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Israel Eyes Becoming A Cashless Society

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http://www.israeltoday.co.il/NewsItem/tabid/178/nid/24635/Default.aspx?hp=article_title

A special committee headed by Prime Minister Benjamin Netanyahu’s chief of staff, Harel Locker, has recommended a three-phase plan to all but do away with cash transactions in Israel.

The motivation for examining a cash-less economy is combatting money laundering and other tax-evasion tactics, thereby maximizing potential tax collection and greatly expanding the tax base. This is important considering the enormous strain put on Israel’s national budget by the army, healthcare system and other public services.

The committee estimated that the black market represents over 20 percent of Israel’s GDP, and cash is the facilitating factor. Cash enables tax evasion, money laundering and even financing terrorism.

“According to estimates by the Tax Authority, about one-fifth of economic activity in Israel is not reported, ie. it is a black market,” said Locker. “As a result of this black market, Israel loses tax revenues in the neighborhood of 40–50 billion shekels ($11-$14 billion) annually. This is an amount equal to the individual annual budgets of the Ministry of Defense, the Ministry of Health and the Ministry of Education.”

What the committee would like to see happen, pending government approval, is greater restriction on the use of cash, limiting the use of checks as a means of payment and exchange for cash, and promotion of the use of electronic (and therefore verifiable) means of payment.

Israel to move back to becoming a barter society to avoid taxes?

A govt controlled electronic currency, perhaps controlled by the taxman is the way forward.....

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DarkCoin or AnonCoin as they are both working on full anonynimity.

Bitcoin already has the same anonymity features (coinjoin, stealth addresses and Tor routing). In any case none of those features will help you to stay anonymous if you buy your coins from a KYC compliant exchange or spend your coins on a sports car without having a declared income.

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http://www.israeltoday.co.il/NewsItem/tabid/178/nid/24635/Default.aspx?hp=article_title

Israel to move back to becoming a barter society to avoid taxes?

A govt controlled electronic currency, perhaps controlled by the taxman is the way forward.....

and at that we ought not to follow.

we should keep our cash, and just accept that some people want the freedom to spend their money how and when they like.

government have too much power already(as we've seen by the recent EU elections, there is a massive backlash brewing against the "centralisers").

any more bank bail-ins will be the last straw that sees them go from their lofty positions into hunted men.

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This needs to be resisted everywhere. Sadly, the people are too stupid and will doubtless welcome this development.

FT article today - Paper money is unfit for a world of high crime and low inflation

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We are already mostly a cashless society anyway- the bankers create 97% of the 'money' we use electronically.

But I agree with the sentiment- if we had no ultimate paper money option the bankers would literally own us all- they could choose to either expand the money supply or contract it at will.

Sooner or later they will have to be dealt with- and I think the next big banking crisis might just be the final straw.

We need to strip private banks of their power to create credit from nothing before they strip us of everything we own or ever will own.

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This needs to be resisted everywhere. Sadly, the people are too stupid and will doubtless welcome this development.

FT article today - Paper money is unfit for a world of high crime and low inflation

Absolutely, but most of the public is too dumb to 'get it'. Even on this site there are quite a few who don't seem to realise that taking away physical cash would represent one more strike against personal freedom.

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Absolutely, but most of the public is too dumb to 'get it'. Even on this site there are quite a few who don't seem to realise that taking away physical cash would represent one more strike against personal freedom.

sadly, it seems even the jews and their descendents who escaped hitler and the concentration camps(IBM fashioned punchcards and tattoos et al),are falling for it.

this is basically fabian nazism rearing it's ugly head(again),and we MUST do our duty and expose it and resist it.

all brought to you with a nice smiley photogenic face and neuro-linguistic programming.

frankly I am getting rather fed up with the language games and wordsmithery.

lets call it out for what it is.

am I joking...NO

the last 15 years of relentless TV repeats and supposed "perception management" ie brainwashing , is EXACTLY the techniques used in nazi germany.

it's coming from the same place, and I don't agree with everything farage says, but he is right on this one.

we are under attack, and we need to skill up,man up and tool up.

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