Adam wrote on this earlier - its worth another look for those who haven’t seen it
Bank of America analyst Athanasios Vamvakidis :
- ECB should eliminate the €500 note
- Would weaken the euro
- Boost the economy
- Frustrate gangsters
Mario Draghisays that “high-denomination euro banknotes fulfill an important role as a store of value”
But, says Vamvakidis
The evidence … is that the mega bills end up as “mattress money,” rarely seeing the light of day and existing as an alternative vehicle for holding savings. An ECB study itself suggests that only one-third of these notes in circulation are used for transaction purposes.
Its a very interesting article.
Dont mess with this gansta's mattress
