2016-02-03

Germany Tightens Cash Controls

ZH: Germany Unveils "Cash Controls" Push: Ban Transactions Over €5,000, €500 Euro Note
On Tuesday we got the latest evidence that officials across the globe are preparing to institute a cashless “utopia” when Handelsblatt reported (in a piece called "The Death of Cash) that the Social Democrats - the junior partner in Angela Merkel’s coalition government - have proposed a €5,000 limit on cash transactions and the elimination of the €500 note.

Berlin is using a familiar scapegoat to justify the plan: the need to fight "terrorists" and “foreign criminals."

“Limits on cash transactions would discourage foreign criminals from coming here to launder money,” says a paper penned by the Social Democrats. “If sums over €5,000 have to pass through traceable bank transactions, laundering would be severely hampered, it adds.”

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