{"id":17797,"date":"2016-02-15T10:28:30","date_gmt":"2016-02-15T15:28:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17797"},"modified":"2016-02-15T10:28:30","modified_gmt":"2016-02-15T15:28:30","slug":"the-war-on-paper-currency-begins-ecb-votes-to-scrap-500-euro-bill","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17797","title":{"rendered":"The War On Paper Currency Begins: ECB Votes To &#8220;Scrap&#8221; 500 Euro Bill"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-15\/war-paper-currency-begins-ecb-votes-scrap-500-euro-bill\" target=\"_blank\">The War On Paper Currency Begins: ECB Votes To &#8220;Scrap&#8221; 500 Euro Bill<\/a><\/h3>\n<div class=\"tabs\">Update: in case there was any doubt about the ECB&#8217;s true intentions, we just got the official &#8220;denial&#8221;:<\/div>\n<div class=\"node sticky\">\n<div class=\"content\">\n<ul>\n<li><strong>DRAGHI: ANY ECB ACTION ON EU500 NOTE IS NOT ABOUT REDUCING CASH<\/strong><\/li>\n<\/ul>\n<p>Translation: the ECB action is\u00a0<em><strong>only\u00a0<\/strong><\/em>about reducing physical cash, some 30% of it to be specific.<\/p>\n<p>* * *<\/p>\n<p>The first shot in the global war on cash was just fired, by none other than the ECB, which moments ago Handelsblatt reported&#8230;<\/p>\n<blockquote class=\"twitter-tweet\" data-twitter-extracted-i1455549892518722435=\"true\">\n<p dir=\"ltr\" lang=\"en\">ECB wants to stop issuing 500 Euro bills &#8211; our exclusive\u00a0<a href=\"https:\/\/t.co\/LLe2qyhBjK\">https:\/\/t.co\/LLe2qyhBjK<\/a><\/p>\n<p>\u2014 Daniel Sch\u00e4fer (@schaeferdaniel)\u00a0<a href=\"https:\/\/twitter.com\/schaeferdaniel\/status\/699217769108279296\">February 15, 2016<\/a><\/p><\/blockquote>\n<p>&#8230; and Bloomberg confirmed &#8211;\u00a0<strong>ECB COUNCIL VOTES TO SCRAP EU500 NOTE: HANDELSBLATT\u00a0<\/strong>&#8211; has voted to scrap the second highest denominated European bank note in circulation:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/500%20euro_0.jpg\" alt=\"\" width=\"500\" height=\"277\" \/><\/p>\n<p>&#8230; after the CHF 1000 note.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/1000%20CHF.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/1000%20CHF_0.jpg\" alt=\"\" width=\"500\" height=\"205\" \/><\/a><\/p>\n<p>So what, big deal, eliminate it. The people will still have 5, 10, 20, 50, 100 and 200 euro bills right.<\/p>\n<p>As we wrote just one week ago, the answer is not that simple at all. Recall that the \u20ac500 note is the second highest currency denomination in G10, after the CHF1,000 note. More importantly, the total value of \u20ac500 notes in circulation amounts to \u20ac306.8bn and has been rising as shown in this BofA chart:<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/Euro%20ban%201.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/Euro%20ban%201_0.jpg\" alt=\"\" width=\"500\" height=\"242\" \/><\/a><\/p>\n<p>Furthermore, as a share of the value of total euros in circulation, the \u20ac500 note is the second-highest, after the \u20ac50 note.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The War On Paper Currency Begins: ECB Votes To &#8220;Scrap&#8221; 500 Euro Bill Update: in case there was any doubt about the ECB&#8217;s true intentions, we just got the official &#8220;denial&#8221;: DRAGHI: ANY ECB ACTION ON EU500 NOTE IS NOT ABOUT REDUCING CASH Translation: the ECB action is\u00a0only\u00a0about reducing physical cash, some 30% of it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[3038,1769,233,282,305,12393,12394,7079,4927,4318],"class_list":["post-17797","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-bank-of-america","tag-corruption","tag-ecb","tag-european-central-bank","tag-federal-reserve","tag-notional-value","tag-physical-currency","tag-standard-chartered","tag-war-on-cash","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17797"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17797\/revisions"}],"predecessor-version":[{"id":17798,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17797\/revisions\/17798"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}