The War On Paper Currency Officially Begins: ECB Ends Production Of €500 Bill

http://www.talkmarkets.com/content/news/the-war-on-paper-currency-officially-begins-ecb-ends-production-of-500-bill?post=93498&uid=4798


From the link:

In other words, if overnight the €307 billion worth of €500 bills were eliminated, the notional value of the entire amount of European physical currency in circulation would decline by 30% to €700 billion!

And there you have it: while it may not be banning all European cash outright, we are confident the ECB would be delighted if one third of it was to start, while pretending to be fighting financial crime, terrorism, corruption and drug dealers. 

Of course, what Europe would be truly doing is setting the scene for ever more aggressive NIRP, and by removing the highest denomination bank notes, it would make evading negative that much more difficult and costly (albeit would certainly favor gold).

The ECB is failing. Fight Cashlessness in Europe so it won't come here!


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