Greece imposes limits on cash transactions

CaptHenway

linka!

gecko109

Hope that doesnt happen here. I greatly despise Big Brother.

NitroCruiser

<< <i>Hope that doesnt happen here. I greatly despise Big Brother. >>



They are trying.

PreTurb

ahhh.... and so it starts.

PreTurb

(the outlawing of cash, that is)

fishcooker

It will happen. We have to be as good as Europe, right?

Bear

Can America be far behind?

mrearlygold

How do you know where the idea came from?

1jester

Wow, as if banks didn't have enough power already. Now people are being forced to use banks for many transactions!!

Bobk

Coming to a government near you.

roadrunner

Physical cash is an item in truly short supply. In the US only about $650 BILL circulates....the larger portion circulates overseas. The claimed US gold bullion inventory is worth only around $280 BILL. There is a large % of bullion backing the FRN's but certainly not much backing credit/debt.

Should credit, debt and other quasi-money items lose their remaining luster, physical cash will become a very dear asset despite the trillions being keystroked into existence.

roadrunner

500Bay

Tax evasion is huge in southern Europe. Social spending is high, and so are the tax rates. People cheat, and it looks like the Greece is trying to reign it in. It all depends on enforcement, just changing the law will not do too much.

cohodk

Should credit, debt and other quasi-money items lose their remaining luster, physical cash will become a very dear asset

metalmeister

What about all those Southern European emigrants comming to the U.S.

mrearlygold

<< <i>Tax evasion is huge in southern Europe. Social spending is high, and so are the tax rates. People cheat, and it looks like the Greece is trying to reign it in. It all depends on enforcement, just changing the law will not do too much. >>




No, people there don't "cheat". Government "cheats" and steals from the people. Many people merely try to protect what belongs to them and their families.

Weiss

<< <i>

<< <i>Tax evasion is huge in southern Europe. Social spending is high, and so are the tax rates. People cheat, and it looks like the Greece is trying to reign it in. It all depends on enforcement, just changing the law will not do too much. >>




No, people there don't "cheat". Government "cheats" and steals from the people. Many people merely try to protect what belongs to them and their families. >>



Disagree. Unless they have no vote or are forced to stay in Greece against their will, it is their responsibility to change law, not break it.

500Bay

I live in Italy. Tax evasion is a national sport here. It is a real challenge to have a fair tax system when many transactions never get reported. That means no sales tax is collected and no income tax is paid. Italy has a receipt law, which mandates a receipt is given for every transaction (even buying an ice cream cone). The buyer and seller are both liable for a fine if no receipt is in hand within a certain number of meters of the vendor. There are still plenty of no receipt transactions, or transactions were the receipt is for less than the price paid.

Think of it this way, if I buy a refrigerator in the US and my state has a 6% sales tax, imagine the appliance dealer giving me a 5% discount to have it all cash. I 'win', saving 5 % in sales tax, the dealer really wins, because he/she not only saves the 1% sales tax but also the income taxes owed. The society loses the taxes on both. If 'everyone does it', the corruption feeds on itself and you feel like an idiot to insist on legal transactions.

I know this happens in the US as well, but nearly on the scale here.

jmski52

That giant parasite that wants to make all of my decisions for me doesn't print reciepts for all of the electronic and paper currency that it issues into existance without my consent. I just thought I'd point that out. The big bankers own countries, and it needs to stop, starting in the U.S.

KUCH

<< <i>ahhh.... and so it starts. >>



BOMB EXPLOSION ..... JPMorgan Chase bank, Athens. No one injured thank goodness but things are imploding.

Purchased 1 oz Philharmonic last week, no 10 oz bars of silver available at my B&M. I'll be looking for some silver this week. I will continue to buy and hold. I've got my sell price for gold, $1650 and silver $40.

Won't sell all physical, maybe 40%

konsole

doesnt the newsbit say that they are just banning cash transactions of over $1,500 but debit and credit transactions are still fair game? How often do cash transactions that size or larger actually occur?

dac076

Relax. This is a desperate action by a bankrupt government to generate tax revenue. It's unenforceable there, and there's very little possibility we'll see it here for the same reasons. Can you envision walking up to someone selling a car out of his driveway and offering him $4000 cash, and having him say "sorry I'll need a credit card instead" ? To "coin" a phrase, the death of cash has been greatly exaggerated.

dpoole

The Greek government has been notorious for high social spending, high pensions, caving to unions, and then hiding the deficits from the world. They desperately need to get their house in order in order for the EU and IMF to bail them out/lend them anything. Their fledgling efforts to make things right is being greeted by tractors blocking roadways and riots in the streets.

This isn't just "the government." This is the Greek people trying to get a free ride.

metalmeister

"high pensions, caving to unions"

Gee, sounds like our State, our County, and our City

Our retired ASSISTANT fire chief gets $180,000 annual pension at age 50 (spiking O.T. hrs. in final year)
Our retired city manager gets $230,000 annual pension.

Who else retires on six figures for 30-40 year retirement?

oh yes and full no cost medical for life.

Now go pay your taxes

metalmeister

Some quick math

Our Retired Assistant Fire chief gets $15,000 a month for life starting at age 50

My Neighbor gets S.S. about $1200 a month started at age 65

If both live to 90

Government job receives total payout of $7,200,000

Private sector receives S.S. payout of $360,000

Thats 20 Times

And you wonder why Cities, Counties, Sates what to raise fees and Taxes.

mrearlygold

<< <i>Some quick math

Our Assistant Fire chief gets $15,000 a month for life starting at age 50

My Neighbor gets about $1200 a month started at age 65

If both live to 90

Government job receives total payout of $7,200,000

Private sector receives S.S. payout of $360,000

Thats 20 Times

And you wonder why Cities, Counties, Sates what to raise fees and Taxes. >>



Same thing going on here. The mayor of Cape Coral just launched a bowshot at the police dept. That takes balls. Also integrity.

metalmeister

Don't get me wrong, I mean we want safety personal, Fire, Police, Lifeguards, etc.
To be there just in case. ( I have never needed police or fire personal in 51 years
on this planet) but 7.2 Million for a government employee verses 360 thou for
someone who worked 47 years in the private sector seems out of wack.

Justacommeman

<The Greek government has been notorious for high social spending, high pensions, caving to unions, and then hiding the deficits from the world. They desperately need to get their house in order in order for the EU and IMF to bail them out/lend them anything. Their fledgling efforts to make things right is being greeted by tractors blocking roadways and riots in the streets>

Substitute California for Greece and The White House and The Fed for the EU and IMF and the song remains the same.

Always keep lots cash on hand. Besides it pays little or no interest anyways.

MJ

fastrudy

I saw a $100,000 cash in a money market account go from 5% interest to .6% interest in a year! I removed it and bought a 5 year old house in Las Vegas (all cash). I am renting it out for $1150 per month and it is realizing a return much better than bank interest. BTW, the value of that house went up 60% in a year. I agree, always have some cash on hand, but if you have a lot of cash, make it work for you.