In the US the cops just steal it. Then in order to get it back, you have to go to court and prove that your money didn’t commit a crime. Yes, really.
https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States
Margarita machines dont pay for themselves.
Yea i love when most police raids for suspicion of drug dealing end up being something along the lines of “we broke into this person house and he had one half smoked joint and 10,000 dollars in bills” which of course means that the money is now proof of crime and belongs to the cops now
They don’t need to say anything other than that they suspect it was used or going to be used illegally, but yeah they usually cite drugs. Like I said, there’s no court process because they don’t charge you with a crime, they charge the money. So fucked.
Yep, and it’s always done as a civil case so that the cops only have to demonstrate that it’s slightly more likely than not in order to keep the stuff. The costs of defending your property are high enough that it is usually not worth it unless the thing is irreplaceable.
As if rich scum haven’t been paying each other with “gifts” that were awfully money-shaped already. This fixes nothing.
Sure it does. It just doesn’t fix everything.
Another step towards the digital EU, where the banks can track all of your movements and the government can deny any purchases they don’t like.
Get fucked.
This is basically the Scandinavian model. Have never had a transfer blocked in the last decade. Good thing we don’t have US government here in Europe, so we don’t need to adopt the US scepticism of government.
Are you serious? Lime 50% of EU states are about to elect facist governments. Italy already has.
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I never met anyone who paid €10,000 in cash. Like, how is someone able to carry all that much? In a suitcase? You’d also be a walking target for robbery if someone knows you are carrying a suitcase with €10,000 in cash. That amount is life changing for most ordinary Europeans. €10,000 is not going to make someone rich, but it’s going towards savings for someone financially wise enough.
Edit: people are talking about it’s possible to carry €10,000 cash by saying they have €100 notes. But I thought they are out circulation precisely because of money laundering and criminal transactions?
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Quite a few years ago I was in ‘job learning’ course from school in a local bank. They needed to move money to another bank across the street and there was some system update or interruption or whatever going on so it had to be done in cash. I don’t remember the exact sum, but it was something like 300k€. The lady who was assigned as my director took money (and counted it, made necessary paperwork and all the jazz) from the vault and put it in her purse in a bag meant for money transfers. It was roughly a book sized stack of bills which we then walked the short distance and the receiving bank made necessary paperwork on their side. I was there only because their insurance required there’s two persons doing the delivery.
Also “a few” years ago I bought a car and the older gentleman who was selling insisted that I pay in cash. 7000€ can easily fit in your wallet.
500,- € notes or 60 200,- € notes, you surely don’t need a suitcase, an envelope is absolutely enough.
Aren’t those notes banned? I have never seen €500 and 200 notes in years. Unless…you are saying something…
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20 €500 notes
50 €200 notes
100 €100 notes
No need to break out the luggage.
Aren’t those notes banned precisely for the reason of money laundering? It has been twenty years since I’ve seen €500 note.
I had the idea years ago that we should ban notes outright, it would have to be coins and the highest denomination would be €50. You can still buy stuff that you’d need cash for, but it would make the black/shadow-economy more cumbersome. Or you’d get really strong criminals. 🙃
Man what do you have against people using cash, Banks are untrustworthy as fuck. Who cares if “illegal transactions” occur, taxation is fucking theft anyways.
Many people think it’s wise to do everything in cash, but actually there are fees for cashing in cheques instead of bank transfer. So in essence, you are, in a way, paying tax.
This comment is poorly informed. Private car sales use cash a lot. 10,000 isnt suitcase worthy. Any volume of cash of a target. €10,000 being life changing is suspect, in what regard is it specific to europeans.
Yeah fair enough. Someone mentioned they could carry €10,000, somehow, when I could barely fit wads of €50 bills in my wallet. So I doubted people paying in cash with €10,000.
€10,000 is a handsome amount of money to have. That’s why I put the caveat “someone financially wise enough”. From my experience, a lot of people spend more beyond their means, and then complain they can’t afford a house or raise a family. I am no faulting people, but most of us have been conditioned with the old assumptions that working alone could allow us to travel, party in our youth, and then afford to save later for a home. Nobody taught us about inflation.
10,000 is just not what it used to be. For example if you are renting a house where you need a damage deposit and to pre-pay the first and last month’s rent. That easily blows past 10,000 these days for a completely normal transaction. Same for most used vehicles.
