There's Nothing Wrong With Cash. Stop Trying To Ban It

There’s Nothing Wrong With Cash. Stop Trying To Ban It by Lawrence H. White, Foundation For Economic Education

The Case against Cash Prohibition

From time to time we hear calls for withdrawing today’s lowest and the highest denominations of US currency — the penny and the $100 bill — from circulation. In the last year, a growing chorus has been calling for prohibition of the $100 bill.

The rhetoric of the anti-high-denomination gang has gotten increasingly shrill. Erstwhile Bank of England economist Charles Goodhart in September called the European Central Bank and the Swiss National Bank “shameless” for issuing “vastly high-denomination notes,” namely the €500 and SWF 1000, “which are there to finance the drug deals.”

Last month former Treasury Secretary Larry Summers...