Saturday, January 14, 2012

It's Really, Really Getting Crazy: Italians Banned from Cash Transactions of More than 1,000 Euros

Bloomberg report ed last week:
Prime Minister Mario Monti, in office just over a month, wants landlords, plumbers, electricians and small businesses to stop conducting large transactions in cash, which critics say helps them evade taxes. The government on Dec. 4 reduced the maximum allowed cash payment to 1,000 euros from 2,500 euros.
The noose is tightening, everywhere. The elitists and banksters are clearly going for the big play. They want to monitor every transaction you make and they want to monitor you.

So who is this Monti guy that wants to limit cash payments of Italians?  A total bankster. Monti completed graduate studies at Yale University, where he studied under James Tobin (see the Tobin Tax). He is a member of the European Commission. He is European Chairman of the Trilateral Commission and and member of the Bilderberg Group.

Draghi was also Goldman Sachs International’s vice-chairman for Europe between 2002 and 2005, a position that put him in charge of the the “companies and sovereign” department, which shortly before his arrival, helped Greece to disguise the real nature of its books with a swap on its sovereign debt.

Monti was an international adviser to Goldman Sachs from 2005 until his nomination to lead the Italian government.

They are closing in hard. Soon it will be elitists and peasants, with a few, but very few, areas where you will be able to operate freely.

Check out what is going down in India:


  1. I wonder how this would play out for gold and silver? For instance, what if people started pricing things in an alternative currency? Let's say instead of something costing e2400, could I just say its 2 USD$50(e40)face value gold 1 ounce coins? My guess is that bartering will become the work around for the people and that gold and silver will take the place of official money, especially since in all western governments(that I know of), neither are considered actual money. For instance, an official US $50 gold coin used in an official transaction (paying taxes) is considered worth only $50 by the government and not its weight in gold. In fact, the fact that its made out of gold is irrelevant. It would seem to me that these kind of laws will produce an unintended consequence of bringing back pm currency.

  2. The rent-seeker in bed with the Indian govt who is doing so under the guise of 'entrepreneurship' and 'reducing corruption', neither of which is or will be occurring under the current arrangement:

  3. Let me get this straight, if I take more than €1000 in cash, I'm breaking the law. If I demand payment in cash to avoid being taxed, I was breaking the law already. So, why should I care? Won't this just drive the underground economy further underground? It's like asking all criminals to turn in their guns. Yeah, right.

  4. I always wonder why black men in 1860 Georgia didn't just kill the white man who claimed to own them and then take over the plantation. Lincoln (Fascism) didn't free the slaves...He enslaved us all. Right Mario?

  5. On a whim I purchased .5 oz and .10 oz gold coins in NY the other day, paying cash. To do so I had to allow photocopying of my ID and filling out a form with SSN and address "because of the PATRIOT Act".

    WTF does "antiterrorist" law have to do with such a transaction? Call it an IRS thing and I would (reluctantly) understand, but the bloody PATRIOT (sic) act?

  6. anon @ 11:57am, agreed, those that have bypassed will bypass; but the vast majority follow the rules, and will probably complete transactions non-cash...with less cash being withdrawn from banks, less likely base reserves 'deplete'...and less likely base reserves are floating in and around the economy

  7. @Hugo... I was just thinking how it's been a while since I've seen a post on EPJ about bitcoin. I think the last post here was when RW came pretty close to bottom-calling the bitcoin price in US$. Has anyone checked to see how Ben's money printing affects bitcoin price.

  8. For as long as I can remember, Indians cannot have cash transactions of over Rs 20000 (approx $400). It is against the law - You cannot even go to a bank and deposit cash in excess of that without filling some forms etc. But what is the result - more than 50% of the Indian economy is underground - huge cash transactions take place routinely. Huge loss of "tax revenue" and a parallel underground economy - but guess what - who benefits the most from this - The politicians and the big corrupt business who is in bed with them. Its one big fraud.

  9. anon @ 3:26 PM As far as I know, Bitcoin is more correlated with stocks than with other currencies, but its hard to tell how Bernanke's money printing has affected Bitcoin.

  10. anonymous@07.16. that is not true. ATMs have a daily limit of 20000 rupees withdrawal. i am indian and happily indulge in cash transactins wherever possible.the black economy in india is huge and i am proud of it. i dont want the stinking govt to see where i spend my money.
    nandan nilekani -founder of infosys-who is running the UID scam -is the usual bleediing heart,well intentioned,but uninformed idiot who made his millions in a sector free of govt intervention,but is blind to the abuses of an ID scheme.btw,thanks to standard indian inefficiency,the UID scheme is not getting will die a slow death

    1. The US will have no inefficiency problems.