Want to thwart criminals? Take away their cash
In his latest book, “The Curse of Cash,” Ken Rogoff, the Thomas D. Cabot Professor of Public Policy, argues that the elimination of big bills could help stem crime and even aid countries trying to rebound from financial collapse. In a Q&A with the Gazette, Rogoff, also a professor of economics, outlined the reasoning behind what he calls a “less-cash society.” GAZETTE: What is the main premise of your book? ROGOFF: Let’s start by clarifying that my plan aims for a less-cash society, not for a cashless society, which I think would be a mistake into the foreseeable future. I would start by eliminating large notes — the $100 bill, the $50 bill — but envision eventually, after perhaps 15 years, also phasing out the $20 bill. The large notes do much more to facilitate crime and tax evasion than they do to facilitate legal commerce and retail transactions. This fact is...