by Peter Schiff, Schiff Gold:

Australia has become the front line in the war on cash with an aggressive effort to ring physical money out of the economy.

Over the last financial year, more than a billion dollars worth of physical cash disappeared from circulation, according to data released by the Reserve Bank of Australia (RBA). The Australian news service 9News called it “the strongest sign yet” that the country is moving toward a cashless society.

The number of $50 notes in circulation charted the sharpest decline.