Cash is king, right? There is, after all, some $4,200 in cash circulating for every person in the US, and that’s outside financial establishments. But when is the last time you used cash? Studies show 50% of us carry $20 or fewer in our wallets. How practical will paper currency remain, especially in the age of rising digital currencies?
To find out, I chatted with economist Kenneth Rogoff, a professor at Harvard University. From 2001–2003, he was Chief Economist at the IMF. His 2009 book with Carmen Reinhart This Time Is Different: Eight Centuries of Financial Folly examined patterns and similarities in severe financial crises. His fascinating new book, The Curse of Cash (September 2016), argues we should dramatically cut the world supply of cash to cut down illegal activity and help the economy.More