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Russia jumping on the cash restriction bandwagon

Russia jumping on the cash restriction bandwagon

Old Mar 29th 2013, 2:27 am
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Default Russia jumping on the cash restriction bandwagon

Full report:

http://rbth.ru/business/2013/03/25/r...000_24203.html

Or as Zerohedge summarises it:

"The Russians are taking a page from the Europeans book (and not a positive one for libertarians). Given the substantial criminal activity and illegal entrepreneurship in Russia - the grey and black economies account for 50–65 percent of GDP and estimates that about $50 billion was taken out of Russia illegally in 2012 alone - the great and glorious leaders have decided to impose restrictions on cash transactions. As Russia Beyond The Headlines reports, Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015 - starting with a higher ($19,500) restriction in 2014. They will also enforce mandatory cash-free salary payments (cash compensation accounts for 15% of GDP currently) in an effort to both bring some of the population's 'grey' income out of the shadow; and increase the volume of cash reserves in the banks. It would appear that wherever we look now, leadership are realizing that the limits of fiscal and monetary policy have been reached and now changing rules, limiting freedom, and outright confiscation are the only way to maintain a status quo. Ironic really, when the enforcement of said rules may just be the catalyst for the end of the status quo as the middle class suffers."

The writing is on the wall. Sorry if I sound like a conspiracy theorist (even paranoids have enemies!), but I just want to make sure that you all know what's going on. If you choose to ignore it, and hope that your favourite politician will ride up on a white charger and save you, that is your choice.

Of course, as we've all seen, once the "cash is in the bank", it's open season as far as the banksters are concerned. Bye-bye wedge.

Food for thought.
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Old Mar 29th 2013, 2:48 am
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Default Re: Russia jumping on the cash restriction bandwagon

I think you'll find it has more to do with kerbing corruption which is a massive problem.

Back in the mid-late 90's (and long before that to a lesser extent) when they ran out of money police and army where left to fend for themselves, selling assets from military bases and the police collecting bribes day-to-day to keep feeding their families because the government just wasn't providing salaries for public servants. Unfortunately this behaviour continued long after that crisis finished and today Russia is very lowly ranked in corruption.

By all rights if run properly Russia’s GDP per capita would be at western levels. It's a very wealthy country with a diversity of industry.
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Old Mar 29th 2013, 2:56 am
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Default Re: Russia jumping on the cash restriction bandwagon

Originally Posted by Charismatic View Post
I think you'll find it has more to do with kerbing corruption which is a massive problem.
Define 'corruption'. If you mean people working for 'cash in hand', I don't consider that corruption, as it's often the only way they can feed their families, after kick-backs and bribes.

Eliminate the kickbacks and bribes, (which is my definition of corruption - expecting something for nothing and using force to gain it.... oh, wait, that's also called 'government'!), and the grey economy wouldn't be necessary.

But like I said, I'm just letting people know what's going on, in case they haven't seen for themselves.
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