January 25, 2014
CASH IS ONLY A CONCEPT ANYWAY:
Cleaning Bank Notes Could Save Millions Of Dollars (But Not As Much As Doing Away With Cash Completely) (Ben Schiller, 1/24/14, Co.Exist)
However, there is a simpler way of reducing cash's cost, and that's doing without it altogether and moving towards digital forms of exchange. Soiling isn't the only problem. There's also the price of securing cash and paying for bank robberies. Then there's the role of cash in enabling crime and tax evasion, and keeping poor people out of the formal economy. (David Wolman's book The End Of Money explores these and other problems.) Doing away with cash completely could save countries as much as 1% of GDP, one study showed. For the U.S., that would mean about $150 billion a year.So, yes, let's launder banknotes to keep them fresher. But then let's think about going cashless. It could save even more dough.
Posted by Orrin Judd at January 25, 2014 7:47 AM