I’m old enough to remember when frugality was good.

Now apparently it’s “hoarding money.”

Australia Wants Chips in $100 Bills to Stop Crime, Hoarding by Elderly

Australia is considering putting tiny identification chips in its $100 bills, as a measure against crime and “pensioners hoarding the money”.

Sounds silly, but of course there is an problem the government is trying to solve, and of course – like so many problems – it’s a problem the government caused.

Elderly Australians receiving government support are subject to an assets test to determine what they receive. A single home-owner can own up to $253,750 AUD ($194,000 USD) in assets and still receive a full pension. Married couples may own more, and their own home is not included in that amount.

However some people have taken to turning their larger assets into hard cash and hoarding it themselves, or “under the mattress” as the cliche goes.

When the government reaches its stated goal of subsidizing everybody, it simultaneously arrives at its unstated goal of controlling everybody. All your stuff are belong to it.

gcbc

h/t

About Joel

You shouldn't ask these questions of a paranoid recluse, you know.
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7 Responses to I’m old enough to remember when frugality was good.

  1. feralfae says:

    We do live in the crazy years, don’t we? And the governments keep getting crazier, and the politicians keep getting worse, and we keep going on strike in our own unique ways. Rand was a prophet. And just when I think they have done their worst, they find new was to inflict evil on innocent people. No wonder the elderly are hoarding gold and silver as their last refuge against a voracious state run by venal politicians and trough-feeders.
    Yes, these are the crazy years.
    Joel, I hope it cools a bit for you today. We are having a two-day cooling trend tomorrow and Tuesday, complete with thunderstorms. It hit 100F here yesterday — hot for Montana. The bedroom is looking good, by the way. Congratulations on the windows and door arriving!

  2. Ben says:

    If the Aussi government tries chipping the money, then those nefarious retirees will just find some other way to beat the system, perhaps with gold holdings or with offshore accounts. That’s the way human nature works. Government tries, but it can only control so much.

    By the way, I am old enough to remember when the US economy got into a state where the government was actually encouraging folks to stop saving so much and to spend money to get the economy going again. You are old enough to remember also, look around 1975: https://tradingeconomics.com/united-states/personal-savings.

    Frugality isn’t automatically good, because an economy depends on the same money churning through again and again.

  3. Ben says:

    And by the way… By insisting on perpetual inflation and preventing even brief periods of deflation, our government already has instituted a powerful disincentive against currency “hoarding”. By constantly reducing the value of our currency, our government literally “reaches under the mattress” to steal value from (silently tax) any “hoarded” currency.

  4. Kentucky says:

    So when they finally get around to enacting the “cashless society” where ALL transactions are accomplished via “credit cards” (or, worse, personal ID implants) will there then spring up a black market utilizing all that hoarded currency?

  5. MJR says:

    Cash sitting under a mattress does no economy any good, but why is it an individual’s responsibility to keep the economy going? No, what the government of Oz is doing is bullshit. All this will do is drive people into other forms of savings i.e. smaller bank notes or gold & silver come to mind as do trade goods like jewelry. Even in a totally cashless society there will always be the ability to barter something between two consenting parties. There will always be those who detest paying a share of their wealth to government.

  6. Andrew says:

    So when is Australia going to outlaw private ownership of precious metals? Since they’ve followed FDR’s multistep program of socialization.

    Oh, yeah, first rule of a socialist government – ban guns so the peasants can’t effectively revolt.

  7. Goober says:

    I think commenters are misunderstanding. It’s not about economic stimulation. It’s about pensioners hiding assets so they can qualify for more government cheese.higher assets = less government check every month. Hide assets and you get to extort more money out of your still-employed countrymen.

    Both parties are being shitheads.

To the stake with the heretic!