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Friday, 23 September 2016

Is it time to ban large bank notes?

Is it time to ban large banknotes? Paper money makes it vastly easier to be a criminal. So much so that there’s serious discussion about discontinuing the USD 100 bill. If it’s that bad in Amreeka, how bad corrosive is cash here, where folks will routinely pay cash for an EGP 500,000 vehicle? This Saturday Essay in the Wall Street Journal adapted from the recently published book by Harvard professor Ken Rogoff — who some readers will remember as chief economist at the IMF at the turn of the century — makes the case that “paper money fuels corruption, terrorism, tax evasion and illegal immigration — so the U.S. should get rid of the USD 100 bill and other large notes.” Read: The Sinister Side of Cash. (We have an excellent listening recommendation on cash below, Listen to This.)

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