The Curse of Cash
One of the world’s leading economists, Harvard Professor and chess grandmaster, Kenneth Rogoff, makes a persuasive case for ridding the world of high value paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation – a record $1.4 trillion in U.S. dollars alone, mostly in $100 bills. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy. In conversation with the Chief Economist of the Bank of England, Andrew Haldane.