The Curse of Cash by Kenneth S. Rogoff

From the New York Times bestselling author of This Time Is Different, “a fascinating and important book” (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world’s most difficult problems
The world is drowning in cash—and it’s making us poorer and less safe. In The Curse of Cash, acclaimed economist Kenneth Rogoff explores the past, present and future of currency, from ancient China to today’s cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world’s most difficult problems.
Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation—$1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills—and most of it is used to finance tax evasion, corruption, terrorism, the drug trade, human trafficking and the rest of a massive global underground economy. Paper money also cripples monetary policy by making it impossible for central banks to lower interest rates significantly below zero and The Curse of Cash explains why countries must establish effective negative interest rate policies to manage the next financial crisis.

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