Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

Post reply on HN
Print view View original

441–450 of 915 posts

Re: EU-wide maximum limit of €10K for cash payments

#441

Post by matkoniecz »

pelorat wrote: post #264
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this…

> No one in Europe uses cash for anything more expensive than maybe 200 euros.

That is absurd. People regularly pay for things like new computer with cash.

And family member was buying a flat recently - seller wanted cash, so transaction took place in a bank. Cash was withdrawn (around 90 000 euro?), exchanged when sale was notarized and deposited.

As I understand, this would not be legal anymore?

Re: EU-wide maximum limit of €10K for cash payments

#442

Post by Quarrelsome »

catiopatio wrote: post #222
sealeck wrote: post #215

Earlier quoted context omitted.

You have to analyse at the population here; capital controls are useful for preventing people who have accumulated sizeable asset holdings in country X from moving them to a jurisdiction Y where there are effectively no taxes. Of course this reduces the freedom of the people who control these assets, but there is a common fallacy (usually introduced by the very same people) where they claim that liberty (in the abstr…

The tax-man and the police state are the oppressors, not the taxed and the prosecuted.

taxation is not oppression, it is the means of seeking to fund the government. Taxation is applied in almost every EU nation on a sliding scale that almost entirely ensures that it is evenly applied to every single citizen. I would argue that formulating this scenario as "oppression" demonstrates that you do not accept the democratic mandate of government and view government as an enemy which you should hide your earnings from.

Re: EU-wide maximum limit of €10K for cash payments

#444

Post by ur-whale »

Teandw wrote: post #386
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

"Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'." This likely affects a number of people that is so small, that it's irrelevant. Not sure it makes sense to say that such a law that effects a tiny number of individuals is penalizing everyone.

> This likely affects a number of people that is so small, that it's irrelevant.

Citation required.

Re: EU-wide maximum limit of €10K for cash payments

#445

Post by asah »

olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

Is this indexed to inflation? If not, then it's even worse.

Re: EU-wide maximum limit of €10K for cash payments

#446

Post by ur-whale »

pelorat wrote: post #264
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this…

> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros.

LOL, you have clearly never had to build a house.

Re: EU-wide maximum limit of €10K for cash payments

#447

Post by Quarrelsome »

jacooper wrote: post #423
Quarrelsome wrote: post #414

Greater international freedom for private interests as a consequence of globalisation and digitalisation has grown significantly over the past few decades and represents a keen threat to our democracies. Some of those that profit the most and can afford to pay the most, utilise their new found freedoms to avoid paying as much as possible. This leaves democratically elected governments as hollow shells only able to ef…

The thing is, democracy hasn't demonstrated that it can combat private interests. If private interests can't operate outside the country's border, then these people have the money to simply manipulate the media, the politicians and therefore the policies and democracy itself to suit them.

> The thing is, democracy hasn't demonstrated that it can combat private interests.

Sure but I don't get the rhetoric on here where when the EU attempts to combat malicious private interests via financial regulation everyone starts trying to cast it as a tyrannical evil empire.

One could as easily state that the EU is attempting to stand up for democratic interests, which is why I have added that comment making that argument.

Re: EU-wide maximum limit of €10K for cash payments

#448

Post by ur-whale »

I am amazed at the number of folks in this thread who are clearly happy about this trend without realizing that are surrendering a fundamental freedom to their nanny state, one probably as deeply important a freedom of speech.

But then t'is the same old story, repeated over the ages: you get the governments you deserve.

Re: EU-wide maximum limit of €10K for cash payments

#449

Post by glasss »

sealeck wrote: post #215
Gatsky wrote: post #176

Capital controls are one of the elements of financial repression. https://en.m.wikipedia.org/wiki/Financial_repression

You have to analyse at the population here; capital controls are useful for preventing people who have accumulated sizeable asset holdings in country X from moving them to a jurisdiction Y where there are effectively no taxes. Of course this reduces the freedom of the people who control these assets, but there is a common fallacy (usually introduced by the very same people) where they claim that liberty (in the abstr…

This definitely makes sense, but my initial gut reaction of not liking this is still strong. I just don't trust that this will be used to meaningful ways.

I also imagine the people that may be most likely to take their capital to another country aren't worried about capital controls like this. Surely they have much better ways of transferring their wealth than 10K cash payments at a time, but I'm not rich enough to know for sure.

Re: EU-wide maximum limit of €10K for cash payments

#450

Post by zsz »

AHappyCamper wrote: post #225

This is obviously the first part of a major push to force us to use Central Bank Digital Currencies. Now that they are banning cash, we will be controlled like never before. This is the beginning of the end of freedom.

Fortunately this will also make it more difficult for North Korea to employ compulsory labor of NK civilians in the EU, which is one of the principal contributing factors to the regime's continued ability to act as a source of instability in the SCS region. There is a 45 minute documentary by Deutsche Welle (DW) on YT that informs on the issue. Anyway, as the road to hell is indeed paved with good intentions, this one at least won't be one to benefit primarily the children. At least one hopes.
Post reply on HN