Killing the $100: The war on cash is underway

‘A former top economic advisor is calling on the Treasury to do away with $50 and $100 bills, claiming that larger currency denominations make it easier for criminals and terrorists to do business. But as with all “for security” arguments, there’s an entirely different hidden motive at play.

Larry Summers, an ex-treasury secretary who served as an economic advisor to the Obama administration, argues in a recent Washington Post blog that large bills such as the U.S.’s $100 and the European Union’s 500-euro bills aid in corruption and criminal activity throughout the world.

His rather simplistic basis for the argument: Large sums of money consisting of big bills weigh less than if they were made up of smaller currency denominations.’

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