Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too.
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.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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