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Mike Maharrey: Israel considers joining the war on gold, silver, and cash
By Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Thursday, September 26, 2024
Israel appears to be poised to take the war on cash to another level by eliminating the highest denomination of Israeli currency and limiting private ownership of gold and silver.
According to a report by YNetNews.com, Prime Minister Benjamin Netanyahu has asked high-ranking government officials to discuss the elimination of the 200-shekel banknote. Netanyahu called for the sweeping move to "curb illicit cash flows" and fight "black-market money."
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This is government-speak for increasing tax receipts. According to the report, the plan could boost state tax revenues by 90 to 115 billion shekels ($24 to $31 billion) by 2030.
According to YNet, this would be the first step in a more comprehensive plan. In the medium term, officials hope for "a drastic reduction" in cash use with the goal of eliminating cash transactions. All transactions in the country would be made via credit/debit cards or bank transfers. ...
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