On Thursday 24th November, Professor Kenneth Rogoff, Professor of Economics at Harvard University will join us to discuss with Tom Clark, Editor of Prospect his newly published book: The Curse of Cash.
In the book and in an article in the current issue of Prospect, Rogoff argues that the nature of money itself has been called into question after the banking crisis and for the sake of tackling crime, as well as economic stability the time has now come to scale back the use of paper money by eliminating large denomination notes such as the US $100 bill. You can read a copy of the article here.
The suggestion, however, remains as controversial as it is counter-intuitive. In an article by campaigner Fran Boait, in the same issue of Prospect, she states that if we take Rogoff’s advice it is the banks who will end up coining it. Let us cling on to our notes, she insists, until publicly-accountable central banks are in a position to create digital reddies.
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