from Mike Mish Shedlock:
Spain’s underground economy is reportedly 19% of GDP. Is it? Who knows? Whatever it is, Visa has its eyes on transaction fees while holding a carrot in front of the Spanish government regarding more taxable income.
Via Mish-modified translation from Libre Mercado, please consider Visa recommends Spain further limit the use of cash transactions.
The black market economic activity is beyond the control of the Treasury, and is one of the [...]
Russia Beyond the Headlines
March 26, 2013
Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme.
Moscow is looking to kill two birds with one stone: Firstly, it wants to [...]
thedailybell.com / By Staff Report / January 11, 2013
Greek Finance Ministry plans to put an end to cash payments. Purchases worth more than 500 euro will be not possible with cash money anymore. Finance minister Yiannis Stournaras told the Parliament on Thursday that he examines that “the expansion of electronic transactions with credit cards and other electronic payment methods for a wide range of transactions for amounts much smaller than those required by [...]
By 2014, the US Department of Homeland Security will be able to scan you at the molecular level from 164 feet, and you won’t even know it. Starting 2013, the US Department of the Treasury will be able to scan every bank and brokerage account you have in the world, save a few possibilities. In both cases, if the government doesn’t like what it sees, they can make short work of [...]
Courtesy Google Translate:
Rome – The technical Rome government wants to limit cash transactions in Italy.
From 2013, citizens may pay amounts in excess of 50 euros only by credit or debit card. That the Council of Ministers decided today.
The measure is intended to reflect the money laundering and black money payments to clamp down. Since July, the government has banned cash transactions over 1,000 euros.
The Pain in Spain is too Big to be Contained
Courtesy of Phil of Phil’s Stock World
Not the Economy (yet) but how I feel so far in my weekend reading. Even John Mauldin, who went against his wishes to ignore Spain this week, now echos my thoughts on the subject in an excellent overview of the situation. Russ Winter has a similar view in “Bernanke and Germany Wake up to a Merda Storm,” [...]
Why is a cashless society the holy grail of total tyrannical control for the Banksters? Because once your entire financial banking life is under the dominion of these criminals in the form of a card or an implanted chip, you will never again be free. They are already tracking you, building a database about you and monitoring your every move. But once cash transactions are done away with entirely, if [...]
The new Spanish PM, Mariano Rajoy, has announced that business cash transactions of over €2,500 are to be banned as an anti-fraud mechanism to increase tax income for the Government. Breaches of the rule will result in fines of 25% of the value of the payment. Sr Rajoy mentioned the reform in a Q&A session in Parliament, so more details will no doubt be forthcoming when the measure is formally [...]
MF GLOBAL DIDN’T ALWAYS RECORD CASH MOVEMENTS, TRUSTEE SAYS
TRUSTEE SAYS MF HAD SHORTFALL IN COMMODITIES FUNDS START OCT 26
MF BROKERAGE TRUSTEE TRACED $105 BLN IN CASH MOVEMENT
MF COMPUTERS COULDN’T TRACK VOLUME IN FINAL DAYS, TRUSTEE SAYS
Of course, we know that MF Global is the only company to not follow Fiduciary Principles 101 (client cash commingling) but also Accounting 101 (T square, debits, credits, and all that boring and apparently irrelevant in a [...]
* 30 billion euros in tax hikes, spending cuts
* Monti renounces own salaries
* Pension age to rise to 66 by 2018
By Giuseppe Fonte
ROME, Dec 4 (Reuters) – Prime Minister Mario Monti unveiled a 30-billion-euro ($40.3 billion) package of austerity measures on Sunday, raising taxes and increasing the pension age in a drive to shore up Italy’s strained finances and stave off a crisis that threatens to overwhelm the euro zone.
Packed into a [...]
Cold hard cash. It’s good everywhere you go, right? You can use it to pay for anything.
But that’s not the case here in Louisiana now. It’s a law that was passed during this year’s busy legislative session.
House bill 195 basically says those who buy and sell second hand goods cannot use cash to make those transactions, and it flew so far under the radar most businesses don’t even know about [...]
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“Now, with respect to Solyndra and Fast and Furious, you know, I think — you know, I have been very clear. That I have complete confidence in the Attorney General Holder in how he handles his office. He has been very aggressive in going after gunrunning and cash transactions that are going to these transnational drug cartels in Mexico. There has [...]
by Keith Jurow
Back in May, I posted an article on Minyanville asserting that all-cash buyers have kept several major housing markets from collapsing. (See All-Cash Buyers Preventing Collapse of Housing Markets.) With new evidence in to support this claim, now is a good time to revisit this important issue and broaden the examination.
In major housing markets such as Las Vegas, Phoenix, and Miami, investors have played a [...]
Apparently America’s “Patriotic (yet just slightly hypocritical) Millionaires” phenomenon is spreading. In an open letter sent to the Government and to Parliament (we assume the post office can track down the recipients at whatever seaside resort complexes they are to be found), 75 Italian managers, industrialists and professionals, propose what in their opinion is best for the country, which is another way of saying [...]
WASHINGTON — The number of dollar bills rolling off the great government presses here and in Fort Worth fell to a modern low last year. Production of $5 bills also dropped to the lowest level in 30 years. And for the first time in that period, the Treasury Department did not print any $10 bills.
The meaning seems clear. The future is here. Cash is in decline.
You can’t [...]