Glenn Reynolds: Cash is the currency of freedom

As Fed inflates away dollar’s value, government gains more control to manipulate taxpayers and savers.

Former Treasury secretary Larry Summers wants to get rid of the $100 bill. But I think he has it exactly backward. I think we need to restore the $500 and $1000 bills. And the reason is that people like Larry Summers have done a horrible job.

Summers wrote recently in The Washington Post that the $100 bill needs to go. The reason, he says, is that it’s a favorite of criminals, along with the 500 euro note, which is likely to be discontinued. The New York Times editorialized in agreement, writing: “Getting rid of big bills will make it harder for criminals to do business and make it easier for law enforcement to detect illicit activity. …

  • Drunk_by_Noon

    You know, if we just controlled our criminal immigrant population by greatly restricting our immigration, then these so-called problems of illegal cash transfers would mostly disappear.
    There are very few white drug kingpins in America.
    They are all invariably foreign nationals, or immigrants, or the children of ethnic immigrants.
    I’m looking at you Mexicans, Central Americans, and Caribbeans.

    • This business of a cashless society is a scary thing. Imagine how easy it is now for the government to freeze your accounts and seize your assets.

      Going cashless means they can starve you in a matter of days.

    • mauser 98

      the ultra rich in Mexico look like they are from Norway and live in a sub
      watch Pakistan politicos… higher up the whiter
      SE Asia is similar

      • Drunk_by_Noon

        To a degree some might look like us, but they are still not culturally US.
        They all come from a degenerate culture that debases the human condition which then makes ‘the good’ into the bad.

  • mauser 98

    gold , silver , copper , ammo ,tools , stored food

    • dance…dancetotheradio

      I wish I had the means.

      • mauser 98

        am not saying i do
        anything is better than nothing
        where i am the Wynne /Saint Justin tag team of destruction is taxing us to death

        i know retired teachers…Florida in the winter , Europe tours in the summer

  • DMB

    Governments would sure love a cashless society because when they raise taxes to the point were it becomes burdensome for many it fuels an underground economy were people insist upon using cash alone in order to prevent it from being declared as income to government taxation agencies i.e. IRS, Revenue Canada. For governments that go cashless they can easily track the flow of currency making it very difficult for people to generate income without the government knowing of it. The worst thing about a cashless society is there is absolutely nothing to give digital currency any value to it at all only that the government says it is good. Without cash digital currency is no different then points on a video game.

    Justin Trudeau recently sold off a huge portion of Canada’s gold reserves which backed by our currency gave it the value it need. Now between most of our gold reserves gone and our federal and provincial governments debts spiraling out of control our currency is increasingly becoming worthless.

  • Halal Bacon

    As government reduces the largest denomination, they will reach a point where a certain value can be stored in less space and with less weight in gold than in paper. I ran the numbers. One U.S. banknote is 155x66x.11 mm. It weighs approximately one gram. One troy ounce is 31.1035 grams and has a volume of 2016 cubic mm.

    Look at the figures when gold is $1200 an ounce
    $1200 in $100 bills is 12 grams and 13,652.496 cubic mm. That’s 24g and 27,304.992 for $50 bills, and 60g and 68,262.48 cubic mm for $20 bills.

    In gold that’s one troy ounce/31.1035g and 2016 cubic mm

    As the price of gold goes up, paper currency becomes bulkier and heavier than its value in gold. The record price for gold was a little over $1900 an ounce. Let’s look at that in terms of paper money.

    $1900 in $100 bills is 19 grams and 21,616.452 cubic mm. That’s 38g and 43,232.904 cubic mm for $50 bills and 95g and 108,082.26 cubic mm for $20 bills.

    In gold that’s one troy ounce/31.1035g and 2016 cubic mm

    Don’t be surprised if at some point, people in government once again try to make it illegal to possess gold bullion, like FDR did.

  • John

    I’ve gone back to using cash for most of my day to day transactions. It’s no ones business what I buy, when I buy and where I buy. It’s empowering because all of these transactions then become private and autonomous. The less info the system has on you, the more independent you become.

    I don’t do Facebook or twitter for precisely the same reasons. Reducing you ‘electro-trail’ footprint to a bare minimum is important in maintaining your freedom.