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The $100 Bill Could Be the Next Victim in the War on Cash; Don’t Become One Too
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
schiffgold.com / BY SAMUEL BRYAN / FEBRUARY 18, 2016
The war on cash heated up this week when a former Obama economic adviser/ex-Treasury secretary floated the idea of eliminating the $100 bill.
Lawrence Summers called for death to the Benjamins in a post on his Washington Post blog titled It’s Time to Kill the $100 Bill. The post announced the release of a paper by Harvard’s Mossavar Rahmani Center for Business and Government senior Fellow Peter Sands arguing that governments should stop issuing high-denomination currency such as 500 euro notes and $100 bills. The paper even proposed withdrawing such currency them from circulation.
Cash warriors always publicly center their arguments on the need to limit cash as a way to fight drug crime, terrorism, and tax fraud. This was exactly how Summers framed the argument in his blog post:
Sands’ extensive analysis is totally convincing on the linkage between high denomination notes and crime. He is surely right that illicit activities are facilitated when a million dollars weighs 2.2 pounds as with the 500 euro note rather than more than 50 pounds as would be the case if the $20 bill was the high denomination note. And he is equally correct in arguing that technology is obviating whatever need there may ever have been for high denomination notes in legal commerce…I’d guess the idea of removing existing notes is a step too far. But a moratorium on printing new high denomination notes would make the world a better place.”
The post The $100 Bill Could Be the Next Victim in the War on Cash; Don’t Become One Too appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/18/the-100-bill-could-be-the-next-victim-in-the-war-on-cash-dont-become-one-too/
