Zero Hedge: “Having discontinued its production of EUR 500 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 drug-dealers need cash (nothing at all to do with totalitarian control over a nation’s wealth) – we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear:
Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold.”
Opinion: The United States is the engine of the global economy. If the engine stalls, the rest of the train stops. This morning the Bureau of Labor Statistics reported that the US economy grew at an anemic 1.9% for the 4th quarter, thanks to tens of thousands of onerous anti-business regulations and high corporate tax rates imposed by eight years of Barack Obama.
Europe is even worse…