While the entire world is distracted by Donald Trump and his immigration ban, it appears that something a bit more important is taking place in Europe. Apparently, the systematic ban on cash is beginning to snowball in the European Union.
Following suit behind France and Spain, new regulations are spiraling out of control and taking control of the entire continent. For whatever reason, the fear of physical money has the State racing to pass whatever legislation they can to prevent paper currency from entering circulation.
In the new European Action plan, specific dollar amounts are not mentioned, however, they state their reasoning is due to money laundering and the financing of terrorism. In order to back the new legislation, border checks have been implemented. Despite the plausible reasoning, it is obvious that there is a clear ulterior motive.
Unfortunately, for the citizens of the Union less physical currency can only mean one thing: higher inflation and negative interest rates. Furthermore, if the central bank did in fact collapse, consumers would lose the choice to pull their funds out and run, if paper currency is no longer an option.
It all began with Chief Economist at the International Monetary Fund(IMF) Kenneth Rogoff, after he published a paper just last year, stating his opinions on removing the $100 bill.
“There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cash—cryptocurrencies, uncut diamonds, gold coins, prepaid cards—but for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance.”
His announcement came within months of the $500 dollar-euro note’s discontinuation. However, it parallels with India’s lead in thwarting the financial independence of their citizens. The goal is obviously financial isolation and ultimately will lead to financial repression.
Sadly, while the public remains distracted by political football games, social justice warriors, and social media, the cold, hard, truth, remains hidden from the public. While we continue to waste precious time on pointless arguments that lead the public nowhere, we are ultimately losing any true financial rights that we still have. When will we learn to start leaning towards alternatives that could possibly save us before we allow ourselves to be taken for the fools that we are making of ourselves?