The technocrats really have the Italian people by the short and curlies as cash transactions in the country are limited to €1000 and plans to lower this to only €300. All credit card transactions are to be reported to fiscal authorities in a Orwellian move to control whats being spent by its citizens.

Romano Prodi was the EU Commission President in 2001 and creator of the Euro, and is now pulling the financial policy strings in the new Italian government.  In 2001, he made the following statement:

“I am sure the Euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now, but some day there will be a crisis and new instruments will be created.”

ZeroHedge lists these new “instruments”:

  • An extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);
  • A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities;
  • Delays and refusals by banks in allowing customers to withdraw cash balances of as little as Euro 10,000;
  • Finance Police has placed cameras at the physical borders with Switzerland (see below) to register all license plates. In addition, currency-sniffing dogs have been deployed at the border.


Source: thebitcointrader, ZeroHedge