Greens smash cash clamp champs
The lively analysis and attitude in the flat report on the "Don't call it a cash ban" bill produced by the Economics Legislation Committee is confined to the dissenting report by Peter Whish-Wilson, a Greens Senator for Tasmania.Whish-Wilson nails the themes celebrated by those in the community contemptuous of a proposed law perceived as diminishing liberties around the (already uncommon) use of cash in business in the name of suppressing elements of the black economy.Ian Love, a former director at Credit Suisse, explained to the Senate committee the essence of "the inherent freedoms provided by hard currency," in his submission, one quoted at length in Whish-Wilson's coda to the committee's report released on Friday."A peer-to-peer cash transaction holds within it a number of freedoms, these include: freedom from the need to trust the counterparty as it is an open exchange between the parties; freedom from the need for permission to trade/deal with each other; freedom from the possibility of censorship and the freedom of privacy," he said."The bill is being advanced on the back of the technocratic examinations of the Black Economy Taskforce. The taskforce report fails to make mention of the relationship between hard currency and personal freedoms, let alone give it any deeper consideration. "Instead, it adopts a utopian view of a fully digital financial world."The majority report quotes a couple of dissenting submissions on the scale and severity of the black economy in the Australian context, and spurns analysis of this topic in favour of numerous quotes from the work of the recent task force.The hypothesis - or hyperbole - that the Australian government and, maybe, the Reserve Bank are on a mission to eliminate cash from the economy is mostly mantra, and Whish-Wilson revs this up in his dissent.He attacks the government for inaction on money laundering.The Morrison government, he said, "has failed to act on what is universally understood to be the big problem: the exemption for real estate agents, accountants and lawyers from having to report under the AML Act."By criminalising the use of legal tender, and by taking a rose-coloured view of a world without cash, this government is blithe to fundamental freedoms," the Greens senator concluded.