Note from the CEO: Evil cash. Dirty rotten money. This was a super great article in this weekend’s WSJ making a case for getting rid of large denominated paper currency. Seems that those evil, dirty and sinister bills are the cause for all our monetary problems. So, to help you and all your friends and contacts, we at FintekNews will (sigh) reluctantly offer to take them off your hands. Send ‘em our way.
“When I tell people that I have been doing research on why the government should drastically scale back the circulation of cash—paper currency—the most common initial reaction is bewilderment. Why should anyone care about such a mundane topic? But paper currency lies at the heart of some of today’s most intractable public-finance and monetary problems. Getting rid of most of it—that is, moving to a society where cash is used less frequently and mainly for small transactions—could be a big help.
There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism…”