Payment for surgery to doctors who arent allowed to be paid, in a failed universal healthcare system. Or doctors who want to tax evade. This is a necessity if you want your poorer country to keep any decent doctors. Because why would any doctor work for 1500€ when they can easily migrate and find a job for 10k+.
Because why would any doctor work for 1500€ when they can easily migrate and find a job for 10k+.
Because most people like living at home with their family and friends. Money isn’t everything.
Sure but there is a point where moving elsewhere becomes almost mandatory. For many highly skilled people in poorer EU countries, migrating to the Imperial core is a no brainer.
I have heard of people doing deals in cash and yeah that goes with a suitcase and armed proteciton most of the time lol.
I think you’re missing the point.Just because you haven’t heard of anyone doing it doesn’t mean that this isn’t still a right that you currently have being taken away.
We’re in c/Europe…when was the last time someone has carried wads of €50 notes that total to €10k? The implication of my comment being A) doing just that is impractical, and B) people commented that one could carry €100 and €500 notes. Either they don’t live in Europe and not realise €100 and €500 notes are banned because of the same money laundering issue. Or, C)they are criminals and somehow traded with those already banned notes! 🤣🤣
Yep, I got that.
Yes, the freedom to launder money and avoid taxes.
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how is this supposed to be enforced?
They will not let businesses invoice large cash amounts.
It’s a tack on charge, it’s not supposed to be enforced
Easy, you publish a serious-worded document. And, done!
Good. In Italy we have a 5,000 limit and it indeed prevents some illegal payments.
The limit only make some illegal payments (like under the table payments) only a little more inconvenient, it does not prevent them.
Bad, because running all payments through banking system is a systemic safety risk.
If banking gets paralyzed like in Greece during debt crisis you’ll be fucked.
It’s not for all payments, just the ones above 10k. It’s right in the title.
Whole idea is to cripple cash payments. You’re not doing the economy a favor by crippling the most redundant payment system
No, it’s not.
If banking gets paralyzed like in Greece during debt crisis you’ll be fucked.
You’ll be fucked in any case. If the banks are paralyzed you cannot get your money anyway.
That’s why you keep CASH
Isn’t organised crime 10% of Italian GDP?
How the hell am I supposed to get my drug deals done now?
Crypto, as scamy as the crypto scene is anonymous payments are what Monero was made for. People should use Monero, fuck ur government spying
As long as you buy less than 4k NOK each time, no worries. That is the limit where corruption is caught.
Isn’t this the case for like a decade already?
I also thought that wwas the case. Apparently it wasn’t throughout the Union.
This has been the law in the US for a long time already. Not exactly illegal, but any cash transaction $10k+ legally requires federal documentation. This gets at what people misunderstand about crime and money laundering. Money laundering=paying taxes. Once you are making real money “under the table”, you have to find ways to pay taxes, if you want to be able to buy cars/houses/etc
I’ve never paid for anything that expensive in cash. To those opposing the idea: Have you? Did it need to be cash?
Bought my first car using cash, this was the early 2000s - and was (at the time) the most available way for a teenager to transfer funds to another person.
I will say, my heartbeat walking out of the bank and to my mum waiting in her car would have set a world record high.
When i was like 18, my coworker who was maybe 23 told me that he’s gonna buy a car, and if i would go to the bank with him, because he felt weird walking around with 20k in cash. I nodded, so we went to the bank. Like a bank robber, he nervously talked to the bank teller mumbling: i need 20 thousand chfr. She was like: sorry what? And he looked around and mumbled again 20 thousand. And he needs big bills. As big as possible. She probably thought he was disabled or something and started to smile and said: i’ll get you the biggest bills i can find, and came back with a 20 dollar bill. He snatched it and walked out in embarrassment. I had to laugh so goddamn hard.
Interestingly (or not), we also mostly (or is it totally?) got rid of 500 € bills because they made moving around large amounts of cash too easy.
And other valuables north of 10’000 €?
our money
Welcome to Scandinavia, where I have seen cash in the last five years, but only from dealers.
This sort of thing would make crypto like Monero become a necessity. I think the way things are going, especially in the US, we will see crypto become a semi-legitimate currency, simply because governments can’t be trusted to let the poors handle their business in a way that makes sense.
For example, MasterVisa barring transactions involving adult materials, LGBTQ+, and so forth. No choice but to use fiscal instruments that aren’t controlled by the powers above.
