Seen On An ATM In Western Australia

Tyler Durden's picture

With iron-ore stockpiles at record highs in China amid the escalating cash-for-steel financing debacles, one can only imagine the squeeze that is about to occur on the banks of a nation that is almost entirely economically dependent on said iron-ore mining production... which made us think when we saw this sign "justifying" holding low cash amounts in an Aussie bank ATM...

 

 

So no need for a withdrawal halt per se when you simply make it impossible for customers to get their money out...

 

h/t AS

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LetThemEatRand's picture

A Bendingo ate your balance.

HyBrasilian's picture

You're fucked mate!

~~~

But I'm sure your BITCOINS are worth something somewhere... [Like ~ REALLY]...

fonestar's picture

No, obviously Bitcoins have no "intrinsic value".  So they need an ATM where you can withdraw physical iron and copper bars.  Those things have intrinsic value (and you might be able to get your head around it).

DoChenRollingBearing's picture

Physical CA$H is an asset class, at least for us who are careful or on the verge of being paranoid.  Because NO ONE knows what is going to happen, diversification is, well, just smart.

Au, Pt, Ag, CA$H, BTC are all good.  Even better is to have them ALL.

(This does not count prep stuff like guns & ammo, water and food, etc.)

macholatte's picture

 

..... and don't forget the plastic. Lots of plastic.

SoberOne's picture

Beans, bullets, bullion and bbq.

AlaricBalth's picture

Duct Tape.
My government told me to buy it.

swmnguy's picture

That one always cracked me up. If you live in an older house in the north country, you already seal your windows with plastic and some sort of tape every year, and it has nothing with ginned up scary stories about terrorists.  It's so you don't freeze off your nethers.

Keyser's picture

Ah, the side effects of a fractional reserve banking system, especially when allowed to set their own risk model.  

Bindar Dundat's picture

If cash was invented today?  Here is what the would be written in the MSM

 

http://www.coindesk.com/cash-invented-seen-media-today/

philipat's picture

@fonestar

It's not that folks "Don't get it". Bitcoin is backed by nothing, as indeed is Fiat currency. The USD is "Backed" by $17 Trillion in debt. That's why I don't trust the USD, I simply have no faith in The Fed. However, I have even less faith in a bunch of shady hackers creating encryption code which I'm sure the NSA is already capable of tracking right down the blockchain.

What YOU don't get (As, also the freegold folks) is that Gold IS money. Period.

Drifter's picture

USD isn't backed by anything, debt cannot back a currency.

philipat's picture

Hence my use of parentheses!!

willwork4food's picture

Only iron? I thought ebony is worth more...oh, wait I'm still in Forge of Empires mode.

GetZeeGold's picture

 

 

A Bendingo

 

That's a bad-ass wild dog there.

matrix2012's picture

philipat, you did mean "" double quotes

 

well the mighty usd as grc is still backed by the saud's oil and the mighty mic muscles, thats why you see nearly one thousand military bases around the four corners of the globe.

Stuck on Zero's picture

I have a solution for Australia's problems.  Instead of dispensing money the ATMs could dispense iron ore.  They have lots of it and it's 100% backed by ... you guessed it ... iron ore.  Admittedly at thirty cents a pound it's a bit harder to handle but everyone will get into tip top shape pronto.  The Aussie Banks could then issue Iron Cards.  These would be far superior to the Gold and Platinum cards of their competitors which are just cheap plastic.

 

SilverRhino's picture

You're an idiot. Fiat currency by definition is backed up by government force. What government is forcing me to use Bitcoin? Nothing is backing it up, but something, faith, is what backs it  up. No force involved. Ergo it's something different than fiat currency.

buckethead's picture

Ummm... No. FIat currency is that which has been created by decree. Government force is usually an accompanyment, but not explicitly required.

Bitcoin is somewhat created by decree insomuch as solving complex algorithyms can be construed as a decree.

I Hereby decree, each character I type is money. Each character has a set value. <Fiat currency

OldPhart's picture

Great find!

 

(With your screen name, I have a compulsion to picture you in India.)

Buckaroo Banzai's picture

Beans, bullets, bullion, bibles...and BABES!

Everyone always forgets the fifth "B".

TBT or not TBT's picture

Dude. Please, the preferred ZH nomenclature is "Bitchez".

GetZeeGold's picture

 

 

Been trying to teach him that for 3 years 47 weeks.....and he still flubs it.

 

Repeat after me.....the rain in Spain falls mainly on the bitchez.

Money Squid's picture

dont forget btoilet paper the sixth b

adeptish's picture

bumf or bumph  (b?mf)

n. Chiefly British Slang
1. Printed matter, such as pamphlets, forms, or memorandums, especially of an official nature and deemed of little interest or importance. 2. Toilet paper.
fredquimby's picture

Also known as bogroll (in the uK).

 

TheAnswerIs42's picture

Oh yeah and forgot to add bourban and butane...

 

A Nanny Moose's picture

So long as the 5th B comes with duct tape.

Non Passaran's picture

AFAIK the Dude uses checks.

Dr Benway's picture

The key to longevity is reinvention. Australia is in the process of reinventing itself, from being a mining vassal to China.

Australia now wants to become the prime money launderer and vehicle for securities fraud, pandering to both Chinese "private investment" and government backed entities, with funds channeled through Singapore, HK and BVI.

Check out my new updated blog on Australian financial crime:

https://drbenway.blogspot.com

PT's picture

So that is where all our compulsory superannuation is going to end up going ...

thestarl's picture

And all the fucking fees currently being sucked out of accounts

nasa's picture

By now it should be obivious that if anyone cuts into the profits that Wall Street makes laundering money they will see a fleet of drones that will block out the sun.  NWO Rule No. 1:  Don't fuck with those who do God's work. 

JuliaS's picture

Australia should do what Canda does - offer business visas to Chinese crooks fleeing their own crounty or trying to set up safe asylums for family members (unless they already do so).

Last time I checked the cost of a Chinese business visa to Canada was $800K - a miniscule amount for a politburo embezzler who coiuld afford to move his entire offspring to canada 10 times over.

Stuck on Zero's picture

We should all invite criminal syndicates into our towns and communities in exchange for cash.

 

Dr Benway's picture

With a bank on every corner, have we not already?

Dr Benway's picture

The Australian government is way ahead of you. They already sell a "Business Innovation and Investment Visa" to those with at least $1.5m to "invest".

It is entirely conincidentally numbered lucky 888.

http://www.immi.gov.au/Visas/Pages/888.aspx

thestarl's picture

Correct Doc especially fucking wealthy Chinese who rip their own people off then invest in Oz property making it impossible for young locals to enter the market.Those that do end up with lifetime mortgages.

dellievan's picture

 

   The Aussie bank notes are polymer  (ie. plastic).  They  will actually  float in water.  Different sizes so the blind can safely give out the right  bills.  Hard to roll for the hookers and blow crowd.  Levitate not so much.

PT's picture

For those that don't know, Bendigo bank came about as an alternative to the oligopoly known as "The Big Four".  Yes, we have had a spate of people blowing up ATMs recently, but I don't know if any one particular brand of bank was targeted.  Back to your scheduled programming ...

fonestar's picture

Hi DoChen.  fonestar has tried holding physical cash... it's just so hard once you know "cui bono?" and the simple fact it's mathematically guaranteed to buy you less next year and ultimately implode into nothingness.

layman_please's picture

slightly off topic but has anyone figured out how much would US debt 100 years ago weigh in gold compared to current debt in paper? i mean literally, in tons or what have you. could be interesting juxtaposition