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A U.S. Economic Slowdown Has Been Confirmed, And We Are Being Warned ...... (Snyder), page-25

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kingpins

26,727 Posts.

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04/10/19

12:17

Post #: 40725407
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Originally posted by taximoney ↑

kingpins has a good point.
Imagine if lots of Australians started taking cash out of their savings accounts and kept it "under the mattress.

a) The Government could announce that it will issue new notes and the old notes will not be regarded as legal tender after a certain date.
b) In order to get the new legal tender, individuals will be required to deposit the old cash into a bank savings account, and then withdraw the "new" cash, but there will be strict limits on the rate at which cash can be withdrawn.

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The RBA put a report out recently stating that there is a huge amount of cash which has been taken out of circulation IE under the tulip garden
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