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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion―and to battle financial crises by tapping the power of negative interest rates
The world is drowning in cash―and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world’s leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most 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, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. 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 the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future.
The Curse of Cash offers a plan for phasing out most paper money―while leaving small-denomination bills and coins in circulation indefinitely―and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor.
While phasing out the bulk of paper money will hardly solve the world’s problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.
- Sales Rank: #379349 in Books
- Brand: Princeton University Press
- Published on: 2016-09-06
- Original language: English
- Number of items: 1
- Dimensions: 9.50" h x .90" w x 6.40" l, .0 pounds
- Binding: Hardcover
- 296 pages
Features
- Princeton University Press
Review
Winner of the 2017 PROSE Award in Economics, Association of American Publishers
Selected for Canada’s Financial Post Best Personal Finance and Economics Books of 2016
One of Financial Times (FT.com) Best Economics Books of 2016
One of Bloomberg’s Best Books of 2016
Longlisted for the Financial Times and McKinsey Business Book of the Year 2016
"In a brilliant and lucid new book, The Curse of Cash, the Harvard economist Kenneth Rogoff gives a fascinating and thorough account of the argument against cash."--John Lanchester, New York Times Magazine
"An excellent book on the history and the origins of cash, which also goes into much depth on the issue of cash constraining monetary policy."--Jon Hartley, Forbes.com
"The great accomplishment of his book is that his arguments are convincing. . . . It's clear and coherent, and even if you disagree with him in the end, chances are you'll think a little bit differently about something of which most of us give no thought whatsoever."--Bethany McLean, Washington Post
"[A] fascinating economic manifesto. . . . [The Curse of Cash] is an absorbing exploration of the uses, and misuses, of currency, and its intractability in controlling modern economies."--Publishers Weekly
"Economist Rogoff, the former chief economist of the International Monetary Fund, offers a detailed case for eliminating paper money. . . . For both the elimination of paper money and the employment of negative interest rates to combat deflationary recessions, Rogoff painstakingly presents both the advantages and the drawbacks. . . . Provocative."--Library Journal
"In a witty new book, The Curse of Cash, economist Kenneth Rogoff argues the human race would be better off without paper money. He's onto something."--Hiawatha Bray, Boston Globe
"[The Curse of Cash] makes the case for encouraging the U.S. government to drastically scale back on $100 bills in circulation. The book . . . offers a thought-provoking theory for phasing out paper money, not eliminating it."--Susan Tompor, Detroit Free Press
"Meticulously written, [The Curse of Cash] covers everything needed for such a monetary reform. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them."--Peter Garber, Finance & Development
"Rogoff is always worth listening to. . . . Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes."--David Smith, Sunday Times
"Rogoff makes a compelling case for the crime-fighting power of his idea."--David Nicklaus, St. Louis Post Dispatch
"[Rogoff] understands that getting rid of cash . . . is not exactly an easy sell. So Rogoff builds the case against cash, loading up on all the things wrong with paper money. . . . Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins--or at least larger bills."--Mark Gimein, Strategy+Business.com
"An illuminating, provocative and fact-packed work that does make you wonder why on earth we allow so much cash to slosh around. It also exposes some well-worn pub truths as urban myths."--Patrick Hosking, The Times
"Ken Rogoff, the Harvard economist, who argues in [his] new book that we should start to phase out cash is, for me, on the money."--Ben Chu, Independent
"This book is a rare bird indeed: accessible, absorbing and often deadpan funny."--Brian Bethune, Maclean's
"[The Curse of Cash] is a fascinating contribution to the debate about what might be done to help get many wealthy countries out of an economic funk."--Clancy Yeates, Sydney Morning Herald
"Lively and clearly written."--Geoffrey Wood, Central Banking Journal
"Recommended for readers who seek a greater understanding of negative interest rates and the possibility of eliminating cash."--Choice
"You may not have any in your wallet, but $100 bills make up an astonishing 80 percent of the U.S. currency in circulation. In his new book, The Curse of Cash, Kenneth Rogoff . . . proposes a plan to phase out most paper currency in the United States and other economically advanced nations, keeping only low-denomination notes to create what he terms a ‘less-cash' society."--MIT Technology Review
"Like a chess player playing many opponents simultaneously, Rogoff views ‘the curse of cash' through several prisms, and offers a compelling rationale of the merits of a ‘less cash' economy."--Venky Vembu, The Hindu
"The Curse of Cash is a well-argued book and Rogoff is a good economist."--Pierre Lemieux, Regulation,
From the Back Cover
"A fascinating and important book. Kenneth Rogoff sets out a compelling and wide-ranging argument for weaning our economies off paper money."--Ben S. Bernanke, former chairman of the U.S. Federal Reserve
"Highly engaging, thought-provoking, and persuasive, The Curse of Cash makes the case that time is running out for paper money. As Kenneth Rogoff has done before, this book sets the standard on a problem that will only become more important; it is also sure to influence discussions about the ability of central banks to deliver growth and financial stability. This is a must-read."--Mohamed El-Erian, author of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse
"Should we become a largely cashless society? Kenneth Rogoff makes a strong case that we should in this wide-ranging book, which touches on history, crime, technology, and monetary policy. Clearly and persuasively argued, this is a must-read."--Linda Yueh, author of China's Growth: The Making of an Economic Superpower
"In this fascinating and important book, Kenneth Rogoff argues forcefully that advanced economies should phase out cash because it facilitates crime and constrains policy. With a wealth of data and clear explanations, the book demystifies central banking and negative interest rates, thus elevating the discussion of both."--Anat R. Admati, coauthor of The Bankers' New Clothes: What's Wrong with Banking and What to Do about It
"Most people like cash. Not Kenneth Rogoff--for reasons ranging from its benefits to organized crime to the way it impedes antirecessionary monetary policy. He's written a tour de force explaining why. Reading it will make you both smile and think."--Alan S. Blinder, author of After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
"Ken Rogoff led the way in stressing the now widely accepted public policy benefits of eliminating large-denomination currency. His new book provides cogent arguments for an even bolder step: eliminating cash altogether. The proposal could not be more timely, and his arguments deserve consideration by policymakers and the general public alike."--Michael Woodford, Columbia University
"The Curse of Cash is brilliant and insightful. In addition to giving a vivid picture of the cash-crime nexus, The Curse of Cash is the book everyone should read about negative interest rates."--Miles Kimball, University of Michigan
"Original and fascinating, The Curse of Cash makes a totally convincing argument that advanced economies have many good reasons for phasing out paper currency as soon as possible. More clearly and with more evidence than anyone before, Kenneth Rogoff makes the case that cash feeds illegal behavior--and that illegal behavior probably now accounts for the majority of cash in circulation. Raising challenging questions, this book will be of wide interest."--John Kay, author of Other People's Money: The Real Business of Finance
About the Author
Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former chief economist of the International Monetary Fund, is the coauthor of the New York Times bestseller This Time Is Different: Eight Centuries of Financial Folly (Princeton).
