Spain Bans Cash

Originally posted by ShadowAngel85
Don't see any problems with it. Who carries around so much money? And even if the lower it....so what? Credit Cards have been around forever, Online Banking isn't a new thing, a lot of people already live mostly without using paper money and they don't have a problem. The only time i use real money is to buy food and Beverages, everything else i already do online or with Credit/Cash Card

Some of you people are so paranoid. Some of you see the Bogeyman behind every corner. Everything is evil, everything is bad, everything has bad consequences, every government is corrupt, there's a big shady corporation who really runs the world in your mind. I think professional help is needed...

Spaniards carry around money. Most do not use bank accounts even for direct debits never mind online banking and credit cards. It will take a very long time to do away with cash here and get people to trust leaving their money in a bank account (see my earlier post for an example of why).

do you not understand that money is debt?

as if that wasnt bad enough now the trend is kicking off to restrict cash taking away your freedom in commerce? why would you buy something on a credit card & pay interest on it? that's retarded..

I see your location is in Munich Germany..

why dont you head down to the library there and ask a simple question..
When the number of Jews gassed at Auschwitz was downgraded from 4 million to 1 million why did the total number of Holocaust victims remain at 6 million? tell them to remove the incorrect references in all the books on the shelves..

then see if you feel the same way..

Some of you people are so paranoid. Some of you see the Bogeyman behind every corner. Everything is evil, everything is bad, everything has bad consequences, every government is corrupt, there's a big shady corporation who really runs the world in your mind. I think professional help is needed...

Spain Bans Cash Transactions Over 2,500 Euros

(Emphasis mine)

Please do not use dishonestly worded headlines, for the sake of increasing sensationalism.

Originally posted by petrus4

Spain Bans Cash Transactions Over 2,500 Euros

(Emphasis mine)

Please do not use dishonestly worded headlines, for the sake of increasing sensationalism.

edit on 22-4-2012 by petrus4 because: (no reason given)

Please see the photo below. Note the red parts. 1) Article exact tite. 2) ATS rules

Why do I have to do this?

Why are people so hostile to this article? I have been called an attention seeker and dishonest more than once already and some other person claimed I'm sent here from some other site.

This is the last article I ever post on ATS. It is not worth all the aggrevation.

"Deny ignorance" indeed.

Bye.

And then this....

European equities and particularly banks (Spanish & Italian) had a volatile week but ended up much lower. What really spooked markets was the announcement that the banks in Spain borrowed €316 billion from the ECB´s LTRO in February up from €170 billion in the first LTRO. It seems that Spanish banks are surviving on this, shut out from credit markets. Spanish Credit default Swaps( CDS) surged to nearly 500 basis points, a record despite 10 year yields still 0.75% below their worst levels. According to Bloomberg € 65 billion fled the Spanish banking system in March alone goodness knows what April will show.

src

Total Spanish banking loans are equal to 170% of Spanish GDP
Troubled loans at Spanish Banks just hit an 18-year high.

Case in point, over HALF of all Spanish mortgages are owned by Spanish cajas.
If you're unfamiliar with the caja banking system, let me give you a little background...
Until recently, the caja banking system was virtually unregulated. Yes, you read that correctly, until about 2010-2011 there were next no regulations for these banks (which account for 50% of all Spanish deposits). They didn’t have to reveal their loan to value ratios, the quality of collateral they took for making loans… or anything for that matter.

So, with Spain today, we have a totally unregulated banking system sitting atop HALF of ALL Spanish mortgages after a housing bubble that makes the one that happened in the US look like a small bump.

Put another way, today the entire Spanish banking system is saturated with toxic mortgage debt on a level that makes the US in 2008 LOOK GREAT.

Moreover, worldwide banking exposure to Spain is well over €1 TRILLION. What impact do you think that might have on the EU which has an entire banking system that is leveraged at 26 to 1 (Lehman Brothers was leveraged at 30 to 1 when it collapsed)?

src

Now add the fact the IMF head Christine Lagarde has just finished doubling the Euro "warchest" with another 430billion in funds. Members of the G20 filled the coffers of the Euro but some countries publicly expressed resistance. They are calling the Euro to task to fix their problems even though that cannot be accomplished.

Put simply they are running out of options and trying to prevent a bank run here it seems.

brill

Originally posted by SilentThundersGF
Why do I have to do this?

Why are people so hostile to this article?

They are trolling you. They have been here for long enough to know the T&Cs of the breaking news forum and they would have also read the fourth post where you explained this to them the first time too.

Don't stop posting articles, just stop feeding the trolls.

Originally posted by brill
Put simply they are running out of options and trying to prevent a bank run here it seems.

Yep, that's the first thing I thought of too. The politicians and their buddies are all wrapped up in corruption, so this would not be to prevent illegal transactions or cracking down on crime, this is about stopping the flood of money from leaving their shores for somewhere more stable.

I keep having the same arguments with people here about us lending to the IMF. None of the people I debate with seem to know that Greece is about to default, and that the Spanish problem is massively huge in comparison to that.

The Eurozone has struggled to bailout Greece, and when Spain joins that party it becomes a truly impossible mission.

This is a cover up. They are seemingly doing exactly what happened in Argentina ten years back. The IMF and buddies grab money from wherever they can get it, force loans and austerity measures when they know the economy is failing. Then their banker and corporate buddies get all their money - and profit - out out of that failed nation before it collapses.

