Greek Citizens To Declare Cash and Gold Holdings Hidden under their Beds

 Today is Wednesday 9th December 2015 and we are covering the latest cash and gold declaration requirements that certain Greek Citizens will have to conform to from 1st January 2016.

Greek Enikonomia, reported on the 1st December 2015 that Greek taxpayers would be forced to declare all cash HIDDEN "under the mattress" or in boxes that contain more than 15,000 euros as well as jewellery and precious stones (including gold) worth over 30,000 euros, with effect from 1st January 2016. These values apply per household and not per individual. They will have to submit their declaration electronically via Taxisnet and will also have to include bank details of any safety deposit boxes they rent or own, whether at home or abroad. This new Assets Declaration form consists of some 56 pages.

Initially this ‘Assets Declaration’ process will apply to lawmakers, journalists, public servants etc. and is the likely ‘pilot’ for the creation of the Electronic Property & Assets Register that will be extended to all taxpayers.

A few days after this report came out, the Bank of England’s chief economist Andy Haldane gave a speech on the future of monetary policy. Towards the end he suggested a solution to the control problem associated with cash — which was, ‘the abolition of paper currency altogether.’

It is argued that in a negative interest rate environment (that is where it costs depositors to hold their digital cash in banks) they can just withdraw it and hold it physically. That’s annoying if the policy-makers were trying to make them spend or invest it. However, if you take the option of having physical cash away you can then impose whatever negative rates you like — and change people’s behaviour accordingly – for it becomes cheaper to spend the money now rather than later.

It should be borne in mind, that without recourse to physical cash we are all 100 per cent dependent on the state-controlled digital world for our financial security. Worse, the end of cash is also the end of privacy: if you have to pay for everything digitally, every transaction you ever make (and your location when you make it) will be on record forever.

Our position on this is simple. The writing is on the wall. We believe that the cashless society in Britain, Western Europe and the US will be implemented in approximately 20 years’ time.








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