Sunday, March 5, 2017

Media making the case to stop circulation of $50 and $100 notes

So the media is now adding fuel to the fire for the removal of the Australian $50 and $100 notes: they're being counterfeited.

So they caught $365k in $100 notes in circulation and $1.1 million in $50 notes that were actually counterfeited.  So of all of the money in circulation, they caught about $1.5 million in 2016.

That sounds like cause enough to cancel all $50 and $100 notes.

There's no way that this is all just a smoke screen to justify forcing everyone to digitize their money and keep it in banks.

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