05/18/2015 - Financial Repression: The War on Cash

International Man’s Nick Giambruno & Mises’ Joe Salerno .. the financial repression of ring-fencing regulations is intensifying in the war on physical cash .. the goal to eliminate the use of hand-to-hand currency, so that governments can document & control every transaction .. one way this war is being fought is by making it illegal to pay in cash above a certain threshold:

* Italy made cash transactions over €1,000 illegal;
* Switzerland has proposed banning cash payments in excess of 100,000 francs;
* Russia banned cash transactions over $10,000;
* Spain banned cash transactions over €2,500;
* Mexico made cash payments of more than 200,000 pesos illegal;
* Uruguay banned cash transactions over $5,000; and
* France made cash transactions over €1,000 illegal, down from the previous limit of €3,000.

Joe Salerno: The War on Cash is the attempt by governments to phase cash out of their economies. Governments hate cash because they hate the financial privacy cash makes possible. And they prefer that you keep your money in a bank to help prop up an unsound fractional reserve banking system .. The War on Cash reflects the desperation of governments .. it really says that they are bankrupt, both literally, in the sense that they can’t pay what they’ve promised, and intellectually.

LINK HERE to the Article

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