Cashless Society Coming to Germany
by Martin Armstrong
ArmstrongEconomics.com
July 5, 2015
The North Rhine-Westphalian Minister of Finance Norbert Walter-Borjans (SPD) has called for an upper limit for paying with cash of €3000. The justification is to end crime and tax evasion. Germany is not introducing the €1000 limit as in France and Italy, but it is just getting their foot in the door. Once you get people to accept that limitation, then Brussels will lower it on a unified basis.
We are headed into the cashless society all because these people cannot collect enough taxes ever. We must pay for their fiscal mismanagement on a global scale for 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 the current world monetary system and government debt structure is unsustainable.Cyprus and Greece were the first casualties. The contagion has begun.
