The Curse of Cash

The Curse of Cash

Book - 2016
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From the New York Times bestselling author of This Time Is Different , "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion--and to battle financial crises by tapping the power of negative interest rates

The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash , Kenneth Rogoff, one of the world's leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money.

Even as people in advanced economies are using less paper money, there is more cash in circulation--a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy.

As Rogoff shows, paper money can also cripple monetary policy. In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future.

The Curse of Cash offers a plan for phasing out most paper money--while leaving small-denomination bills and coins in circulation indefinitely--and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor.

While phasing out the bulk of paper money will hardly solve the world's problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.

Publisher: Princeton : Princeton University Press, [2016]
Copyright Date: ©2016
ISBN: 9780691172132
Branch Call Number: 332.4 Rog
Characteristics: x, 283 pages : illustrations ; 25 cm


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Jul 18, 2016

He's baaaaacccck!
Old Kenny Rogoff, that fun dude who has difficulties with Excel spreadsheets and the truth [he and Carmen claimed austerity was the best policy 'cause they screwed up their simple spreadsheets so terribly, then when their errors were pointed out, they claimed they made no difference - - as if!!!!].
Rogoff completely supports the banksters - - so why would they want a cashless world?
Could it have something to do with block chain technology***? A centralized money transactions file which guess-who would control? [And every single transaction could then have a fee exacted from the individual going to the bankster?]
Massive refugee flows to drive wages downwards, and housing prices upwards, coupled with moving towards all cash transactions online - - they never fail to dream up ways to bleed us economically and financially!
[***A major person working on that technology was the very same one who gifted us with that wonderful Econ. WMD, the Credit Default Swap, Blythe Masters!]
Imagine, having the audacity - - or stupidity - - in writing positively about central bankers and the power to impel negative interest rates!

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