The hows and whys of countries going cashless: Nathan Heller’s profile in The New Yorker on how Sweden has transitioned to an increasingly cashless society must read like black magic or science fiction to some in Egypt, or at the very least a remote possibility that is very far off for our own country. However, an argument could clearly be made that Egypt’s need to consciously begin a similar transition is pressing — perhaps more so than other countries. Almost 90% of the population is unbanked, corruption traffics in cash payments, and tax evasion is a way of life. Former chief economist at the IMF Kenneth S. Rogoff argues in his new book that the United States should make more of a deliberate effort to become cashless, starting by phasing out large bills and allowing smaller denominations to fall out of use.

“Rogoff argues that the invisible large notes [80% of the US’ currency supply is in hundred USD bills, with USD 1.34 tn outside the banking system at any given moment] must be paying off-the-book wages. They are sitting in Zurich safe-deposit boxes, probably, crossing borders with cartels and traffickers, and doing other awful things… A mn [USD] in hundred USD bills is easy to tote in a shopping bag, but a mn in USD 10 bills weighs an ungainly two hundred and twenty pounds. Hobbling the underground market should also temper tax evasion, a costlier problem than many people realize.” (Read Imagining a cashless world)