BAN ON CASH - £50, $100 and €500 Notes / Bills To Be Banned According to a Former Bank Boss

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Published on Feb 12, 2016

BAN ON CASH - £50, $100 and €500 Notes / Bills To Be Banned According to a Former Bank Boss

Central banks should stop issuing £50, $100 and €500 notes to tackle crime, according to a former bank boss. The high-denomination notes are favoured by terrorists, drug lords and tax evaders, argues Peter Sands, former chief executive of Standard Chartered bank, in a new report.

Illegal money flows exceed $2 trillion (£1.4 trillion) a year, Mr Sands said. Rather than focus on the criminals, his report argued G20 countries should now target the cash itself. Mr Sands, who produced the report for the Harvard Kennedy School, urged the world's 20 largest economies to take up the matter before their next summit in China in September. Cash Forex "Forex Trading" money dollar GBP USD Euro currency notes bills tax "tax haven" "offshore banking" bank banking "bank account" savings "savings account" offshore wealth wealthy elite 2016 2017 economy world europe uk china "stock market" rich luxury system jobs employment "job agency" investment transaction report news media entertainment trends gold silver bullion "gold bar" "silver bar" "elite nwo agenda" Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the “radical” option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished. Interestingly, one idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin. Although widely reviled as the currency for drug dealers and criminals, Haldane said Bitcoin’s distributed payment technology had ‘real potential’. Which may explain the Fed’s sudden fascination in the virtual currency.

shady underworld types use cash. What is Money When the System Collapses? BullionByPost, Britain’s biggest online gold dealer, said it has already taken record-day sales of £5.6m as traders pile into gold following fears the world is on the brink of another financial crisis. BullionByPost, which takes orders of up to £25,000 on the website but takes higher amounts over the phone, explained it had received a few hundred orders overnight and frantic numbers of phone calls this morning. HSBC is now interrogating its account holders in the UK on how they earn and spend their money as well as restricting large cash withdrawals for customers from £5000 upwards.