by Kenneth Schortgen Jr., The Daily Economist:
In the wake of declining economic conditions, and the fact that there is now a race against the clock for the European Commission to lock into place its ultimate authority before the entire European Union breaks apart from a populist revolt, the EC is rushing out to enact an new Action Plan that would eliminate physical euros from use in commerce.
This plan is also being forged as the European Central Bank runs out of options after driving interest rates into negative territory, and after having bought so many corporate and sovereign bonds that there is little more Mario Draghi can do to keep Europe’s economy together.
In the shadow of Donald Trump’s spree of controversial actions, the European commission has quietly launched the next offensive in the war on cash. These unelected bureaucrats have boldly asserted their intention to crack down on paper transactions across the E.U. and solidify a trend that has been gaining momentum for years. The financial uncertainty amplified by Brexit has incentivized governments throughout Europe to seize further control over their banking systems. France and Spain have already criminalized cash transactions above a certain limit, but now the commission has unilaterally established new regulations that will affect the entire union. The fear of physical money flowing out of the trade bloc has manifested a draconian response from the State. The European Action Plan doesn’t mention a specific dollar amount for restrictions, but as expected, their reasoning for the move is to thwart money laundering and the financing of terrorism. Border checks between countries have already been bolstered to help implement these new standards on hard assets. Although these end goals are plausible, there are other clear motivations for governments to target paper money that aren’t as noble. – The Anti-Media
Many analysts, including one of the original architects of the Euro, have stated that the flawed currency is quickly perishing, and that nations within the EU are more than likely going to return to their own sovereign currencies. However this would mean that the EC, and well as the ECB, would lose tremendous power, and as a result they are pushing hard to eliminate physical cash in order to enact a purely digital system through which they can dominate both nations and people by utterly controlling Europe’s monetary system.
As we have seen so far in India’s failed experiment to eliminate cash and attempt to bring the country’s 1.3 billion people into a completely digital system, much of their economy has broken down, and the people have rebelled in a myriad of ways. And with more and more Europeans waking up and recognizing that the EU experiment has been a hindrance to freedom, prosperity, and cultural sovereignty, the race is on to see who will succeed first… mass exits, or ultimate control over the continents money and banking systems.