The Curse of Cash

The Curse of Cash

Book - 2016
Average Rating:
Rate this:
1
Baker & Taylor
The New York Times best-selling author of This Time Is Different argues that we should phase out paper money to fight crime and tax evasion—and to battle financial crises by tapping the power of negative interest rates. Illustrations.

Princeton University Press

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.



Baker
& Taylor

Argues in favor of phasing out paper money to fight crime and tax evasion, and to battle financial crises by tapping the power of negative interest rates.

Publisher: Princeton :, Princeton University Press,, [2016]
ISBN: 9780691172132
0691172137
Characteristics: x, 283 pages : illustrations ; 25 cm

Opinion

From the critics


Community Activity

Comment

Add a Comment

s
StarGladiator
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!

Age

Add Age Suitability

There are no ages for this title yet.

Summary

Add a Summary

There are no summaries for this title yet.

Notices

Add Notices

There are no notices for this title yet.

Quotes

Add a Quote

There are no quotes for this title yet.

Explore Further

Browse by Call Number

Subject Headings

  Loading...

Find it at SCL

  Loading...
[]
[]
To Top