Former Secty of Treasury calls for elimination of $100 bill

CaptHenway

Likewise 500 Euro note. Because of crime.



https://www.washingtonpost.com...he-100-bill/?tid=sm_fb

STLNATS

Interesting article. The comments are worth reading and may expose the real motivation - drive transactions to electronic methods/increase gov't oversight for tax, etc. Thanks for sharing the cite.

SaorAlba

Originally posted by: STLNATS

Interesting article. The comments are worth reading and may expose the real motivation - drive transactions to electronic methods/increase gov't oversight for tax, etc. Thanks for sharing the cite.

That is pretty much what the driving force is. They will just drive transactions further under the table with some new means of payment, ie gold, drugs etc.

DepressionscripGuy

Yes, there have been several articles in the last few days about getting rid of the 500 euro note. Part of the argument being that most of those notes are in the hands of Russian crime families. So I could see it happening, but the US 100 dollar note? I don't think so. I regularly see that in transactions almost weekly.



Awhile back I did see an article about Sweden that is mostly cash free. Something like 80% of transactions are electronic now. There are even banks in Sweden that no longer deal with cash. The article was bragging about the benefits and indeed there was a statistical significant drop in crime related to cash such as robberies and thefts. But there was also a significant increase in electronic crime involved with money scams and electronic phishing. It also said it was now easier to track what you did with your money and how / where it was spent. Privacy concerns are a big problem in a cashless society.

TigerTrader

As mentioned people would just begin to move back towards bartering and criminals would just carry larger bags/cases full of money.



The obvious "True Intent" is to just keep tabs on people and their transactions so they could be more easily taxed, IMO.





Also, I already have a "George Costanza Wallet" and back problems, please don't make me carry 5x the paper...

underbidder

Lots of countries now have negative interest rates. And they want to get rid of cash. That money you thought you had, it isn't yours any more.

rbethea

Where I live in Europe, the average bank has a monthly charge and no interest on your cash in your account. In other words, a negative interest rate effectively. This is normal here, as underbidder said. It's also much harder to open a bank account. I needed to provide proof of legal residency, a pay stub, and then that with all the paperwork I filled out had to go to a bank committee (that meets once per fortnight) that approves or rejects the application. Credit cards are deferred debit cards and check cards are like our debit cards (or check cards) I wasn't offered a credit card like we think of them in North America. A lot different than the US, where you can show up at any old bank with a $5 bill and open an account.

gdavis70

This will certainly be bullish for crypto currencies.

Tookybandit

Originally posted by: underbidder

Lots of countries now have negative interest rates. And they want to get rid of cash. That money you thought you had, it isn't yours any more.

Wish I knew how to play the market on this subject ...I need to buy a book on currency trading.

delistamps

Transferring $1 million...

luckybucks

Originally posted by: Hydrant

It won't stop there!

You got that right. I doubt the people in America would allow their currency to go away. They would either throw a fit, or come up with their own.



I would never use a digital currency. Heck, My business does not even do credit cards.

Zanz21

This being shoved down our throats!
I own and operate a food business since 1979, at which time, WE DID NOT TAKE CREDIT CARDS. Fast forward to 2016( well really not fast forward haha..but it seems so)....85% of my business is card form!!!

Luckybucks....I will never use digital currency......We may not have a choice!!

rynotograce

It is for control, to be able to control population ... crime my ass ... to track and control us and then tax the hell out of us.

Also, when they go to negative interest rates and rob your savings, what are you going to do? pull out a ***** ton of $5s and $20s to store?

F these corrupt *****s in office

drwstr123

Whatever the government does...it does it for crime or for the children.
Please read: The Creature From Jekyll Island (you can Google it)

delistamps

The American public protests when the mint wants to stop wasting money on minting pennies. Soon that's the only money we'll have left!
I'm surprised that the half cent was discontinued.

TwoSides2aCoin

Which came first : The greenback or the black-market ?

YoungCollector

You only need stamps for the taxes!