MarketWatch: Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too. So says Lawrence Summers, a former economic adviser to President Obama and ex-Treasury secretary. Summers points to research showing that corruption is aided by paper currency in larger denominations, such as Uncle Sam’s $100 bill and the 500-euro bill ($557 U.S. equivalent). How so? It’s easier for criminals and terrorists to move lots of cash illicitly in large bills. A million dollars in €500 bills weighs just 2.2 pounds, Summers writes in a blog post on the Washington Post website. The same amount of money in $20 U.S. bills weighs 50 pounds. Summers says the U.S. government should stop issuing new $100 bills and perhaps take the old ones out of circulation. He implied that use of a $50 bill should also be examined. …
This is easily the dumbest take of 2016. And that’s saying something with clowns like Martin Shkreli, Donald Trump and Kanye West spewing nonsense every day of the week. Abolish the $100 bill, the very thing that separates us as human beings, the biggest example of whether you’re an elitist or a schlub, the piece of paper that this country was founded on? Over my dead body. Why not get rid of the American flag too? Fuck it, we’ll just scrap the Star Spangled Banner and completely discredit years and years of hard work by Francis Scott Key. Yesterday was Presidents’ Day. Have some fucking respect. No more baseball. No more apple pie. No more government either. It’ll be anarchy in the streets, people running amuck with pockets full of $1 bills.
What an absurd angle to take, too. “The $100 bills are too light and Al Qaeda can move large sums of money too easily. We need to make oak tag paper so it’s heavy enough to slow them down, and THEN we will catch them!” You wanna talk about how paper money will be obsolete one day? I am onboard that train 100%. But this stupidity about the best bills around being too light is nothing more than hot garbage. There’s no better feeling than sitting down at the blackjack table and pulling crisp, fresh Benjamin’s out of your pocket.*
*First $300 lost comes from hundreds. The rest of the night consists of pulling out crumpled up $10’s and change from the bar hoping you have enough to play one more hand and get on a hot streak and make your money back even though you know damn well that’s not happening.