The 'War on Cash' Continues as Major Halt to Eurozone Issuance of €500 Notes Begins

Across the Eurozone, almost all regional central banks, that are part on the European Central Bank system, have stopped issuing the purple €500 bill.

The cover story is that it will make life more difficult for terrorists and other criminals.

The truth is the ECB tested and polled to determine what justification resonated best with the public in pulling the note.

The true reason for the withdrawal of the note is that the bank wants to be able to track as many transactions as it can get away with, By limiting the number of €500 bills in circulation, even medium size transactions will require the use of some type bank-issued credit or debit card.

Germany and Austria are the only regional central banks in the euro area that have refused to go along and will continue to issue the banknotes.

-RW