Greece Outlaws Cash 2011. It Starts.

Reuters announced today that new Greek laws brought in by the Finance minister will outlaw ALL cash transactions above 1500 euros. Those will have to be done by debit or credit card, or be considered illegal.
Just as predicted- cash is to be taken away, giving the financial institutions and the government even more power over the people

Not sure how to post the quoted info on the thred, so I will just post the web link first


www.reuters.com...

this was the main quote mentioned in the above article.

"From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards"

Notice he was very clear in his language to say NATURAL PERSON for a human being to distinguish it from a business (person)

Looks like a way to fight inflation by making the Euro harder to obtain. Sort of like flawless diamonds are more expensive because they are less common.

"I care not who runs a country so long as I receive, from every exchange exceeding 1500 Euro, a transaction fee."

Yeah. That's the ticket.

Greece will have to control its spending and take some strong measures to bring unemployment figures and local economy back on track. Just printing more cash notes won't be able to help a lot.

reply to post by Hermes8


Well, lets see what other nations "outlaw" cash.

When the collapse of the dollar actually hits the USA, expect the same.
Only things can be paid with a Credit Card.

And then, the global currency, CREDIT, will be instituted.
So no more cash, only electronic credits will be issued.

Prediction Thread!

reply to post by havok


I tend to agree with you but so much of the drug trade carried on by the CIA relies on cash. The underground economy cannot go digital so it would be kinda like shooting themselves in the foot to do it here.

Originally posted by Asktheanimals
reply to post by havok

 

I tend to agree with you but so much of the drug trade carried on by the CIA relies on cash. The underground economy cannot go digital so it would be kinda like shooting themselves in the foot to do it here.

That's rather astute. Had to give you a star.
Maybe the addicts will then have to go directly to gobermnt sponsored drug houses and get their meth/coke/pot ect there. Maybe not. But electro cash is coming! And it won't be good.


[edit on 16-2-2010 by Violater1]

Using credit and debit cards allows them to charge transaction fees. More money for the elite..

The Greeks sure know how to put on a proper riot in the streets. If there ever was a reason to riot this is one of them.

[edit on 2/16/2010 by Erasurehead]

Originally posted by Hermes8

Reuters announced today that new Greek laws brought in by the Finance minister will outlaw ALL cash transactions above 1500 euros. Those will have to be done by debit or credit card, or be considered illegal.
Just as predicted- cash is to be taken away, giving the financial institutions and the government even more power over the people

Not sure how to post the quoted info on the thred, so I will just post the web link first


www.reuters.com...

this was the main quote mentioned in the above article.

"From 1. Jan. 2011, every transaction above 1,500 euros between natural persons and businesses, or between businesses, will not be considered legal if it is done in cash. Transactions will have to be done through debit or credit cards"

Notice he was very clear in his language to say NATURAL PERSON for a human being to distinguish it from a business (person)

Just pay in installments of 1499 CASH.

reply to post by Hermes8


Wow, lets hope that they manage to sort out the security flaws in electronic payments that still exist (such as that report this week about how it is still possible to defraud via chip-and-pin - UK). If your government forces a citizen to use a system, doesn't that place a duty/responsibility on that government to ensure that the citizen is protected adequately in that transaction?

Originally posted by Asktheanimals
reply to post by havok

 

I tend to agree with you but so much of the drug trade carried on by the CIA relies on cash. The underground economy cannot go digital so it would be kinda like shooting themselves in the foot to do it here.

The underground economy does not need cash or credit. It already operates heavily on weapons, drugs, and control. There is a huge amount of bartering. The big timers in the underground, especially the CIA, are already operating digitally, because it is more anonymous than cash. Anonymous numbered accounts and multiple wire transfers protect the guilty. A deposit and a number of transfers can make a worldwide multimillion dollar transaction happen instantly.

This may limit the small timers, but it plays right into the hands of the masterminds and cartels!

reply to post by Hermes8


Also, is it me or does it seem odd to leave any kind of ceiling i.e. 1,500 and above. Surely you need to outlaw cash period. Otherwise how do you enforce it? Of course it would be very difficult for any nation with angry impoverished citizens and businesses to force them to replace every coin operated machine at such short notice though wouldn't it?

So, when we finally eliminate physical money all together globally, do we simply call them "credits"...

sorry, I see this as being a rough transition time, but the sci-fi geek in me is perking up.

Originally posted by Asktheanimals
reply to post by havok

 

I tend to agree with you but so much of the drug trade carried on by the CIA relies on cash. The underground economy cannot go digital so it would be kinda like shooting themselves in the foot to do it here.

You seem to be forgetting that drug trades are already illegal, so it wouldn't affect the CIA's means of funding one bit. In fact, it will probably make it easier if they move ahead to seize any and all illegal transactions of cash. Bigger pool of illegal activity to choose from if you will.

Makes me wonder how the CIA is going to function when they cant conduct drug trafficking with cash anymore.

Just a quick note from someone who is of Greek origin, grew up there, and spends time there ...

Note that the cash transaction limit is under the TAX reform category. The reason for that, and something that every Greek is familiar with, is that Greece is rife with tax fraud and government/business corruption, which in most cases happens with vast cash transactions. It was always an understood and running joke amongst Greeks, that we always complain that we're all broke while at the same time walk around with huge wads of cash in our pockets.

From a distance it might seem as this is a pretext to introduce a cashless society (and it might be), but on a real and practical level this measure seems to be the only way to curb decades and a culture of under the table dealings, kickbacks, and even more sordid criminal behavior. Even something as seemingly unrelated as the massive fires by arson we experience every summer can be traced to large cash transactions.

Listen, I am as weary of this sort of measure as anyone, but Greece is in the pooptank as we speak. They really cannot continue to do business like a third world country. These measures whilst draconian, should they be effective in curbing the massive issues of tax evasion and corruption will benefit everyone. The under the table culture simply needs to be changed for the situation to improve, and it needs to improve!

It may however all be way to little and way to late.

[edit on 16 Feb 2010 by schrodingers dog]

reply to post by Hermes8


Are checks considered the same as cash? They are certainly not credit or debit cards. So every B-to-B transaction is now a boondoggle for the banks to charge fees to use these silly cards? What crap. V, MA, and AXP will now effectively get 3% of Greece's GDP in annual revenues. Buy their stocks.

reply to post by SaturnFX


You know, as geeky as it is, I was thinking the same thing! But now we'll hear from the "One world currency = one world government = End of all good things" crowd. Sigh.

So what happens in Greece when the power fails or the computers get hit by an economic virus that scrambles the value of the Euro? Do the people who stick to cash come out on top? Can Cash mean anything compared to the arbitrary value of electronic currency? My head hurts.

So what is going to stop people from dividing their money into parts and sending it in parts?

Say someone has 2000, why can't they just divide it in half and send each half? 1000 and 1000 is below 1500. Does it make it legal?

Seems like a stupid law with many loopholes.

[edit on 16-2-2010 by ALLis0NE]

Sick of that annoying bank card? Tired of forgetting your wallet at home? Now for a small fee you can get this handy RFID chip implanted in your hand and now you will always have your money and ID with you. Get yours wial suppleis last.