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Banks are now charging to make change… and tracking who asks them to do it.
Greek newspaper Ekathimerini reports several Greek banks now charge customers to swap out their banknotes.
Trading a 500-euro bill ($564) for smaller bills will cost you three to five euros ($3.38 to $5.64).
The policy follows a recent announcement by European Central Bank (ECB) Chair Mario Draghi. He’s proposed removing the 500-euro note from circulation. So Greeks are swapping out their 500-euro notes for smaller bills. They don’t want to get stuck with “unrecognized” paper.
Ekathimerini also reports banks are recording everyone who asks to cash in their 500-euro notes.
The Bank of Greece’s official intention is to combat “money laundering.” But regular Daily readers know the real reason…
It’s the latest attack in the global War on Cash. (We’ve covered other episodes here, here, here, and here.)
Paper money acts as an “escape hatch” against central banks’ negative interest rate policies (which charge depositors to hold cash in the bank). Cash thwarts central banks’ stimulus measures. And that’s why it must now be eliminated…
Bottom line: Follow Tom’s advice. Take some cash out of the corrupt banking system now. You’ll want to have plenty of paper cash available before similar withdrawal or transaction limits hit the U.S…
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Is this the end of the $20 bill?
Estimates show there may be less than $250 billion actual dollars in circulation in the U.S. I’m talking about paper cash… If that sounds like a lot, consider that consumer spending alone is $11.2 trillion every year… Which means only 2% of that money actually exists as cash. What’s the rest? It’s simply a series of digits “flying” between banks and cash registers. Is your money safe there? No one can tell for sure… But there is a way to protect your wealth from the total eradication of cash… |
