The Phaserl


Securing Your Assets When Financial Privacy Is Dead

from The Daily Bell:

Daily Bell: Give us some concrete examples of infringements on privacy that are not directed at criminals but instead target law-abiding citizens.

Nick Giambruno: There are many examples, but the most poignant is the metastasizing global War on Cash, which is part and parcel of the assault on financial privacy. It’s no secret that governments around the world hate cash, as cash transactions are harder for them to track and control. That’s why we’ve seen increasingly restrictive measures in countries around the world. In just the last few years …

  • Italy made cash transactions over 1,000 euros illegal
  • Switzerland has proposed banning cash payments in excess of 100,000 francs
  • Russia banned cash transactions over $10,000
  • Spain banned cash transactions over 2,500 euros
  • Mexico made cash payments of more than 200,000 pesos illegal, and
  • Uruguay banned cash transactions over $5,000.

And most recently, France made cash transactions over €1,000 illegal, down from the previous limit of €3,000. Once the French people have gotten used to the €1,000 rule, expect the limit to be lowered again and again until the government can document the purchase and sale of every baguette. Even if they don’t lower the nominal official cash limit that the bureaucrats have deemed illegal, the constantly depreciating nature of fiat currencies will do the same thing.

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