
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He's not very quick or attentive is he? Funny that he claims to be this great analyst!! :lol :lol

http://australianpropertyforum.com/topic/30012960/1/
Edited by Sydneyite, 19 Dec 2016, 06:48 PM.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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Khaderbhai
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Wealthy Suburbanite

Soon Roddy will reveal that David Bowie has died.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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createdby
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Hey catweasel that's my f***ing beat (and bonds and BDIY)!
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Trollie
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createdby
19 Dec 2016, 10:22 PM
Hey catweasel that's my f***ing beat (and bonds and BDIY)!
Hear that roddy? Even f***-knuckle thinks you suck at this.
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Foxy
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Zero is coming...

I think the $100 bill and the $50 bill should go.

Even the $20 bill could go.

I bought 2 mobile phones for $9 each, new from Coles with a $10 credit each.

No need to sack piles of cash anywhere.

No need for them.

If you want to stash drug money and proceeds of crime then go to hell.

Peter

Now i will attempt to explain something now that it is happening.

It is in the mainstream now.

When the economies of the world stopped back in 2009 i listened to professors of economics.

They all agreed that the money could be injected into the economy. No problems, but.

1) how do you take it back out.
2) the unintended consequences of the injection of funds.
3) Moral hazard.


so in simple terms, money goes into the black economy and booms, money goes into the residential real estate market and yes, it booms.

But as i suspected, the people that put the flush of cash into the system are now pulling it out of the unproductive parts.

It will be interesting to see who is not wearing bathers as the tide goes out.

And how many true friends turn out to be...

https://www.merriam-webster.com/dictionary/sycophant

Like a bottle of whiskey.

So let the cash go, watch the criminals protest, watch the cunning stunts.

Meanwhile back in land Foxbat.


https://www.youtube.com/watch?v=v0-of2rqe74

the real assets...
It's official.

It's a record...

http://www.perthnow.com.au/news/western-australia/perth-property-prices-fall-for-record-seventh-quarter/news-story/7fe5ac05b2b0369c497348ea095c798c
Terry
19 Dec 2016, 05:21 PM
This is so cool. All the way from Martin Armstrong.

The Australian federal government is planning a full assault on the black or underground economy by appointing a taskforce who will consider the future of the $100 note and bans on cash payments over a certain level. Australia, like everyone else, is facing a monetary crisis whereby the current system of taxes and social programs with pensions are colliding and will simply collapse. This idea of perpetual borrowing cannot be sustained. Instead of reforming the system, they prefer to attack the people, as always — we are just the enemy.

The Australian black economy of unrecorded economic activity that is untaxed by government is estimated to be worth $21bn or 1.5% of gross domestic product. Even if they got all the taxes that they think they deserve, it would still not solve any problems. We are simply doomed and the longer governments postpone real reform, the worse the collapse will be.

Former KPMG Global Chairman Michael Andrew will head the new underground economy taskforce, which I suspect is one reason to think twice about KPMG. It will also include the Australian Tax Office, Reserve Bank of Australia, the Australian Securities and Investment Commission, the Australian Transaction Reports and Analysis Center, and immigration and human services departments. They plan on considering the continued use of the $100 note of which there are $30bn in circulation. They are also looking to France, a fantastic role model, where the government banned cash payments of over €1,000.

The taskforce is looking at putting a limit on cash transactions, and they are no doubt keeping one eye on how India’s cancellation of currency with no notice works out. Indian Prime Minister Narendra Modi told the nation that the cancellation of the currency would protect the interests of “those citizens earning honestly and with hard work.” Modi’s actions are sending probably more than 400,000 people into unemployment while shops have closed as they are unable to collect money or pay workers.
It was always going to happen....

The dumb dumbs will run around bangging their heads saying, its not fair...

The scum will complain.

I have about $10 in my wallet.

I never carry much cash.


pure gold...

http://www.afr.com/real-estate/residential/wa/rba-says-perth-developers-lifted-supply-as-population-fell-20161122-gsv53h
Did someone mention compression...

"That is consistent with the sharp rise in vacancy rates in Perth and the adjustment to rents and housing prices," Mr Kent said.

"It also suggests that dwelling construction and construction employment are likely to remain subdued for some time. That is having a knock-on effect to other industries linked to the property market. These linkages are one way in which the decline in the resource sector has been extended and amplified through to other parts of the economy."



Read more: http://www.afr.com/real-estate/residential/wa/rba-says-perth-developers-lifted-supply-as-population-fell-20161122-gsv53h#ixzz4TNSxeMAq
Follow us: @FinancialReview on Twitter | financialreview on Facebook
Edited by Foxy, 20 Dec 2016, 10:40 PM.
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Foxy
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Zero is coming...

https://www.youtube.com/watch?v=ZpQmPO68n-I
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Ex BP Golly
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Given that Australian housing is the currency of choice for international money launderers, getting rid of$100 bills isn't going to Hurt criminals.

Save some money, get rid of clowns at AUSTRAC.
Edited by Ex BP Golly, 21 Dec 2016, 07:34 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Foxy
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Zero is coming...

http://www.whocrashedtheeconomy.com.au/blog/2016/05/perth-rental-crisis-a-precursor-to-housing-crash/

http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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