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Paper money under attack

January 1, 2017 | Commentary

  • Around the globe, governments are implementing plans to remove the largest denomination notes from general circulation. This is done with the stated objective to curtail corruption and illegal activity. A less public motive is for central banks to try to shrink the liabilities that outstanding currencies represent.
  • At one end of the spectrum such plans merely stop issuing new notes. At the other extreme the retired notes quickly lose their legal tender status. When the latter approach is used in places like India and Venezuela great hardship befalls the poorest segments of society who have few resources but rely heavily on cash for their daily transactions.
  • In the United States the $100 bill is the most widely circulated note by a wide margin, growing more than fourfold in 20 years. Some of this may be due to the grey economy and illegal activity. Many of these bills find their way abroad to meet the cash demands in countries with less reliable currencies.
  • Radical currency exchanges and proposals to move to a cashless society may have reasonable motivations, but they have a darker side as well. Such moves always impact the freedom and anonymity of every citizen. Criminals and terrorists may have to work a little harder to keep their activities secret, but they have the motivation to do so. It is everyone else that pays the cost.

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