Cash bans. It’s an insidious concept the Australian government insists has developed for the Australian peoples’ own good.
The war on cash and therefore the war against freedom is spreading. First seen in parts of Europe, where cash transactions of as a little as 2000 Euro attract jail sentences, and then India, Australians are about to experience a similar fate on cash freedoms currently taken for granted.
The Australian community has known about the parliamentary tabling of the new $10,000 cash ban legislation since May 2018, but little information has trickled into the community.
The cash ban legislation, The Currency (Restrictions on the Use of Cash) Bill 2019, is to become law once the parliamentary winter recess is over. This gives Australians a small window of ten days from this publication to protest these laws or prepare for what will eventually become a cashless society.
For some, this isn’t a big deal. But when you go to pay $10,500 (7,100 US) cash to the car dealer for a nice, new shiny car; you and the car dealer are looking at a 2-year jail sentence or a $25,200 fine.
Yes, you will go to prison as of January 2020 if you deal in these “criminal” transactions.
However, politicians, and particularly Prime Minister Scott Morrison will argue there are ‘safeguards’ in place within the Bill to protect the everyday citizen.
As it stands, the Regulations which guide the Bill make exemptions for neighbourly transactions of the same amount, cryptocurrency exchanges, and cash payments made during an “emergency.”
But what the government won’t tell you is how the Regulations are subject to repeal and can be rewritten or removed without a moment’s notice and with no parliamentary input. In other words, the Regulations are as good as grey lead on a grade three’s abstract artwork. The treasurer, in this case, can wave their magic wand and make the Regulations disappear.
‘Poof,’ just like that.
The Bill is designed to take aim at small business—or so they say when they mention the latest propaganda catchphrase ‘Black Economy’ to emphasise the Aussie tax dodger. This is because the government lays all the blame on tangible cash.
According to the underlying premise of cash bans, if the government has a digital footprint of every cent a business trades in (that’s small business not multinational off shore businesses), then every tax cent can be accounted for.
If cash transactions between the average citizen and a business surpass the cap of 10K, then it applies an automatic association of guilt. They must be up to no good if they’re using cold hard savings, PM ScoMo mutters, and 10 big ones—who’d have that amount to hand over, anyway?
Okay, But Why the Panic?
The Regulations, which are so easily erased without a vote, also pave the way for 5,000 and $2,000 cash bans. The TV you wanted to pay cash for is suddenly an impossible task without facing a jail term. The kid who saved for the computer in twenty dollar notes— not happening either unless they go digital because paying in cash is illegal.
The government demands to know the ins and outs of every dollar you spend, where and when and on what. And it doesn’t stop there.
The Looming Economic Crisis Governments Refuse to Discuss
The world is experiencing one giant economic bubble, and the international banks are worried about the global citizens’ reaction. Without going into the economic fluff of it all, negative interest rates are coming our way and this ties in with the government’s need to control fiat currency—tangible cash.
The international banking system is worried about citizen bank runs. The $10 note you hold in your hand will be worth more in your hand than in your bank account once negative interest rates hit.
When negative interest rates hit, the inclination to spend money before it erodes in your bank account will also hit, and this is the government’s intention. The more money you spend, the softer the recession . . . Perhaps, but very unlikely.
But the Cash Bans. What About the Cash Bans?
If you withdraw your savings from a bank to hide under your mattress (so that its value is worth more because of negative rates if you left it in the bank), you’ll suffer under the cash bans. To avoid a prison sentence or hefty $25,200 fine, you’re only allowed to buy things of lesser value than the cash ban in place.
Now, remember: these pesky Regulations are not written in stone. They can be altered or removed without ANY democratic consultation.
This is the supposed incentive for you to keep money in the bank for when the economy nose-dives south. The government doesn’t want you having a backup plan because it undermines their backup plan, and so they’re pre-empting it.
If they so choose, the government could impose a $500 cash ban or even a $50 cash ban. Once this happens and you’re down to your last 50 sitting in the bank, and negative interests are eating into it, what will you do then?
To tell the government you’re angry with this new legislation, contact them here. According to the government website you have 10 days left to respond.