The European Payments Council (EPC), a subdivision of the European Central Bank, is taking one giant step forward in their quest to eliminate all cash to increase taxes. They have gone ahead and set up the technical bases last week to enable the immediate payments system throughout Europe. One of the stumbling blocks has been the fact you cannot transfer money same day for banks like to play with your money and holding it for a few days. If the payment comes from overseas, the bank will not “clear” the funds usually for six weeks.
Unless money can become instant, it is really impossible to eliminate cash. The SEPA Credit Transfer Scheme will move to allow instant transfers. The goal is to eliminate ATM machines and force people to pay using their mobile phone beginning in November 2017. Of course, there is nobody thinking about tourism. How will an American pay for something on a vacation in Europe? One suggestion behind the curtain I was recently briefed on was they could pay in advance and have an app that then pays for things in Europe.
The hunt for taxes is getting pretty bad. The entire reason for the introduction of passports was by the Roman Emperor Diocletian following the collapse during the 3rd Century. Diocletian introduced wage and price controls, and doubled the number of bureaucrats at the government’s command; Lactantius was to claim that there were now more men using tax money than there were paying it. A form of introducing a passport not to travel to foreign lands since civilization was the Roman Empire, but to be able to travel within the Empire because you could not leave your home town until you paid your taxes.
Full article: The War on Cash – One Giant Leap Forward For Government (Armstrong Economics)