Two recent books by renowned economists have paved the way for today’s great debate about the future of money in the digital age. In particular, public and private funds enter into a sustained rivalry, with far-reaching implications for markets and politics.
SANTA BARBARA – Ready or not, the financial world is forced to face the possibility of a future without traditional banknotes and coins. Does the money go the way to sleep? Should the prospect of its extinction be welcomed or feared? And what would its demise mean for national and global markets and politics?
Two recent books by renowned economists have set the stage for the debates to come, highlighting two issues in particular. The first is whether the species should disappear. The second is whether he will disappear. Kenneth Rogoff of Harvard University and Eswar Prasad of Cornell University have a lot to say on both issues.
Does money make the world go round?
For Rogoff, money is a curse. Paper money, he argues, “is at the heart of some of today’s most intractable public monetary and financial problems,” and should therefore be phased out as quickly as possible. It highlights two big problems. On the one hand, by allowing large recurring and anonymous transactions, cash facilitates tax evasion and other crimes. High-value banknotes like American âBenjaminsâ ($ 100 banknotes) or 1000 Swiss francs banknotes play a prominent role in a wide range of criminal activity, drug trafficking and money laundering. racketeering and extortion.
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