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Spain Bans Cash!
serf
Member Posts: 9,217 ✭✭✭✭
Coming soon here in The U.S.of A.
serf
http://www.thedailybell.com/bellinclude.cfm?id=3814&bid=0&StartRow=41&PageNum=3
Spain Bans Cash Transactions Over 2,500 Euros ... Spain has outlawed the use of cash in business transactions in excess 2,500 euros in order to crack down on the black market and tax evaders. The motivations behind the push for digital currencies is exposed as Spain heads down the road of the Greeks in combating their sovereign debt crisis. As the government scrambles for every tax dollar it can get its hands on, even though they already gave every Spaniard $23,000 Euros in debt last year alone (approximately $32,500), they are now banning all large cash business transactions. Why? So they can track the transactions and make sure that people and business are paying taxes. Being able to track the transactions is also aimed to combat the growing black market in Spain. - Alexander Higgins' blog
serf
http://www.thedailybell.com/bellinclude.cfm?id=3814&bid=0&StartRow=41&PageNum=3
Spain Bans Cash Transactions Over 2,500 Euros ... Spain has outlawed the use of cash in business transactions in excess 2,500 euros in order to crack down on the black market and tax evaders. The motivations behind the push for digital currencies is exposed as Spain heads down the road of the Greeks in combating their sovereign debt crisis. As the government scrambles for every tax dollar it can get its hands on, even though they already gave every Spaniard $23,000 Euros in debt last year alone (approximately $32,500), they are now banning all large cash business transactions. Why? So they can track the transactions and make sure that people and business are paying taxes. Being able to track the transactions is also aimed to combat the growing black market in Spain. - Alexander Higgins' blog
Comments
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
Capt. Jack Sparrow.
Just out of curiosity, have you ever tried to do a cash transaction over $10,000 in the United States? You have to fill out forms:
http://www.irs.gov/pub/irs-pdf/p1544.pdf
Up until the 1930s, the US printed currency notes with $500, $1000, $5000 and $10,000 denominations. They were stopped, ostensibly to combat money laundering.
While I don't expect to see an end to paper currency (see the definition of seigniorage and also "crony capitalism" in regard to Crane Paper), I might expect a lower limit on reporting cash transactions.
BTW - the onus is on the employee, not the company or corporation. The employee goes to jail for not filling out the paperwork. That should up your paranoia a bit, although I'm not sure that's possible.
well that ought to stop the drug trade...oops unlicensed pharmacueticals...
Why do you say this is coming soon here in the U.S.A.? We don't usually follow in Spain's footsteps.
The underground economy and the tax revenue it would collect.Of course with a true cashless system it would be even better bringing in every digital dollar traded in for tax collection.
This may be delayed here however until a new immigration policy is brought on line so not to scare off new potential tax payers now working for cash only.Plus whoever is selling illegal items will be know to the treasury and they may need to launder their money while they can before the axe falls to the new system.
The government needs to clamp down to pay it's own debt and squeeze everywhere now to calm the Bankers and Federal Reserve problems with bad debt and buying it's own bonds.
serf
Its a stretch but it could happen.
Probably not in the next 10-15 years. But I forsee the non existence of cash period within the next 50 years. More of it is going to be market drive, of course the gub will benefit from this. But look at it now no cash or paper is exchange for most pay checks, most bills do not need any form of paper. I myself use little cash. The technology is already there to for households and the individuals to do cash transactions electronically. Not to mention the money litterally the gub would save not printing the stuff, tax skippers would be hard pressed to get around the system, illegal activity would take a major nose dive.
Its a stretch but it could happen.
maybe...or they could just be like many criminal types have done before and just barter....instead of paying cash for those drugs, folks will just traded stolen goods (i.e. guns)...Its not going to do anything to combat violent crime.