Interest rates have turned negative in several EU countries. 'JPMorgan Chase forbade some customers from storing cash in safe deposit
boxes. Swiss banks refused to allow pension funds to withdraw large
amounts of cash from their accounts. Danish legislators proposed a law
allowing shops to refuse to accept cash payments. Australia imposed a
0.05% tax on some bank deposits. And France cut the legal limit on cash
payments from 3,000 euros to 1,000 euros.'
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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.
His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)