This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Cashless society

An interesting report on the radio this morning, it seems that overseas criminals have been, and continue to be, laundering hundreds of millions of dollars buying real estate, hiring lawyers and lobby groups in Australia.

That got me thinking, we have supporters of a cashless system telling us that it would reduce or eliminate criminal activity in Australia, but we have international criminal organisation laundering money through our cashless system.

Who is benefiting from the cashless economy? To me it looks like financial institutions, governments, real estate industry, lawyers, and criminals.

Correct me if I am wrong.
 

you need to research no further than Jeffrey Epstein , although infamous for some activities , conveniently over-looked is his 'day job .. financial adviser/consultant ( which dragged the uber-rich into his circle ) i remember a quote somewhere a mega-bank head consulted J.E. and he saved over a billion dollars in personal taxes , now logic would say if you were liable to a billion plus in taxes , you can afford a VERY GOOD accountant/consultant , and yet J.E. did something even better
 
better a wallet than a hand bag , for heavy carrying i use a money belt ( or more than one )
I think they are saying they don’t use a wallet because every thing is just on their phone, and even those that want to carry a physical credit card or a $50 note just slide it into their phone case.

Eg, licence, Credit or debit cards, member ship cards etc etc everything you have in your wallet they just have digitally on their phone or watch.
 
So apparently Gen Z thinks carrying a wallet makes you look old.

A guy asked a girl how she knew he was over 30 and she easy you have a wallet.
They stick cash/card in their phone case. But basically use their phones for everything.

I have kids 7,8,17,23 the differences between the generations is very noticeable. Especially the pop culture of the 7/8 year olds. Keeps me tuned into cultural trends. The divide between the 8yo and 17yo is massive. With the oncoming AI I would expect that to grow again.

Most 23yo will still mix with a wallet. 25 and younger will use those bum bags or eshay purses.
 

I have a pigeon pair, 24 & 27 year old. The eldest, my son, carries a thin wallet with the basics in it and some cash. He is a tight arse, likes cash so he doesn't have to carry a bank card and can't buy anything off the cuff.

My daughter likes to try different eateries with her boyfriend, and has a card holder, also with cash in it. Uses the cash where possible, and the card were not.

Cash is king.
 
Reading The Economist after dinner and this article made me think of the unsecured cashless system being forced down our throats, that and the eftpos went down again late this afternoon. I had to reboot the service, same thing happened last week at roughly the same time.

The lesson is two-fold. One is that old technology has an enduring role in the internet age. Radio is more resilient than software. The other is that there is no substitute for tradecraft. “Remember this story next time someone tries to sell you their super-secure one-time-pad-based crypto scheme,” says Mr Blaze. “If actual Russian spies can’t use it securely, chances are neither can you.”

 

The Pokies and the Casino are one of the core supporters of money laundering. Always have been, always will be.

Apart from money laundering both orgs rake much of their profit from the small core of punters they mercilessly turn into gambling addicts. The public statements around pokies and casinos is that they are "gaming" venues (not gambling...) That people go for a fun flutter and night out.

Utter baloney. There is no way casinos can make serious money from punters who have a flutter and drop say a 2-4K a year - which is not nothing. No, you have to create the suckers who drain their lives dry and then steal from their businesses, their partners, the banks. Who then end up bankrupt and desperate and take half a dozen others down with them.

And then, when they go to the wall or cut their throat in the casino toilets, you have to replace them with more suckers. Its a tough business but someone has to do it eh ?

https://www.smh.com.au/business/com...troyed-lives-how-australia-lost-its-gamble-on casinos-20220331-p5a9q7.html
 
Last edited:

Yes, and getting tougher as money laundering techniques change with new technology. Realestate and businesses like franchises is the current way to move large scale dirty laundry.

The only casino I like are the ones in the movies.
 
Yes, and getting tougher as money laundering techniques change with new technology. Realestate and businesses like franchises is the current way to move large scale dirty laundry.

The only casino I like are the ones in the movies.
Barber shops seen to be the front du jour, in the UK at least

 
Like me tell you that I really do appreciate the fact that and as we are with the same bank, when I transfer urgent funds to my kids, they have it in their account within minutes.

Sounds as if it is using Osko. Allows real time payments from one bank to another. Runs on the back of BPay. Have sent funds on a Sunday morning to a bank I don't use and the recipient confirmed it was received in a couple of minutes. In my case, the bank has a limit of $1,000 per day in Osko payments.

I have a scheduled recurring payment set up to transfer via EFT a weekly amount to an account at a separate bank attached to the debit card I use. Not worried about security aspects really as the debit card has the facility to block its use for online transactions (tried it and the block worked,) use overseas or for gambling (I don't gamble.) I can even remove the contactless payment so not only does the card have to be present but the PIN must be used.

That debit card is in a digital wallet and, apart from one occasion, I've not had any issues even when the amount is above $100 (wasn't required to enter PIN). The one occasion was the EFTPOS terminal wouldn't read but it was fine when I used the physical card.

Still use cash for minor purchases such as a coffee or a bite to eat but most of my transactions are digital now.
 
Last edited:
And an area which the left will not touch:
Charities and non-profits organisations.
I just an article saying it is 3.3% of pnb in France and just a giant laundering machine for terrorism and organised crime there, and not monitored.
I somewhat suspect it is similar in Oz, if not yet, will be..
 


that has been happening for decades , a group in Rome are infamous for it
 
Another small business struggling with the reliability of eftpos.

“Last night we couldn’t serve, open our till or transfer money because their system was down,”

 
Fascinating. Are they putting in any arrangements for those customers who walk in without cash? ATM maybe? Or are they happy for say 10 customers who may have otherwise spent $50, $100 or more each to turn around and leave?