Ken Rogoff and Andrew Haldane: The Curse of Cash
Chair: Andrew Haldane
One of the world’s leading economists, Harvard Professor and chess grandmaster, Kenneth Rogoff, makes a persuasive case for ridding the world of high value paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation – a record $1.4 trillion in U.S. dollars alone, mostly in $100 bills. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy. In conversation with the Chief Economist of the Bank of England, Andrew Haldane.
Kenneth Rogoff is the Thomas D. Cabot Professor at Harvard University. From 2001-2003, Rogoff served as the Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly has been very widely cited by academics, policymakers and journalists. He is on the advisory board of many eminent institutions.
Andrew Haldane is the Chief Economist at the Bank of England. He has written extensively on domestic and international monetary and financial policy issues and has published over 150 articles and four books. He is Chairman and co-founder of Pro Bono Economics, a charity that matches volunteer economists with charitable projects. In 2014, TIME magazine named him one of the 100 most influential people in the world.