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I cant wait until the government is able to track every transaction I make and find ways to tax me on them.
Smart Meters, black boxes in cars to tax mileage driven, digital currency via Paypal, Veriphone, federal rules that banks report large cash withdrawls by customers, etc... In truth, we are almost there. A revolt and people using cash only would literally crash the banks as there is not enough money for them to handle the demand without digital transfers.
Tell me, if the reason for this is to crack down on those who are doing illegal activity, do you really think they will follow the law and not use cash?
lol ditto^
by definition criminals break laws, why would they not BREAK THIS ONE too?
Spain is about ready to implode. The banks don't have the money to pay anybody back.
Spain is about to enter a full-scale Crisis.
A few facts about Spain:
• Total Spanish banking loans are equal to 170% of Spanish GDP.
• Troubled loans at Spanish Banks just hit an 18-year high.
• Spanish Banks are drawing a record €316.3 billion from the ECB
(up from €169.2 billion in February).
Things have gotten so bad that Spanish citizens are pulling their money out of Spain en masse: €65 billion left the Spanish banking system in March 2011 alone.
As bad as they are, even these data points don't do justice to the toxic sewer that is the Spanish banking system.
Case in point, over HALF of all Spanish mortgages are owned by Spanish cajas.
If you're unfamiliar with the caja banking system, let me give you a little background...
Until recently, the caja banking system was virtually unregulated. Yes, you read that correctly, until about 2010-2011 there were next no regulations for these banks (which account for 50% of all Spanish deposits). They didn’t have to reveal their loan to value ratios, the quality of collateral they took for making loans… or anything for that matter.
So, with Spain today, we have a totally unregulated banking system sitting atop HALF of ALL Spanish mortgages after a housing bubble that makes the one that happened in the US look like a small bump.
I can not even think of transactions above 2500 Euros normally carried out in cash, except for the payment of bribes and other illegal transactions. In Europe we pay for most anything beyond daily errands via bank transfer anyway. The biggest amount of cash I remember having on me was about 300 Euros.
Greece has thrown the Euro aside and is using home grown barter/currency credits.
And they are surviving. They still use Euro's for mortgage payments and such but for day to day it's now TEM credits.
I take more than that when I am buying a kilo of coke.
I'd hope so! I've heard those guys don't take checks...
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Be careful for what you wish.......
