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Why Larry Summers wants to kill the $100 bill
Market Watch ^ | Feb 16, 2016 11:39 a.m. ET | Jeffry Bartash

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 Sam’s $100 bill and the 500-euro bill ($557 U.S. equivalent).

How so? It’s easier for criminals and terrorists to move lots of cash illicitly in large bills. A million dollars in €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 €500 note, saying the tiny country has a “long and unsavory tradition of giving comfort to tax evaders, money launderers, and other proponents of bank secrecy.”

(Excerpt) Read more at marketwatch.com ...


TOPICS: Crime/Corruption; Government; US: District of Columbia
KEYWORDS: 100bill; cashless; larrysummers; money; treasury
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To: ataDude

The clintons are against it as it makes it so easy to transport the bribe money in 100’s instead of 20’s


21 posted on 02/17/2016 10:12:40 AM PST by minnesota_bound
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To: jmcenanly

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.


22 posted on 02/17/2016 10:28:18 AM PST by PAR35
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To: jmcenanly

Given the damage the feral government has done to the dollar over the past many decades, we should have $1000 bills by now.


23 posted on 02/17/2016 10:41:31 AM PST by zeugma (Lon Horiuchi is the true face of the feral government. Remember that. Always.)
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24 posted on 02/17/2016 11:11:33 AM PST by DoughtyOne (Facing Trump nomination inevitability, folks are now openly trying to help Hillary destroy him.)
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25 posted on 02/17/2016 11:12:30 AM PST by DoughtyOne (Facing Trump nomination inevitability, folks are now openly trying to help Hillary destroy him.)
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To: jmcenanly

And still, the gold critics scoff.


26 posted on 02/17/2016 11:31:24 AM PST by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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