France is of course the most socialist country in Europe and it always attacks anyone with money. Its latest war on money is broadening to create a virtual lock-down on all assets of anyone. France is strengthening the control of cash payments drastically. Also the gold sales and movement of any tangible goods is to be reported.
The French Finance Minister Michel Sapin has announced a drastic tightening of the use of cash in France. As the newspaper Le Parisien reported that citizens should be strictly monitored from September 2015 if they make payments in cash.
– The limit on cash payments will be reduced from 3,000 euros to 1,000 euros.
– Tourists can only pay up to 10,000 euros in cash, so far there were 15,000 euros.
– If a Frenchman wants to change money into another currency, it must still do to 1,000 euros without identification only. So far, French could buy foreign currencies for 8,000 euros.
– If a bank customer stands out more than 10,000 euros in a month from his account, the bank must report the transaction to the Money Laundering Authority TRACFIN.
– Banks must inform the authorities of all cargo transfers within the EU that exceed 10,000 euros. This regulation checks, pre-paid cards and even gold are affected.
– The control of crypto-currencies like Bitcoin to be drastically tightened.
This is the economic tyranny we face. What is yours really belongs to them from the way they see it. We no longer live in a democratic world. This is all about them controlling the people to sustain their power. The French official reason for these measures is the “war on terror”. In fact, it is the measure that we are witnessing around the globe because those in power feel it slipping away. This is not a war on terror, it is war against the people in the form of financial repression. It is still unclear whether other euro countries to follow the example of Paris and its citizens in other countries restrict the free, private use of their money.
The Great Asset Mania has invisibly eroded capital and produced occult poverty even as the veneer of phenomenal wealth is slapped onto the rising Jenga Tower (to the sky.)
The “Authorities” aren’t really that clued into what is happening, but they take baby steps to try to keep “viable” claims on remaining *real* capital from moving to the sidelines. They don’t want the Regular People to be able to climb off the scaffolding as this rickety tower rises into low Earth orbit.
This is what “the war on cash” constitutes. Cash (printed banknotes) is the only physical claim on dollar-denominated assets. All other claims are electronic or, in reality, a product of simple mass psychology.
Non-physical claims can evaporate, banknote claims cannot. Banknote claims can be diluted by creating more claims for which no corresponding additional production backs, and that has been the rule CONTINUOUSLY since 1932.
In the past 40 years, additional claims “produced” have far, far, far outstripped additional production, and this is why prices have shot up for so much stuff. This is the definition of inflation.
But most of the “inflation” has been in claims that have no physical existence. It is growth in credit, borrowed into monetary existence by becoming someone’s IOU to be held by a creditor, where most of the inflation has occurred.
I think that credit growth, already exponential since 2008 and before, is on its final rally. Signs of slowing rate of change are everywhere. When credit growth becomes credit shrinkage, higher-order IOU’s (e.g., High Yield Debt, Money Market Claims, Municipal Bonds, etc.) seem likely to suffer questions of trustworthiness.
Rising interest rates should come (the 10 year T-note interest rate bottomed almost 3 years ago, and has subtly risen since then in fits and starts) and eventually indicate not economic growth but fears of default. Rising rates axiomatically mean declining value of the underlying capital value of the IOU’s.
This is how a credit collapse may appear in its early stages.
The last thing anyone in Authority wants is for people to try to move from higher risk areas (stocks, corporate bonds, muni-bonds, etc.) to the lowest order debt in the system, Federal Reserve Notes. Value “parked” in banknotes represents dead capital. Same with parking it in gold coins or bars.
Ironically, desperate attempts to keep the Players in the Casino will have exactly the same effect as it would if a real casino actually attempted to prevent its guests from leaving: At first, as long as the food was good, the waitresses pretty, the booze top shelf and the games paying off, people would largely accept the exits being blocked. Only a few cranks would try to slip out the employee entrance or the loading dock.
But as attempts to block the exits became more obvious and apparent, more guests would become concerned. At a certain point, that concern would reach critical mass and a panic ensues. Everyone rushes the exits at once and guests are injured or killed by the score.
In the end, the casino is now EMPTY. Trying to prevent exit made matters far, far worse than just letting people spontaneously choose for themselves.
This is why the “war on cash” informs us that the eventual chaos and destruction will be even worse than it needed to be.
We are ruled by fools.
The Full Monte of this War on Cash would be to repudiate the contract of banknotes, basically defaulting on them as an IOU. If that happens, I doubt there’s a pit in hell deep enough for those who conceived and implemented it.
The problem in a nut shell for governments is this.
The only way to get employment at this point is move resources to the private sector.
Only, tax cuts on the rich can have a supply side effect. Since, they take the risks and have the capital. In absence of this the government is just treading water trying to sustain itself. And the only way it can tread water now is to raise taxes in some manner snap or form.
At some point, there will be more black market activity than not – people will need to ignore these idiotic laws to survive. Ultimately, all this stupidity serves to destroy the legitimacy of the government.
AC says:
At some point, there will be more black market activity than not – people will need to ignore these idiotic laws to survive. Ultimately, all this stupidity serves to destroy the legitimacy of the government.
we are already here. there’s not a snowball in hell of a chance that this mofo of Hollande gets re-elected.
the current media campaign against the anti-system right wing of Marine le Pen is mind blowing. the sionist-socialo fachist dictatorial motherfuckers know they are done and their brainwashing machine too. they send all they have, and they will fail. people are fed up and the breaking point has been reached.