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Business Politics

Harvard Professor Demands Ban On $20, $50, $100 Bills

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Six months since Larry Summers first suggested “it’s time to kill the $100 bill,” and three months after The ECB actually killed the €500 Note, another Harvard scholar is reinvigorating the war on cash. Amid claims that paper money fuels corruption, terrorism, tax evasion, and illegal immigration, Ken Rogoff (ironically of “It’s Different This Time” infamy) says the US should get rid of the $100 bill (and $50s and $20s) proposing, in his words, “a ‘less-cash’ society, not a cashless one, at least for the foreseeable future.”

According to the esteemed ivory tower academic, paper currency lies at the heart of some of today’s most intractable public-finance and monetary problems. As Rogoff explains in The Wall Street Journal, getting rid of most of it – that is, moving to a society where cash is used less frequently and mainly for small transactions – could be a big help. – READ MORE

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