{"id":64104,"date":"2016-02-16T12:33:40","date_gmt":"2016-02-16T17:33:40","guid":{"rendered":"http:\/\/www.businesspundit.com\/?p=64104"},"modified":"2020-09-21T13:34:01","modified_gmt":"2020-09-21T17:34:01","slug":"larry-summers-retire-100-dollar-bill-to-slow-criminals-02-2016","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/larry-summers-retire-100-dollar-bill-to-slow-criminals-02-2016\/","title":{"rendered":"Larry Summers explains why the $100 bill needs to be retired"},"content":{"rendered":"

\"100<\/p>\n

The $100 bill should be put to rest according to\u00a0former Treasury Secretary Larry Summers.<\/p>\n

Researchers at Harvard business school recently argued in a study\u00a0that eliminating large denomination bills would have little downside for legitimate commerce, but would make it much harder for illegal enterprises to break the law.<\/p>\n

The report says the $100 bill, 500 euro note, UK’s 50 pound note, and the 1,000 Swiss franc note, should be brought to end of life.<\/p>\n

“In certain circles the 500 euro note is known as the ‘Bin Laden’ [which] confirms the arguments against it,” Summers writes in column in the Washington Post on Tuesday. “Illicit activities are facilitated when a million dollars weighs 2.2 pounds as with the 500 euro note rather than more than 50 pounds as would be the case if the $20 bill was the high denomination note.”<\/p>\n

Summers admits that pulling all bills from circulation probably won’t happen, but he argues that\u00a0“a moratorium on printing new high denomination notes would make the world a better place.”<\/p>\n

The $100 bill is the second most used bill in US circulation, behind only the $1 billion. Despite it’s larger size, it is 25% more common than the $20 bill, according to the Federal Reserve.<\/p>\n

The number of $100 bills\u00a0has increased by 350% in the past 20 years.<\/p>\n

Nearly 80% of the $1.4 trillion of US currency in circulation is in $100 bills and much of that money is held outside the United States.<\/p>\n

Summers says the greatest objections to dropping the large denomination bills come from European countries.<\/p>\n

“Because the Germans were committed to having a high denomination note, the issue was never seriously debated in international forums,” he said, recalling when the European currency was being designed in the last 1990s.<\/p>\n

European Central Bank President Mario Draghi said this week that the central bank is considering dropping the note.<\/p>\n","protected":false},"excerpt":{"rendered":"

The $100 bill should be put to rest according to\u00a0former Treasury Secretary Larry Summers. Researchers at Harvard business school recently argued in a study\u00a0that eliminating large denomination bills would have little downside for legitimate commerce, but would make it much harder for illegal enterprises to break the law. The report says the $100 bill, 500 […]<\/p>\n","protected":false},"author":34,"featured_media":64107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1197],"tags":[10069,10071,2814,10070,10072],"class_list":{"0":"post-64104","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-100-billion","9":"tag-bills","10":"tag-larry-summers","11":"tag-one-hundred-dollars","12":"tag-us-denomination"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=64104"}],"version-history":[{"count":3,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64104\/revisions"}],"predecessor-version":[{"id":64110,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/64104\/revisions\/64110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/64107"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=64104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=64104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=64104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}