Cash Ban

During a recent speech the Governor of the Reserve Bank, Dr Phillip Lowe, declared that: “if the economic indicators were moving away from target, I think all options would need to be on the table.”
 
This might sound like an innocent statement, but the truth is “all options” includes some measure that would have severe ramifications for everyday Australians.
 
These could include bank bail-ins, where customer deposits are taken and turned into shares in the bank, includes negative interest rates, where people pay the bank to use their money and quantitative easing, where more money is printed and applied to pump up the economy.
 
And when you remember that the Government is attempting to implement its cash ban policy that would make many transactions over $10,000 illegal if conducted using physical currency, warning bells should be going off.
 
This is why One Nation Senator Malcolm Roberts sought reassurances from parliament that “all options” would not include bank bail-ins or negative interest rates.
 
Unsurprisingly neither the Liberals or Labor were willing to give their reassurances.
 
With the Senate report into the Governments Cash Ban bill due early next year, we must keep the pressure on both the majors to ensure that we don’t go down the path of no return.

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