War On Cash Escalates: Australia Proposes Ban on $100 Bill; No Cash Within 10 Years?

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Global financial repression has picked up steam. Australian citizens are likely the next victim.

AU News reports Government Floats $100 Note Removal.

SAY goodbye to the $100 note.

Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country’s highest-denomination banknote in a bid to crack down on the “black economy”.

Speaking to ABC radio on Wednesday, Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the government looks to recoup billions in unpaid tax. Continue reading

War On Cash Intensifies: Citibank To Stop Accepting Cash At Some Branches

Less than a week after India’s surprise move to scrap its highest denomination cash notes, another front in the War on Cash has intensified down under in Australia.

Yesterday, banking giant UBS proposed that eliminating Australia’s $100 and $50 bills would be “good for the economy and good for the banks.”

(How convenient that a bank would propose something that’s good for banks!)

This isn’t the first time that the financial establishment has pushed for a cashless society in Australia (or anywhere else). Continue reading

Asia’s Currency War

Global finance chiefs may have denounced it, but that has not stopped Japan joining other central banks in driving its exchange rate lower. With Australia and South Korea forced to respond, will the Asia-Pacific region be the main battleground in a global currency war? Continue reading

Billion dollar bet on rate cut pays off

From the man that nearly broke Britain:

It may go down as one of the great currency bets in Australian dollar history  – a $US1 billion gamble on a Reserve Bank  rate cut that has delivered a $US19 million ($18.65m) profit in 36  hours.

The beneficiary, if you believe the rumour mill, is investment legend George  Soros.

Best of all, it appears the 82-year-old American pulled off the deal three  times, all with different foreign exchange brokers in Asia, for a tidy profit of  almost $US60 million. Continue reading