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 ...
Perhaps a nice long stint in a re-education camp will improve your memory, Citizen?
They were good ideas that were ripe for abuse or misuse.
Not in Las Vegas...the only place you can pay a small purchase with a hundred in a 7-11 and they don’t blink.
$13.29 for me.
$11.86 for when I started my first paper route.
Government tolerated/promoted inflation is Grand Theft from the portion of the populace who save & invest.
Years ago, back when I used to travel frequently in the third world, I observed that third world countries only issued banknotes in small denominations. I’d exchange a couple of hundred dollars and get a huge wad of the maximum denomination notes in local currency. I also noticed that third world countries were very interested in a crime called “money laundering”, which was unheard of in the US.
Summers is just trying to make the US more like third world countries. Just like other progressives are doing in other aspects of American life.
I remember many years ago my Dad brought a $1000 bill home so my sister and I could see one ourselves before they were taken out of circulation. This is more of the same, fedzilla wanting to snoop more on us by restricting how we conduct commerce.
You are correct.
Its time to get some gold (you can use the Bitgold Mastercard debit card) or crytocurrencies (Bitcoin, in conjunction with the Visa Shift debit card).
Then you can protect your assets from the tyrannical redistributionist government.
I'm also waiting for the zcash cryptocurrency to be issued later this year. Its privacy features are unbeatable. see the website z.cash for more information.
In retrospect, Nixon was a complete disaster, from top-to-bottom.
What a liberty-hating, central-planning statist he was.
It’s all complicated stuff...you peons don’t really have to participate...
Except for the Internet...:) Makes it easier to see the lack of clothes on the Emperors...
And how soon after that would they ban private gold ownership again?
This is just another FASCIST proposal.
It’s the penny that needs to go. Possibly the nickel and the dime too.
I’m considering stashing my Beannie Baby collection in a private safety deposit box. Are these any more secure from government meddling than a bank’s safety deposit box?
One day...I thought that's probably stupid. And put it in my checking account.
Heard later...it was worth about $1600..UGH!!!
I was dumber then than now.....
Paid my first car with a $500 bill. Back then they were pretty common.
That’s actually the bleeding heart SOB that started inching America of the tracks.
Morons calling $100 ‘high denomination’
A $100 bill is not enough to fill my truck
its barely enough to take my family to dinner.
Its all a matter of control, the goal to ultimately eliminate cash, have all electronic transactions, and then be able to charge negative interest rates on savings accounts.
Or when they want or need to, give a 15%-20% ‘haircut’ to our accounts.
He need to keep our right to keep our money in form of cash and store it where ever we want to.
what about the drug dealers?.....they operate on cash....
all of our “change” now seems light, valueless....like play money....I’m keeping only the quarters, pennies, etc from many years ago....for some reason, I disdain the state quarters just because the govt pushed them on us.....probably a lot of kickbacks behind that as well...
Good point. I'm quite sure that politicians get kickbacks from them, too.
Corrupt politicians are no reason to deprive honest folk of financial privacy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.