The European Central Bank will stop printing the 500-Euro note, which economists have indicated is a step towards banning cash altogether.
Claiming the banknote “could facilitate illicit activities,” the ECB said it would stop producing the bill at the end of 2018, but academics are pointing out there’s no evidence the bills were heavily used in crime.
“Organized crime isn’t stupid,” said Friedrich Schneider, an Austrian professor and expert on the black economy. “Most money is laundered without cash via bogus companies.”
And it’s been well documented that the central banks themselves are also laundering billions for organized crime, so the abolition of cash is the only plausible reason for the note’s discontinuation.
“In their desperate bid to double down on almost a decade of failed inflationist monetary policy, they would use the debate to stampede the public into accepting the elimination of cash as the price to be paid for fighting terrorists and organized criminals,” said Joseph T. Salerno with the Mises Institute. “A cashless economy would trap all holdings of monetary wealth within a government-controlled banking system.”
“Central bankers would then be free to open up another avenue for their own criminal plunder of the productive middle class by pushing nominal interest rates deeper into negative territory and to redistribute the stolen wealth to the political class and their bankster and corporate cronies.”
And this will enslave the poor into an electronic monetary system they don’t control, allowing central banks and the government unparalleled ability to confiscate money at will through taxes and “bail-ins.”
For example, after Cyprus’s largest bank went under from exposure to debt-crippled Greece, the Cypriot government looted people’s bank accounts in 2013 as part of a “bail-in” program with the International Monetary Fund and the European Central Bank.
“If you can do this once, you can do it again,” said financial analyst Lars Seier Christensen, adding that the “bail-in” was full-blown socialism. “If you can confiscate 10% of a bank customer’s money, you can confiscate 25, 50 or even 100%.”