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Europe’s Dramatic Monetary Failure
This week, another crazy idea haunted economically faltering Europe. According to the plans of European politicians, the 500 euro note will disappear and cash payments above 5,000 euro will be made illegal. Officially a measure against money laundering, the pretext was correctly debunked by Hans-Werner Sinn in the Frankfurter Allgemeine Zeitung: the true reason for this step is to push interest rates further down.