Governments are relentless and highly creative when it comes to taking your money. India has shut down the banks. Zimbabwe has offered worthless “bond notes” for hard currency (see story above). Turkey urges citizens to hand in their hard currency for local currency, but does suggest gold as an alternative.
Other approaches to seizing citizen accounts include negative interest rates, inflation, and devaluation. Now Greece has discovered another way. Click here to see how Greece will let you have cash, but they will tax you every time you withdraw some from the bank.
There’s no special tax on credit and debit card transactions, but they propose to tax you whenever you take cash from your ATM or bank. Of course, if you move your money in and out of the bank often enough, eventually the tax will eat up all of your cash.
The war on cash is now in full swing all over the world. Confiscation, taxation, freezes, involuntary conversions and other techniques will all be used in the end as governments become desperate for more money and try to steal it from you.
– Jim Rickards, Chief Global Strategist, Meraglim