Paneuropa Reaffirms “Yes to Cash”

Penalty interest on savings is a threatening development; expansive monetary policy and the expropriation of wealth in favour of highly indebted states continues apace.

As reported in the media, a Bavarian bank is now, for the first time, imposing penalty interest on private customer deposits without any tax-free allowance. This was previously considered a taboo.

According to the monthly report from Deutsche Bank, around 10 per cent of banking institutions in Germany have already reported a negative interest rate. Around a quarter of the volume of household funds is already burdened by negative interest. In Austria, this is prohibited by a ruling of the Supreme Court (OGH). Some banks suffering from negative deposit rates simply charge customers higher fees. “The expropriation of citizens through high levies and taxes, and now also via savings accounts, is progressing,” says Paneuropa Secretary General Rainhard Kloucek with concern. “With a policy of cheap money and massively increasing national debts, it is only a matter of time.”

The next step could be the abolition of cash as a whole. When even renowned bankers like Andreas Treichl describe the concern over a possible abolition of cash as justified in “Der Standard” – as negative interest rates are easier to enforce on electronic balances – the alarm bells must ring. “The time when one could speak of a conspiracy theory is now finally over,” warns Philipp Jauernik, Federal Chairman of Paneuropa Youth Austria. “Without cash, the transparent citizen becomes a reality.”

In fact, various politicians, parties, and bankers such as John Cryan have made proposals to ban cash; in some European countries, cash limits already exist. The ECB recently stopped printing 500-euro notes.

Paneuropa Austria rejects these restrictions on individual freedom. Without cash, citizens no longer have any way to purchase products without it being digitally traceable. The state would have full control over all the buying habits of its citizens. It would no longer be possible to hold savings in cash. “Cash is a printed piece of freedom. Wanting to abolish this freedom is a step towards a total state,” Jauernik concludes.

c Featured image: European Union 2015