Posted on 02/17/2016 9:10:47 AM PST by jmcenanly
Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too.
So says Lawrence Summers, a former economic adviser to President Obama and ex-Treasury secretary.
Summers points to research showing that corruption is aided by paper currency in larger denominations, such as Uncle Samâs $100 bill and the 500-euro bill ($557 U.S. equivalent).
How so? Itâs easier for criminals and terrorists to move lots of cash illicitly in large bills. A million dollars in â¬500 bills weighs just 2.2 pounds, Summers writes in a blog post on the Washington Post website. The same amount of money in $20 U.S. bills weighs 50 pounds.
Summers says the U.S. government should stop issuing new $100 bills and perhaps take the old ones out of circulation. He implied that use of a $50 bill should also be examined.
He took particular aim at the resistance of Luxembourg to ending the â¬500 note, saying the tiny country has a âlong and unsavory tradition of giving comfort to tax evaders, money launderers, and other proponents of bank secrecy.â
(Excerpt) Read more at marketwatch.com ...
The clintons are against it as it makes it so easy to transport the bribe money in 100’s instead of 20’s
Apparently, he’s a fascist who is incapable of thinking outside the box. The creative (fascist) solution is to put tracking codes on them, and then require all merchants to scan the $100 and id when taking one or passing one out. That way the large bills could be tracked through the economy as easily as a debit card.
Given the damage the feral government has done to the dollar over the past many decades, we should have $1000 bills by now.
And still, the gold critics scoff.
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