Cash! Going! Going! Gone! By James Reed
We have covered the issue of cash being phased out in other countries, such as India and the socialist Scandinavian countries, but now the monster has come to our door. The IMF is telling the PM what to do. How high do you want me to jump, he squeaks:
“THE Morrison government is attempting to sneak legislation through Parliament to virtually criminalise cash as part of an International Monetary Fund (IMF) drive to bring in negative interest rates, allegedly to “fight recession”. Negative interest rates mean you pay the bank to hold your money, but cash in hand incurs no such charge. It means governments will exercise even tighter control over money than they and the central banking system already have. Draft legislation about to be pushed through Parliament by the Morrison Liberals will outlaw cash payments above $10k under the guise of tax efficiency and combating “the black economy”.
But the Australian lobby group Interests of the People (IOTP) says the real agenda is all about the imposition of the IMF’s extreme global monetary policy in the form of negative interest rates. “This represents a significant curtailment of civil liberties, and more,” says IOTP. Australians have less than two weeks to respond and mainstream media appears to have ignored it. IOTP spokesman John Adams says the Australian Treasury has released draft legislation which was initially announced in the May 2018 Budget by then-Treasurer Scott Morrison. Nothing was done last year, but the legislation now proposes introduction on January 1, 2020. “I was skeptical that this ban on (cash) transactions would come in but now that the Coalition has been re-elected, the Coalition with ScoMo and (Treasurer Josh) Frydenberg have decided to push this initiative forward,” Mr Adams said on IOTP’s YouTube channel (“Red Alert: ScoMo declares war on the Australian people”). Adams says the government is claiming it’s to deal with tax revenue and the black economy but if this was the case, why didn’t they do it a decade ago when the GST was brought in as a way of eliminating the black economy. “They could have easily introduced certain bans on transactions at that point, but they never did. So why now? “It’s because not of tax revenue, it’s about interest rates. It’s about the International Monetary Fund. They’ve written a series of technical papers … about how to make negative interest rates work.”
Adams says the IMF wants to make interest rates “deeply negative” e.g. negative 3 to 5 percent, something never done before in human history. And this would allow the central banks to implement controls on money and people never before implemented in history. Adams says this will be sold as an initiative to stop the black economy, but in reality it is the first of a series of stages to eliminate cash. The Treasury announcement came out at 5:12pm on Friday, July 28, in an attempt to limit exposure of it. Mainstream media do not appear to have reported on the plans. The consultation period ends on August 12th, which points to an attempt by the government to limit exposure of the plans, while allowing them to say “consultation was sought”.
So, there is a problem. Obviously as with all of these bits of tyranny, work at getting people to contact their members of parliament, write, email, or better yet visit, and say why the move to a cashless society is bad. If we do not succeed in this one, we will need a plan B. Certainly getting together all the things that you can afford to buy, that you would not want listed for Big brother, now rather than later. Still this a major problem and it really needs to be knocked over now.