Kenneth Rogoff, with his book, The Curse of Cash, is one of the most outspoken critics of cash. He wants to immediately prohibit use of large bills ($100, $50) and eventually even smaller ones ($20, $10). Graciously, he will leave us with the smallest ones ($1, $5). For very different reasons than he puts forth, I agree with his contention. I, too, oppose the use of U.S. fiat currency. Had Ron Paul become president of our country, and had he appointed me to be in charge of this sort of thing, I would have implements the Rogoff plan, only I would have been more through: not only $1 and $5 bills would have to go, but the same would apply to quarters, dimes, nickels and pennies. (I now renounce this essay of mine: Block, Walter E. 8/26/01. “Keep the penny; ditch the Fed,” New Orleans Times Picayune, p. B-7; reprinted in https://archive.lewrockwell.com/block/block7.html, 8/29/01; “Freedom News Daily” firstname.lastname@example.org, 8/30/01; http://www.economicpolicyjournal.com/2016/04/the-penny-and-fed.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economicpolicyjournal%2FKpwH+%28EconomicPolicyJournal.com%29).
How can I justify making common cause with Prof. Rogoff, an interventionist if ever there was one (bless his heart, as we say in the South; not to bring in an irrelevancy, but they can take away our statue of Robert E. Lee, however, not that saying, at least not yet)? I do so because I oppose U.S. fiat currency, just as he does, which is what we are now talking about, which it what this Harvard professor is advocating doing away with (partially on his part, completely on mine). Where I part company from the good (money) socialist professor lies in what we would substitute for present money. He would go to electronic money, not bitcoin, of course. I, in sharp contrast, favor the gold standard. Let us, then, by all means, get rid of all government connection with money, from the penny to the largest denomination, and substitute for it gold as money!2:31 pm on July 8, 2017 Email Walter E. Block