Posted Jul 5, 2015 by Martin Armstrong
The North Rhine-Westphalian Minister of Finance Norbert Walter-Borjans (SPD) has called for an upper limit for paying with cash amounting to €3000. The justification is to end crime and tax evasion. Germany is not introducing the €1000 limit as in France and Italy, but they are getting their foot in the door. Once you convince people to accept that limitation, then Brussels will lower it on a unified basis.
We are headed into a cashless society all because the people in government can never collect enough taxes. We must pay for their fiscal mismanagement on a global scale. Governments create debt year after year, with no intention of ever paying, yet are bound to pay interest forever reducing the national wealth. A two-year-old can figure out that the current world monetary system and government debt structure is unsustainable. Cyprus and Greece were the first casualties. The contagion has begun.