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The Shooting War on Cash Begins
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
mises.org / Joseph T. Salerno / FEBRUARY 15, 2016
The precarious and hostile coexistence between central banks and cash just ended. Earlier today the European Central Bank’s Governing Council voted to withdraw the 500-euro note (worth $558) from circulation. The note is the second highest currency denomination issued in Europe after the 1000 Swiss franc note (worth $1013). Comprising 30% of euros in circulation, the note is second only to the €50 note as a proportion of total euro currency in value terms. Of course, ECB president Mario Draghi recently insisted that any decision to withdraw the note has nothing to do with “limiting cash.” Rather the decision is aimed at fighting crime because, as Draghi melodramatically put it:
“There is a pervasive and increasing conviction in world public opinion that high-denomination bank notes are used for criminal purposes.”
The post The Shooting War on Cash Begins appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/15/the-shooting-war-on-cash-begins/
