Morning Ed: Europe {2016.1.14.Th}

In their rescue of Greece and Ireland, the EU deliberately violated its own rules.

There are a lot of disturbing things happening in Poland, but Pawel Swidlicki argues that the EU needs to forego intervention.

As Europe holds emergency Schengen talks, Sweden is closing its border to refugees from Denmark and Norway is blocking migrants without visas.

Here’s a piece written by a Syrian refugee and the woman offering refuge.

The Swedish central bank has a negative interest rate on deposits, and an increasingly cash-free society, leading people to stash their money at home.

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Will Truman is the Editor-in-Chief of Ordinary Times. He is also on Twitter. ...more →

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23 thoughts on “Morning Ed: Europe {2016.1.14.Th}

    • It’s the central bank, sort of the bank of the banks, so I don’t think people are getting direct deposits from their employers there. So far, I don’t think consumer banks, the banks people would get direct deposits in, have passed on that rate to their customers.

      And if they did, it would likely apply to all money in the bank regardless of how it got there. That’s what makes the cashless society thing an issue: if you can’t withdraw your money as cash, then a bank with a negative interest rate can just keep taking your money unless you spend it. Which is part of the idea behind the negative interest rate in the first place: put your money into the economy instead of just keeping it in the bank, because the bank will charge you if you keep it there.

      The stashing money in a mattress or microwave thing is a lobbyist being hyperbolic. I mean, I’m sure it happens (particularly with older people), but I doubt it’s happening all that much.

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        • Not necessarily. It depends on the restaurant does it. When I worked delivery and got credit card tips, the boss would reach into the register and pull out the corresponding amount of cash (this is why we hated when people would use their tip to make the total a nice round number… we got a pocket full of change). I don’t know what happened from there but my tips were never included on my tax forms. And I was paid above the table. Maybe it is because I didn’t get paid the sub-minimum wage thingy? I made $7.50/hour.

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  1. I’m surprised that anti-immigration forces haven’t hit upon a cash less society as the best way to crack down on undocumented aliens/illegal aliens (depending on your point of view). Many but not all undocumented aliens/illegal aliens get paid in cash and do not have access to formal banking. Even aliens who are in a temporary legal status like people going through the asylum process or foreign students lack access to formal banking many times. Going towards a cashless society would basically make it very difficult for them to function even if they are in the United States or elsewhere legally.

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      • Call it the Buy/sell Efficiency And Surety Tag.

        We could tattoo everyone’s BEAST numbers on their foreheads (or some other convenient body parts) for convenience’s sake. Maybe use bar codes so that a laser scanner could read them easily. Man, that would be fast and simple.

        Or better yet, embed the BEAST number on an implanted RFID chip. Reduces the chances of counterfeiting. A moment of pain, for a lifetime of convenience.

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