The Curse of Cash
The Curse of Cash is one of the Bloomberg’s best books of the year.
The looming demise of cash theory has been around for decades but this book shows how cash, large denomination paper money in particular, has a truly evil side to its very existence.
Large bills are favored for illegal transactions and at the same time create significant issues for monetary policy implementation and execution.
The book (I’m not finished with it yet) is making the case that large-denomination bills should be eliminated in favor of electronic forms of payments, not just because of the convenience but for far more technical reasons.
In the author’s view, eliminating all but small-denomination cash (he keeps coins also) will be a big step toward solving some of these problems.
It’s not a light read but it’s engaging enough to keep my attention.
Bruce Six is CEO of NSWC Federal Credit Union in Dahlgren, Va.