{"id":22206,"date":"2016-11-30T17:39:19","date_gmt":"2016-11-30T22:39:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22206"},"modified":"2016-11-30T17:39:19","modified_gmt":"2016-11-30T22:39:19","slug":"an-interesting-perspective-on-the-war-on-cash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22206","title":{"rendered":"An interesting perspective on the War on Cash"},"content":{"rendered":"
\"cashwar\"<\/div>\n

An interesting perspective on the War on Cash<\/a><\/h3>\n
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It\u2019s happening faster than we could have ever imagined.<\/p>\n

Every time we turn around, it seems, there\u2019s another major assault in the War on Cash.<\/p>\n

India is the most notable recent example\u2013 the embarrassing debacle a few weeks ago in which the government, overnight, \u201cdemonetized\u201d its two largest denominations of cash, leaving an entire nation in chaos.<\/p>\n

But there have been so many smaller examples.<\/p>\n

In the US city of New Orleans, the local government decided earlier this month to stop accepting cash payments from drivers at the Office of Motor Vehicles.<\/p>\n

As\u00a0I wrote to you recently<\/a>, several branches of Citibank in Australia have stopped dealing in cash altogether.<\/p>\n

And former US Treasury Secretary Larry Summers published an article last week stating that \u201cnothing in the Indian experience gives us pause in recommending that no more large notes be created in the United States, Europe, and around the world.\u201d<\/p>\n

In other words, despite the India chaos, Summers thinks we should still curtail the $100 bill.<\/p>\n

The conclave of the high priests of monetary policy almost invariably sings the same chorus: only criminals and terrorists use high denominations of cash.<\/p>\n

Ken Rogoff, Harvard professor and former official at the International Monetary Fund and Federal Reserve, recently published a book blatantly entitled The Curse of Cash.<\/p>\n

Ben Bernanke\u2019s called it a \u201cfascinating and important book\u201d.<\/p>\n

And, shockingly, a number of reviews on Amazon.com praise \u201cbrilliant\u201d Rogoff\u2019s \u201cvisionary concepts\u201d in his \u201cexcellent book\u201d.<\/p>\n

Rogoff, like most of his colleagues, contends that large bills like the $100 or 500 euro note are only used in \u201cdrug trade, extortion, bribes, human trafficking. . .\u201d<\/p>\n

In fact they jokingly refer to the 500-euro note as the \u201cBin Laden\u201d since it\u2019s apparently only used by terrorists.<\/p>\n

Give me a break.<\/p>\n

My team and I did some of research on this and found some rather interesting data.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

An interesting perspective on the War on Cash It\u2019s happening faster than we could have ever imagined. Every time we turn around, it seems, there\u2019s another major assault in the War on Cash. India is the most notable recent example\u2013 the embarrassing debacle a few weeks ago in which the government, overnight, \u201cdemonetized\u201d its two […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,4787,1034,422,7312,4927],"class_list":["post-22206","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-cash-ban","tag-cashless-society","tag-india","tag-simon-black","tag-war-on-cash"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22206"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22206\/revisions"}],"predecessor-version":[{"id":22207,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22206\/revisions\/22207"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}