Hi Cash Lovers,
Just when we thought the future of cash was looking safer, the Reserve Bank of Australia's governor, Michelle Bullock, has predicted that Australia will go cashless in ten years.
This is bad.
Michelle Bullock is the person who signs and issues our banknotes.
Is the RBA planning for cash to disappear in 2035? How would this even happen?
And the really big, unresolved issue:
If Australia has no cash, all we own is deposits in the bank.
Deposits in the bank are a liability on the bank balance sheet.
My savings are a debt, owed to me by the bank.
No cash means I have NO MONEY.
The RBA is currently in talks with the banks and Armaguard to build a sustainable cash system.
Is the RBA taking this process seriously? Michelle Bullock, (I know you read my emails), so please clarify, for everyone's benefit, that
CASH IS HERE TO STAY FOREVER.
And check out my website:
Yours sincerely,
Jason Bryce