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At the very least, phase out the $50 and $100 bills in this age of debit and credit cards. But in reality, the paper money denominations are not needed anymore; $1 and $2.50 coins and cents (coins >$1) would suffice for most cash transactions since bigger amounts would be paid by card. Things like parking payment/bus fare, vending machine purchases (soda, snacks, newspapers), pay phone calls are usually paid in coin.
It would root a lot of corruption out of the U.S. economy, just like India did a couple weeks ago!
At the very least, phase out the $50 and $100 bills in this age of debit and credit cards.
At the very least, they should bring back the $500 and $1,000 bills. I like $50s for everyday transactions.
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Originally Posted by KerrTown
It would root a lot of corruption out of the U.S. economy, just like India did a couple weeks ago!
You talk like all the corruption was just removed from the Indian economy a couple of weeks ago.
All that it did was constipate the whole economy and cause great inconvenience to all the law-abiding citizens that use cash because that's what they like to do. As citizens, that's what they are entitled to do.
All the organized crime has already moved-on and has figured out some other method for moving wealth around. Organized crime is always faster than the government. Always.
At the very least, the government's job isn't to restrict what the ordinary citizen can do, but to provide them with whatever they want to use to transact their business.
Maybe in the future, paper currency that the government prints will just languish in the Treasury and banks and they can cut back production. In the mean time I, and a jillion others, want to use those little rectangular pieces of paper with pictures of famous dead Americans on them ( or famous people in their respective countries ).
Transactions should be rounded to the $0.05 or $0.10. The penny, $0.50 coin, and $2.00 bill could all be ended quickly. The $0.50 and $2 bill are worthless. $50 bill isn't really important, but fills a gap between the $20 and $100. It would be no inconvenience to carry 2-$20s and a $10 instead of a $50. Plus it's easier for retailers to quickly change that instead of a $50. I do not have a slot for a $50 bill in my cash register. It goes in the safe with the $100s. All it does is make me run of out bills faster. Okay, I would add $50s to the quickly discontinued pile.
I do not advocate going to a non physical currency like some propose. Maybe once the credit card fees are eliminated. I make between 2-3.5% more on every cash transaction. That can really add up.
So you want to replace the $1 with a $50?? Would you be replacing the $1 bill with a $1 coin? I own a restaurant and I would completely oppose that idea. I hate coins and I don't like $50s.
I wouldn't add any new bills or new coins. I would also completely get rid of the $1 coin, I had forgotten it exists. There should be less bills and coins, not more.
I'll stick with what I think would be a great modest currency reform. Round to the nickel. Get rid of the penny, $.50 coin, $1 coin, $2 bill, and $50 bill. I would be okay with rounding to the dime, but I think that would have more opposition.
Your customers should be able to pay with whatever they want, not what you want. You'll take my $50s or I won't go to your restaurant.
never ran into that problem, even fast food with signs no larger than $20 take $100 bills if you insist that you don't have anything smaller. You'll only get $20 back for largest bill but you get correct change back as well
I had more problems using a $2 than a $100. I had people say $2 bills aren't real.
All the organized crime has already moved-on and has figured out some other method for moving wealth around. Organized crime is always faster than the government. Always.
But non-cash items are easily trackable and traceable. It may take a while but the money laundering trail can be traced back, which is impossible with cash. Smaller denominations make money laundering harder to carry out, but larger denominations make it easier (like around 1 entire suitcase less).
A few years ago, somebody pointed out that organized criminals started using €500 notes because they are way more valuable (like 4 to 5 times) than $100 or £50 notes. This prompted the European Central Bank to imitate what Nixon did 45 years ago for the $500+ and withdrew the denomination from circulation.
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At the very least, the government's job isn't to restrict what the ordinary citizen can do, but to provide them with whatever they want to use to transact their business.
Entitlement mentality? Paper and metals are always minted at public expense. More examples of Republican so-called fiscal conservatism!
But if you were really concerned about surveillance, you should get off of Facebook, Twitter et al. and probably get rid of you cell phone and encourage people to give up smartphones, especially with their video/photo capabilities that can be used to record you as a bystander as well.
A few years ago, somebody pointed out that organized criminals started using €500 notes because they are way more valuable (like 4 to 5 times) than $100 or £50 notes. This prompted the European Central Bank to imitate what Nixon did 45 years ago for the $500+ and withdrew the denomination from circulation.
Production of notes larger than a $100 bill was ended under Truman at the end of 1945. Since then, the Fed has been fishing them out of circulation as they appear at bank cash windows. There are still a few hundred $5K and $10K specimens known to exist. They are still legal tender, but it's unlikely that anyone would simply spend one these days.
Meanwhile, US banks are required to report any transaction involving more than $10K in cash to the Financial Crimes Enforcement Network. If a customer balks at that, a Suspicious Activity Report will be filed as well.
Last edited by Pub-911; 12-20-2016 at 03:41 PM..
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