Duanne, For you it is $20, for me it is $100. What I mean is there is no end to it. Tomorrow Rogoff could decide $20 is too big and all of us should hold $1 bills only. Who gets to decide? I think with my money I do and not Rogoff..
"Why do non-criminals need access to higher bills?" -- First why not? Second, in case you want to pull cash out of a bank (say during a crisis or whenever you want) it is much easier if it is $100 bills. It is your money and you get to decide the denomination to hold it. I like $100 bills I hold it in that denomination. You like $20 bills, you hold $20 bills.
Where is the proof that smaller bills will end crimes. Let them prove it. Hog wash IMO. Good for pulling wool over people's eyes, hiding the real intent.
Anastasija, Let me give you another perspective. Why should a Harvard Professor of Economics (Rogoff) suddenly be so interested in criminals (there are institutions and people who are doing the job of making life difficult for criminals) and their crimes on society. Are you telling me one fine day Rogoff woke up and decided he has to save people from criminals. Sounds far-fetched to me! It is only because it is tied to economics and not criminals, that too economics as regards imposing negative rates and the fear that people will pull out cash and it will cause bank runs.
He is acting as an academic stooge, trying to provide cover for the Fed to impose negative rates. Right now if the negative rates exceed storage and insurance cost of storing cash, these guys are done as keeping the cash under the mattress becomes a better option as compared to providing money to banksters to pay themselves bonus and have your digital money confiscated.
@Bruce, it will lead to that. This is just an appetizer. And what is wrong if I want to do cash business with $100 bills (as long as it is legally mine and I have paid my taxes). If I want to stash $100 bills in my safe I see no reason why I should not be allowed to store it in high denomination bills.
The basic idea is to move you to digital currency so that they can impose negative rates and lock you out of your money should the need arise. The criminal pitch is a decoy. It is obvious that they cannot come straight up and tell you that they are after your money plain and simple, in order to avoid a bank run. Think what happens when you have a crisis like 2008 and you want to pull your money out of the bank. You just cannot as you will allowed to draw $20 per day. They will set the limit. Imagine it is your money and you have no access to it. I do not want to be in that position. I rather like the thought that I can lay my grubby hands on my money whenever I want.
BTW Switzerland has high denomination notes and it is not exactly teaming with criminals. In fact all the terrorist acts seem to be taking place in other countries.
The idea of banning cash is inane as it leaves you at the mercy of the entity that is controlling the digital currency (the only alternative you will be left). You will no longer be able to lay hands on your own money because you will be locked out (if you think this cannot happen you can think of Greece and Cypress), in effect we will all be Cypressed. The entity controlling the digital currency will be fully capable of imposing 20% negative rates should they feel like it and will be fully in control of your money. I for one do not like idea much. Essentially it is all a devious theory (criminals et.al) to ensure that people do not store money under the mattress.
This editorial was probably a trial balloon for the Fed, an academic stooge if you will. That such a guy who can sprout such inane ideas teaches at Harvard and nobody boycotts his classes is beyond belief. Who does he take people for? Fools? Probably yes we are, but not all the people all the time!
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War On Cash Turns To $20, $50, And $100 Bills
Duanne, For you it is $20, for me it is $100. What I mean is there is no end to it. Tomorrow Rogoff could decide $20 is too big and all of us should hold $1 bills only. Who gets to decide? I think with my money I do and not Rogoff..
War On Cash Turns To $20, $50, And $100 Bills
Anastasija,
"Why do non-criminals need access to higher bills?" -- First why not? Second, in case you want to pull cash out of a bank (say during a crisis or whenever you want) it is much easier if it is $100 bills. It is your money and you get to decide the denomination to hold it. I like $100 bills I hold it in that denomination. You like $20 bills, you hold $20 bills.
Where is the proof that smaller bills will end crimes. Let them prove it. Hog wash IMO. Good for pulling wool over people's eyes, hiding the real intent.
War On Cash Turns To $20, $50, And $100 Bills
Anastasija, Let me give you another perspective. Why should a Harvard Professor of Economics (Rogoff) suddenly be so interested in criminals (there are institutions and people who are doing the job of making life difficult for criminals) and their crimes on society. Are you telling me one fine day Rogoff woke up and decided he has to save people from criminals. Sounds far-fetched to me! It is only because it is tied to economics and not criminals, that too economics as regards imposing negative rates and the fear that people will pull out cash and it will cause bank runs.
He is acting as an academic stooge, trying to provide cover for the Fed to impose negative rates. Right now if the negative rates exceed storage and insurance cost of storing cash, these guys are done as keeping the cash under the mattress becomes a better option as compared to providing money to banksters to pay themselves bonus and have your digital money confiscated.
War On Cash Turns To $20, $50, And $100 Bills
Anastasija, criminals will just switch to gold or diamonds. Unlike us, they will not allow themselves to be locked out of their money.
War On Cash Turns To $20, $50, And $100 Bills
@Bruce, it will lead to that. This is just an appetizer. And what is wrong if I want to do cash business with $100 bills (as long as it is legally mine and I have paid my taxes). If I want to stash $100 bills in my safe I see no reason why I should not be allowed to store it in high denomination bills.
The basic idea is to move you to digital currency so that they can impose negative rates and lock you out of your money should the need arise. The criminal pitch is a decoy. It is obvious that they cannot come straight up and tell you that they are after your money plain and simple, in order to avoid a bank run. Think what happens when you have a crisis like 2008 and you want to pull your money out of the bank. You just cannot as you will allowed to draw $20 per day. They will set the limit. Imagine it is your money and you have no access to it. I do not want to be in that position. I rather like the thought that I can lay my grubby hands on my money whenever I want.
BTW Switzerland has high denomination notes and it is not exactly teaming with criminals. In fact all the terrorist acts seem to be taking place in other countries.
War On Cash Turns To $20, $50, And $100 Bills
The idea of banning cash is inane as it leaves you at the mercy of the entity that is controlling the digital currency (the only alternative you will be left). You will no longer be able to lay hands on your own money because you will be locked out (if you think this cannot happen you can think of Greece and Cypress), in effect we will all be Cypressed. The entity controlling the digital currency will be fully capable of imposing 20% negative rates should they feel like it and will be fully in control of your money. I for one do not like idea much. Essentially it is all a devious theory (criminals et.al) to ensure that people do not store money under the mattress.
War On Cash Turns To $20, $50, And $100 Bills
Let us hear what it is!
War On Cash Turns To $20, $50, And $100 Bills
This editorial was probably a trial balloon for the Fed, an academic stooge if you will. That such a guy who can sprout such inane ideas teaches at Harvard and nobody boycotts his classes is beyond belief. Who does he take people for? Fools? Probably yes we are, but not all the people all the time!
It is time to throw out the central bankers...