"You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff . . . proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a ‘less-cash' society."
The world is drowning in cash-and it's making us poorer and less safe. In The Curse of Cash, Kenneth S. Rogoff 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. 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.
The Curse of Cash offers a plan for phasing out paper money 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.
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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. 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.
The Curse of Cash offers a plan for phasing out paper money 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.
The Curse of Cash
The world is drowning in cash-and it's making us poorer and less safe. In The Curse of Cash, Kenneth S. Rogoff 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. 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.
The Curse of Cash offers a plan for phasing out paper money 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.
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. 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.
The Curse of Cash offers a plan for phasing out paper money 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.
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Product Details
BN ID: | 2940170493623 |
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Publisher: | Tantor Audio |
Publication date: | 09/07/2016 |
Edition description: | Unabridged |
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