Noticed the MR discussion is still going on Amazing. Anyway a couple of points to report relevant to this forum. Italy: all cash transactions above 1000 Euros are prohibited. Financial Police (yes, it's a police force) have access to ALL credit card transactions and are filtering the large ones and comparing them to income tax returns. Big problem for most Italian men who keep a mistress on the side. High end retail shops hurting very badly because of this law.
Financial Police are cruising expensive restaurant parking lots. When they spot a late model Mercedes, BMW, Ferrari whatever they enter the restaurant and haul the car owner out. Then they run his registration against his income tax return to see if he can "afford" such a car. If they deem he can't they seize the vehicle. Taxi business is booming! All, I repeat, all my business friends and acquaintances are fleeing to other EU countries. I was also in France and England but didn't notice anything out of the ordinary except general malaise like here.
Mdraf wrote:Noticed the MR discussion is still going on Amazing.
Well, just so we don't slip into an MR discussion here (I'm getting tired of it myself)... European countries are not an example of fiat currency issuers. They are currency users that can run out of money — the same as US states and local governments.
Glad you're back. Hope you had a nice trip!
Last edited by Gumby on Wed Oct 16, 2013 7:33 pm, edited 1 time in total.
Nothing I say should be construed as advice or expertise. I am only sharing opinions which may or may not be applicable in any given case.
Mdraf wrote:...When they spot a late model Mercedes, BMW, Ferrari...
Now Mercedes, BMW I believe, but Ferrari? It's Italy man!
"Well, if you're gonna sin you might as well be original" -- Mike "The Cool-Person"
"Yeah, well, that’s just, like, your opinion, man" -- The Dude
Mdraf wrote:...When they spot a late model Mercedes, BMW, Ferrari...
Now Mercedes, BMW I believe, but Ferrari? It's Italy man!
Only foreigners own Ferraris and Maseratis in Italy!
BTW, today's news about Chase limiting cash transactions and canceling international outgoing wire transfers is troubling...may have something to do with FATCA starting 1/1/14
Amazing. Anyway a couple of points to report relevant to this forum. Italy: all cash transactions above 1000 Euros are prohibited. Financial Police (yes, it's a police force) have access to ALL credit card transactions and are filtering the large ones and comparing them to income tax returns. Big problem for most Italian men who keep a mistress on the side. High end retail shops hurting very badly because of this law.