The War on Cash is not about fighting crime. It is not even about tracking taxes. Fundamentally Keynesian economists want to eliminate cash so that sub-zero interest rates can be implemented in the future.
If one can hold cash and realize a relative yield to putting money in the bank one will hold onto cash. The Keynesians despise that such power rests in the hands of “the public” and they are seeking to eliminate it.
(From The AntiMedia)
In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years.
The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. The fear of physical money flowing out of the trade bloc has manifested a draconian response from the State.