Most helpful customer reviews
70 of 77 people found the following review helpful.
Orwell is laughing
By W. Willers
"In the mind of an economic tyrant, banning cash represents the holy grail." --Michael Krueger
It is difficult to think that anyone intelligent enough to be a chess grandmaster would fail to see that going cashless would be the last brick in the government’s wall of absolute control over the masses. Anyone who might irritate the government in ANY way, however minor, could have accounts frozen, leaving the individual absolutely naked, unable to access the means to purchase food or shelter or anything else. This has already happened to four drone pilots who have been critical of the US drone program (See the link and follow its links for a short education in an Orwellian nightmare.
[...]
Rogoff states (page 93) the importance of “separating out protection from government snooping” while he knows that would be impossible….. a fact he essentially admits to on page 101. A main argument for cashless society is that it gives government the power to inflict negative interest rates and bail-ins in a climate in which citizens are disallowed the option of converting to cash. But he admits (page 175) that negative interest rate policy is still theoretical, with unknown drawbacks, such as price and financial instability.
Citizens in his cashless world would not even be able to make a five dollar person-to-person exchange without it being an electronic record. Rogoff even admits that cryptocurrencies, such as bitcoin, created to make for anonymity, would be overcome by government, which could use “other pieces of information to …. pull out identities”.
The fact that cash “handcuffs central banks” in their goal of total control of society, and even though the lack of cash might aid in fighting tax dodging and other crimes, the right to privacy trumps it all. I am heartened to see that the overwhelming majority of commenters re this book understand the Orwellian implications of an purely electronic world.
32 of 36 people found the following review helpful.
The final nail in the coffin of freedom
By Revere's Heir
First, I will say that I am a financial advisor for 27 years, having been trained in economics. I give seminars that teach about our monetary system, and the history of money. I have the utmost respect for Ken Rogoff, and thought that the work that he did with Carmen Reinhart, This Time is Different, was eye-opening in studying the prior instances of excessive debt throughout world history. If you'd like to understand why inflation is the route chosen to deal with a debt crisis over and over again throughout history, take the time to read that tome.
This book, on the other hand, you should read to better understand the threat that those in power have in mind for you. In The Curse of Cash, sadly, Rogoff is an apologist for the state. I would begin my review asking a simple question - Since when are central banks engaged in/ responsible for fighting crime? At the very least, this is yet one more instance of mission creep for the Federal Reserve beyond its original mandate, having already taken on the responsibility of managing the global economy.
The Curse of Cash is an argument for why the state should have more ability to control our medium of exchange (at negative real interest rates, let alone nominal interest rates, it can hardly any longer be called a store of value). He begins his argument by listing the litany of illicit uses for cash, including tax evasion, drugs, corruption of our otherwise pure politicians, human trafficking, exploitation of migrants, illegal immigration, counterfeiting, terrorism, and polishes his argument off with the fact that cash can harbor germs. The arguments presented can easily be demolished by the fact that, except for the disease argument, gold would be a better form of payment to facilitate these illicit transactions. Ironically, a ban on cash might bolster the sale and the value of gold for these purposes.
All of his arguments decry the loss to government of tax revenues, seigniorage, and overall control of our money. He argues for greater ability for the government to tax, and to impose negative interest rates on the population. There is no transaction that cannot be taxed, no financial exchange that cannot be controlled. I would like readers to think about a world where all of your transactions are handled via debit/ credit card, and where your single-payer healthcare provider can see that you've eaten just a few too many candy bars this month, and maybe your health insurance premiums should be adjusted.
If paying the kid next door to cut your lawn, would you have to issue him a Form1099 at the end of the transaction? Would he need to be able to accept electronic payments to even be able to perform the service? One can easily see how the larger companies would gain even more of the business to be had in the overall economy. Then, only those companies that "play nice" would be rewarded with easy terms of business. We are already beginning to see companies around the country (ie. gun stores, medical marijuana, etc.) that don't toe the government line being punished by being pushed out of banking services.
We all should understand this threat, and make sure that when we vote, we elect honorable people who have no desire to control and tax our every financial transaction. It will be the end of our freedom.
169 of 192 people found the following review helpful.
This is not a book to be tossed aside lightly -- it should be hurled with great force.
By James E. Mitchell
Seriously, yes, criminals use cash. But without cash, all transactions between consenting adults can only occur at the pleasure of financial gatekeepers. This book's an apologia for the most corrupt rent-seeking scheme imaginable: literally destroying the universal freedom to transact under the false flag of catching the small percentage of folks who abuse this freedom in service of criminality.
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