The Curse of Cash
How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy
Kenneth S. Rogoff
Discover the surprising reasons why paper money is at the heart of difficult problems plaguing the world. The Curse of Cash, written by acclaimed economist Kenneth Rogoff, explores the past, present, and future of currency, from ancient China to cryptocurrencies. With a record amount of cash in circulation - $1.4 trillion in U.S. dollars alone - most of it is used to finance tax evasion, corruption, terrorism, and the massive global underground economy. Rogoff explains why countries must establish effective negative interest rate policies to manage the next financial crisis, even if governments take better control of paper currency. A thought-provoking and engaging read.