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Its not a good sign when people want larger denomination bills, I was in a third world country not to long ago and they had bills in denominations of 5000.00 and, 250,000.00. Inflation was so great no one even carried money because it would have to be carried in a large bag to get through the day. The day a $500.00 bill is considered walking around money, I know I will be in trouble.
Its not a good sign when people want larger denomination bills, I was in a third world country not to long ago and they had bills in denominations of 5000.00 and, 250,000.00. Inflation was so great no one even carried money because it would have to be carried in a large bag to get through the day. The day a $500.00 bill is considered walking around money, I know I will be in trouble.
There's a little thing your are overlooking called 'cause and effect'.
Multiple choice:
( ) A. Some countries have printed 250,000.00 bills as a result of inflation.
( ) B. Some countries have inflation as a result of printing 250,000.00 bills.
There is no doubt that the US will have inflation, to cover all the paper that will have to be printed to cover immediately impending borrowing and debts. But the worst it is likely to get is maybe about 0.25-0.35 Euro, or maybe about one half to one third of present value. It then, if we are fairly responsible fiscally, probably more or less level off.
That would raise the price of a weekly shopping cart of groceries from about $125 to maybe $300. Huge numbers of Americans right now are unable to get a bank account, for a variety of reasons, bad credit being only one of them. You think its bad to have 15% uninsured, what till you see 15% shut out of the economy because there is no accessible medium of exchange for them to use except barter, and the knee-jerk rich screaming bloody murder if the nanny state guaranees that everybody gets a purchase card without having to qualify to have one issued by one of those big high-profit lending banks we just tarped back into existence.
How many $100 bills have you lost? Can I follow you around?
Ordinary people would rarely see a $500. But there are people who make fairly large transactions. Like, if you buy a used car from a private seller, and need to pay $5,000 in cash, it would be nice if it would fit in your pocket or your wallet while you're transporting it.
Cashiers, even now, have signs up that they refuse to accept 100s or even 50s. At gas stations where a couple years ago, it cost $100 to fill up, and they refused to accept $100 bill.. Is that an argument for abolishing the $100?
Funny you mention that, can they legally refuse to take currency beyond a certain denomination?
Offhand, I think a $500 bill would be great. Travel in Eastern Europe means packing along enough cash to cover almost all of your expenses -
Funny you mention that, can they legally refuse to take currency beyond a certain denomination?
Offhand, I think a $500 bill would be great. Travel in Eastern Europe means packing along enough cash to cover almost all of your expenses -
And the black marketeers give better rates for large bills, too.
Any merchant can refuse a bill that tney don't have change for, and many stores, especially at night, make sure they don't have that much change accessible to them. When their change gets over a certain amount, the drop into a lock safe where it can't be retrieved until the day staff comes on duty, as a security against theft.
Funny you mention that, can they legally refuse to take currency beyond a certain denomination?
Offhand, I think a $500 bill would be great. Travel in Eastern Europe means packing along enough cash to cover almost all of your expenses -
A company can decide to take whatever they want. They just have to decide if it is worth losing some potential business.
"The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
"This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy."
A better question would be "Do we need physical notes at all?".
I think we do. I'm unsure about a $500 bill but the fragility of the electronic world we take for granted is largely ignored as is the potential for abuse.
I use an ATM card an aweful lot, but have no illusions about the importance of real money.
I'm all for bringing back the $500 bill. When I was a kid, a bank teller showed be a $500, $1000, $5000 and $10000 bill. They were legal then and any private citizen could request one. There was at one time a $100,000 bill but it was mostly used for inter-bank transfers. Private citizens were not allowed to own that one.
I know they got rid of the big bills because of drug stuff, but I'll bet there were other reasons too.
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Quote:
Originally Posted by HighPlainsDrifter73
I'm all for bringing back the $500 bill. When I was a kid, a bank teller showed be a $500, $1000, $5000 and $10000 bill. They were legal then and any private citizen could request one. There was at one time a $100,000 bill but it was mostly used for inter-bank transfers. Private citizens were not allowed to own that one.
I know they got rid of the big bills because of drug stuff, but I'll bet there were other reasons too.
maybe we should just print, 11 trillion dollar bill and give it to china and tell them to keep the change
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