Europe Prepares for the Next Assault in the War on Cash

Europe is perhaps the most centrally controlled political system in the world: a place in which political and economic policies range from socialist (the public sector accounts for 30% of “free market” German’s employment) to extremely socialist (the public sector accounts for 56% of France’s employment).

As such, Europe is where a Central Banker can implement the most insane policy and get away with it.

Remember, it was Europe that first implemented “bail-ins” in which deposits were STOLEN to bail out a bank.

And it was Europe that banned using physical cash in numerous transactions: France and Spain have banned any transaction over €1,000 or €2,500, respectively, from using physical cash.

Euro zone central bank officials are considering options such as whether to stagger charges on banks hoarding cash or to buy more debt ahead of the next European Central Bank meeting, according to officials.

Officials, who spoke on condition of anonymity, said that even buying rebundled loans at risk of non-payment has been discussed in preparatory meetings, although such a radical step is highly unlikely for now. The ECB declined to comment.

That’s correct. Sitting on cash is now an evil thing according to Central Bankers in Europe.

This is not the end of the war on cash. Ultimately it will culminate in efforts to impose a carry tax on physical cash if not ban cash outright.

Full article: Europe Prepares for the Next Assault in the War on Cash (Zero Hedge)

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