Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos’ elites discussed why the world needs to “get rid of currency,” the European Commission has introduced a proposal enforcing “restrictions on payments in cash.” With Rogoff, Stiglitz, Summers et al. all calling for the end of cash – because only terrorists and...
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Submitted by Nicole Foss via The Automatic Earth blog, Part 1 Here. History teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated. As Alan Greenspan wrote in 1966: In the absence of the gold...
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Last weekend, when we reported that Germany’s Raiffeisenbank Gmund am Tegernsee – a community bank in southern Germany – said it would start charging retail clients a fee of 0.4% on deposits of more than €100,000 we said that “now that a German banks has finally breached the retail depositor NIRP barrier, expect many more banks to follow.” Not even a week later, not one but two large banks have done just that....
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