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The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy
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About The Curse Of Cash: How Large-Denomination Bills Aid
Product Description 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 problemsThe 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. Review "Winner of the 2017 PROSE Award in Economics, Association of American Publishers" "One of Financial Times (FT.com) Best Economics Books of 2016" "One of Bloomberg’s Best Books of 2016" "Selected for Canada’s Financial Post Best Personal Finance and Economics Books of 2016" "Longlisted for the Financial Times and McKinsey Business Book of the Year 2016" "In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash." ---John Lanchester, New York Times Magazine "An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy." ---Jon Hartley, Forbes.com, "Convincing. . . . It's clear and coherent, and even if you disagree with Rogoff in the end, chances are you'll think a little bit differently about something to which most of us give no thought whatsoever." ---Bethany McLean, Washington Post "[A] fascinating economic manifesto…. [An] absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies." ― Publishers Weekly "Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money. . . . For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks. . . . Provocative." ― Library Journal "In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something." ---Hiawatha Bray, Boston Globe "[ The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book . . . offers a thought-provoking theory for phasing out paper money, not eliminating it." ---Susan Tompor, Detroit Free Press "Meticulously written, [ The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors t