Not only are these global thief's robbing the nation they're lending to and picking the carcass clean, they've trapped other nations into it, scaring other countries into giving them money that they know is going into that failed nation and right back out again into the pockets of their scummy partners.

We are being blackmailed by the biggest protection racket known to Human kind. The IMF tells us that we cannot afford to let Greece default, they get billions from us. That money goes into Greece and funnels out to the bankers. It's just money laundering on a global scale.

this was predicted in a strange way by william gibson, author of the "neuromancer" series. in the books cash is still legal in most places, but large amounts are usually only used for dubious activities.

Originally posted by SilentThundersGF
reply to post by phatpackage

 

A friend instant-messaged the link to me.

I don't care where else it is on the internet, I hope it gets to be exposed on many forums! But this is the forum I use.

The article title is a little misleading I guess but the information is important.

Can you articulate your precise concerns with the move?

It would seem they are trying to deal with organized crime.

Does that affect you?

all deflection a side
will 2500 e fit in a wheel barrow...?

as the currency collapses as we have seen happen before, the amount stated will not even cover a loaf of bread in the inflated not to distant future

I call it inflat-io
they get to blow all your money
its what green is all about baby

coming soon to a USofA near you....
(well, substitute the crapocracy of your choice...)

ETA
for the slow:
Funny how both Mitt and Obama who are sponsered by the same bankers that caused pigs like Greece and Spain, can't wait to EO right down the same path...
eo eo, its off to camp I goe...

People still use banks? That is MIND BOGGLING. Why? Aren't they the root of the problem? Haven't they always been? Jesus had a BIG problem with the money changers. Do you think BofA just popped out of thin air. hahahahaha

The way i see it, is like this:
1) We break the system ourselves...by no longer using their moneytary system, and getting back to basics.
2) Let the system break us, and fight to survive.

There is NO OTHER WAY around this thing. One of those 2 scenarios WILL happen; and i'm afraid it will be option #2.

Here's the CRAZIEST part....Earth provides us with PLENTY of food and water. FOOD and WATER is the only thing needed to live. So, why people are "living" their lives for cash, is beyond me. You can't eat it or drink it, you can only BARTER with it. Chances are, you'll be bartering for FOOD and WATER, when SHTF, but, will have nothing to barter with.

I'll give you my orange for your apple. I think i should start charging food, instead of cash for my business. I spend that money on food anyway...so....

Oh, and may i add another thing....you don't know REAL work, until you've WORKED the land. Farming is NOT easy, but you better learn how!

What's going in here is that the Germany and the EU (with the IMF) are forcing Spain to reduce their deficit by a significant percentage in the next year. So they are trying to go after large cash transactions done by businesses in order to avoid the tax.

Rajoy‘s government is scrambling to cut the budget deficit from 8.5 per cent of gross domestic product in 2011 to 5.3 per cent this year, while pressure mounts from Spain‘s European partners and financial markets.

www.straitstimes.com...

Spain, like Italy, has a lot of 'off the books' transactions and this is a way to try and clamp down on them. I would be surprised to see if this made even the most rudimentary dent in the deficit, though. Unfortunately, I wasn't able to find any numbers online that projected how much they expected to save in tax revenue from this move.

Originally posted by petrus4
(Emphasis mine)
Please do not use dishonestly worded headlines, for the sake of increasing sensationalism.

Please stop bashing the OP for doing what the ATS T&C REQUIRE by using the ORIGINAL headline


Which had you actually READ the article is THIS



[empahsis mine ]


I get so sick of people derailing threads by attacking the OP for using the correct title rather than discussing the issue

:shk:

Originally posted by nahahh
People still use banks? That is MIND BOGGLING. Why?

Well for people that hold mortgages on house you still meed to go through the bank.

However here in Vegas most people cash their paychecks at the Casinos... and they give you free drinks and buffets for the honor of cashing your check... naturally they count on you hanging around awhile and leaving part of that check behind but you don't have to.

I cash my checks there all the time... get the free dinners... then pay the bank mortgage with cash

Originally posted by NuclearPaul

Originally posted by Maya00a
I live in Spain and can tell you it isn't just business transactions, it's all transactions over €2500.00 but most of us 'common' people don't have that kind of cash to spend anyway.

Doesn't matter if it is only for transactions over €2500. They're using the boiled frog technique.

We all know what the ultimate goal here is - a cashless society. Anyone dare to say it will stay at transactions over €2500 forever?

From the article:

The Government had already advanced the plan to combat fraud limitations include the use of cash for certain operations, although he had not yet specified which would place the threshold (yes at the time there was talk that it could be 1,000 euros for self-employed).

If the 'talk' is there, the intent is there too.

In Italy that limit is 1,000 euro.
www.ecommercers.net... e.html

I don't know if that law is already executive, I never paid that amount so far :p

Btw that law was proposed by Monti, which is a Bildberberg. You get the conclusions

Originally posted by Bers81
In Italy that limit is 1,000 euro.
www.ecommercers.net... e.html

I don't know if that law is already executive, I never paid that amount so far :p

So how do the Sicilian Families deal with that limit?

Originally posted by zorgon

Originally posted by Bers81
In Italy that limit is 1,000 euro.
www.ecommercers.net... e.html

I don't know if that law is already executive, I never paid that amount so far :p

So how do the Sicilian Families deal with that limit?

If that was a joke it did not make me laugh. Officially that law is to prevent money laundering (I hope i spelled it correctly) but IMO it is to increase bank's income with transactions