Roadmap to eliminating cash in Europe: The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism (COM (2016) 50). The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In the context of the Commission's action to extent the scope of the Regulation on the controls of cash entering or leaving the Community1 , reference is made to the appropriateness to explore the relevance of potential upper limits to cash payments. The Action Plan states that "Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold." While a number of Member States already have (or have had) in place restrictions to cash payments as a measure to combat crime, this has not been addressed at Union level.
This report is about covering bond losses, and cash escapes negative rates.
But we are in a time of financial restruturing, all the nut are in play, paper nuts, gold nuts, credit card nuts, and central bank nuts. All the nuttyness has one solution, silicon cash, known as pure cash and the sandbox. That gets all the nuts what they want, including proper bond defaults. But it is a multi-currency world.
Central bankers should quit faking it and just get on with the sand box. They will not disappear, they will simply have more fun.
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