Are we there yet?
Posted on 02/16/2016 11:00:17 AM PST by TroutStalker
Harvard's Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
I remember that when the euro was being designed in the late 1990s, I argued with my European G7 colleagues that skirmishing over seigniorage by issuing a 500 euro note was highly irresponsible and mostly would be a boon to corruption and crime. Since the crime and corruption in significant part would happen outside European borders, I suggested that, to paraphrase John Connally, it was their currency, but would be everyone's problem. And I made clear that in the context of an international agreement, the U.S. would consider policy regarding the $100 bill. But because the Germans were committed to having a high denomination note, the issue was never seriously debated in international forums.
(Excerpt) Read more at washingtonpost.com ...
Cash makes it harder for the gub’mint to track (and steal) your money.
tl;dr: Issuing big bills makes it harder for governments to monitor the proles’ behavior, making it harder to control the scum.
Harvard can send all its Benjys to me. I’ll make sure they’re terminated with extreme sensitivity.
Talking about bill denominations is an 'important paper?'
What's the next big idea? Sandwiches for lunch?
It’s all about the Benjamins!
Big Government hates cash.
But Big Government politicians love kickbacks from crony capitalists.
It’s a conundrum.
They have it backwards. 100 today is worth less than 20 was when I was in college. In a real way, the $100 hill is the new $10 hill. i.e. it is NOT a high denomination.
But we’re keeping pennies???
Everyone has to deal in $20 notes, because that’s all that the Nanny State will allow us to spend out of our allowance.
Make cash transactions difficult so that trackable electronic payments will be easily monitored by government. Presume automatically that anyone wanting to pay in bills of $100 and larger is some kind of crook, or at least one of those rich big shots who’ve been stealing from the poor all these years.
This proposal brought to you by the Mossavar Rahmani Center for Business and Government at Harvard University. I suppose that this is the kind of brave new world that we can look forward to.
First they came for the $100’s
Then they came for the $50’s
Then they came for the $20’s
However, Big Brother says that they're double-plus ungood.
sure, $100.00 bill is “high denomination”. Won’t even cover the average weekly grocery bill and will fill a big pickup twice. Buys what $20.00 bill bought 30 years ago.
Just another step towards a cashless society so that the big banks and the government can totally record and control all commerce. It’s the dream of commies like Larry Summers everywhere.
Who cares about the $100 bill when today it’s worth far less than a $20 bill was worth in 1970?
It would also make us move toward a cashless society, one where every transaction is tracked by government.
https://www.youtube.com/watch?v=RNJl9EEcsoE
Hill=bill
Stupid auto correct.
Are we there yet?
Pre-cursor to doing away with physical currency altogether which is the end game here.
Need to fight this.
I consider it a bad sign when financial people discuss money in this fashion, especially people like Lawrence Summers.
First step to eliminating paper money and thus any individual control over ones finances.
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