Mises Wire

News from Anarcho Italy

News from Anarcho Italy

Italians love cash and avoid credit and debit purchases at the highest rate of all the euro region. As a result, they are among the region’s least indebted and biggest savers. It’s estimated that the government loses 100 billion euros of revenue a year in untaxed transactions, while its banking cartel loses out on billions of possible fee revenue when the average Italian makes only 26 credit card purchases a year. Needless to say, the government and banks are joining forces in a war on cash, cash salaries, and cash transactions.

Good luck! A cash-based culture is what one would expect from a people who have seen practically every form of government come and go over centuries. No wonder Italians, embracing a practice endorsed last year by economist Joe Salerno, tend to place their faith in private networks and associations whenever possible. “Italians have a strong family tradition that leads them to avoid debt and save a lot to ensure their kids a future,” says Bocconi University’s Carlo Alberto Carnevale-Maffe. “They like solid investments such as houses. And for renovations or purchases made under the table, what better way than cash?”

For more information, see Bloomberg.

All Rights Reserved ©
Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
Support Liberty

The Mises Institute exists solely on voluntary contributions from readers like you. Support our students and faculty in their work for Austrian economics, freedom, and peace.

Donate today
Group photo of Mises staff and fellows