Armstrong Economics Blog/Central Banks
Re-Posted Aug 15, 2018 by Martin Armstrong
The German central bank, the Bundesbank, has significantly expanded its ability to control and access cash transactions in the hunt for taxes. They have required statements and assurances from cash-demanding commercial banks for the purpose of the intended business requiring cash. The Bundesbank has declined to comment on the new policy. The Federal Association of German Banks has also refused to explain. What is clear is that we are witnessing a growing trend to reduce cash and like Australia, just adopt the position that cash is for criminals.