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  • BUSINESS

    Fairer and safer to have a less-cash society

    Business, Kenneth Rogoff, Published on 12/09/2016

    » The world is awash in paper currency, with the central banks of major countries pumping out hundreds of billions of dollars' worth each year, mainly in very large-denomination notes such as the US$100 bill. The $100 bill accounts for almost 80% of the stunning $4,200 per capita cash supply in the United States. The ¥10,000 note (about $100) accounts for roughly 90% of all Japan's currency, where per capita cash holdings are almost $7,000. And, as I have been arguing for two decades, all this cash is facilitating growth mainly in the underground economy, not the legal one.

  • OPINION

    Brexit was a questionable exercise in democracy

    News, Kenneth Rogoff, Published on 27/06/2016

    » The real lunacy of the United Kingdom's vote to leave the EU was not that British leaders dared to ask their populace to weigh the benefits of membership against the immigration pressures it presents. Rather, it was the absurdly low bar for exit, requiring only a simple majority. Given voter turnout of 70%, this meant that the leave campaign won with only 36% of eligible voters backing it.

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