armstrongeconomics.com / by Martin Armstrong / Jan 30, 2017
Within days of Davos, here is the European Commission statement on moving forward to eliminate cash. This is an “Inception Impact Statement” to provide notice to those involved and to ask for comments back. Everything is couched in terms of terrorism, but in fact it is to hunt taxes and eliminate our freedom to privacy regarding our own wealth.
The Roman Emperor Maximinus I (235-238AD) declared that all wealth belonged to the state. He paid informants to rat out anyone who looked like they were hiding wealth. The bottom-line, this pushed the Roman Empire over the edge. Investment began to vanish and the velocity of money collapsed as people then hoarded their cash for fear of confiscation. This is why we find hoards of even debased money. This hoard was found in Somerset, Britain with coins covering the crisis period of the 3rd century AD with coins from 21 emperors and three emperors’ wives. This included Roman coins and when the Roman Empire split with the usurper Carausius who ruled Britain and parts of northern Gaul independent of the empire from 286-293 AD. Coins of Carausius are rarely found in hoards.