The Curse of Cash

The Curse of Cash

Book - 2016
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From the New York Times bestselling author of This Time Is Different , "a fascinating and important book" (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world's most difficult problems

The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash , acclaimed economist Kenneth Rogoff explores the past, present, and future of currency, from ancient China to today's cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world's most difficult problems.

Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation--$1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills--and most of it is used to finance tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. Paper money also cripples monetary policy by making it impossible for central banks to lower interest rates significantly below zero, and The Curse of Cash explains why countries must establish effective negative interest rate policies to manage the next financial crisis.

Even if governments take better control of paper currency, perhaps by phasing out large-denomination notes, cryptocurrencies raise old and new issues. Looking to the future of public and private digital currency, The Curse of Cash cites the lesson of history: when it comes to currency, the private sector may innovate but eventually the government regulates and appropriates.

Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.

Publisher: Princeton : Princeton University Press, c2016
ISBN: 9780691172132
Branch Call Number: 332.4 Rogo
Characteristics: x, 283 pages : illustrations ; 24 cm


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Jul 18, 2016

He's baaaaacccck!
Old Kenny Rogoff, that fun dude who has difficulties with Excel spreadsheets and the truth [he and Carmen claimed austerity was the best policy 'cause they screwed up their simple spreadsheets so terribly, then when their errors were pointed out, they claimed they made no difference - - as if!!!!].
Rogoff completely supports the banksters - - so why would they want a cashless world?
Could it have something to do with block chain technology***? A centralized money transactions file which guess-who would control? [And every single transaction could then have a fee exacted from the individual going to the bankster?]
Massive refugee flows to drive wages downwards, and housing prices upwards, coupled with moving towards all cash transactions online - - they never fail to dream up ways to bleed us economically and financially!
[***A major person working on that technology was the very same one who gifted us with that wonderful Econ. WMD, the Credit Default Swap, Blythe Masters!]
Imagine, having the audacity - - or stupidity - - in writing positively about central bankers and the power to impel negative interest rates!


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