The reasons cited for killing $100 bill followed a similar ECB script that cash aids criminal, terrorist, and tax evaders. Summer even went a step further and advocated eliminating the $50 bill.
Sad part is few seem to care. Yes, electronic money will at least theoretically collect more taxes, but it will also reallocate resources from the private, the driver of investments that create jobs, to public sector. The younger generations will figure this out either by education or the school of hard knocks. History shows us that the later is the preferred method, so I'm likely talking to myself here.
Headline: Why Larry Summers wants to kill the $100 bill
The $100 bill is America’s most popular currency denomination. It also could be the most endangered.
The European Central Bank recently voted to eliminate its highest paper currency denomination, the €500 ($558) note. Now former Treasury Secretary Lawrence H. Summers is calling for a global agreement by monetary authorities to stop issuing notes
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