The big bank theory against cash (afr.com)
January 30, 2020
Samuel Lawrie
The power of conspiracies is that it is impossible to prove they don't exist. The latest out-there theory gathering traction in political life – a plot to favour big banks through restrictions on cash – is being propelled along by senators.
On Thursday, a capacity audience enthusiastically listened as an economist of the outer fringe of public life, John Adams, was given a parliamentary platform to attack the government's plan to limit commercial cash transactions to under $10,000, a recommendation of an underground-economy taskforce headed by the late KPMG executive Michael Andrew.
"If you pass the legislation, taking money out of the bank is basically illegal," Adams, a Liberal adviser-turned-gold promoter, told the Senate Economics Committee in Sydney.
By: Aaron Patrick
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On Thursday, a capacity audience enthusiastically listened as an economist of the outer fringe of public life, John Adams, was given a parliamentary platform to attack the government's plan to limit commercial cash transactions to under $10,000, a recommendation of an underground-economy taskforce headed by the late KPMG executive Michael Andrew.
"If you pass the legislation, taking money out of the bank is basically illegal," Adams, a Liberal adviser-turned-gold promoter, told the Senate Economics Committee in Sydney.
By: Aaron Patrick
Read Full Article
