from Sovereign Man:
Prof. Ken Rogoff’s book ‘This Time is Different: Eight Centuries of Financial Folly; is one of the best researched public works on the subject of sovereign debt.
And Rogoff’s conclusions (though hotly contested due to an ‘Excel error’) were that, sensibly, governments which accumulate too much debt get into serious trouble.
Duh. Not exactly a radical idea.
But in an article published yesterday afternoon on the Financial Times website (based on a recently published academic paper), Rogoff did propose a new idea that is radical: ban cash. All of it.
Rogoff begins asking the question: “Has the time come to consider phasing out anonymous paper currency, starting with large-denomination notes?”
He goes on to explain that getting rid of paper currency would provide two critical benefits:
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