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The book. But the book is not excessively polemical. Rogoff details almost all the arguments against tinkering with paper currency, then labors to refute or defuse them. Where Rogoff is on very solid ground is when he says the process of weaning us further off cash should begin with the abolition of high-denomination notes.
Louis Post Dispatch "[Rogoff] understands that getting rid of cash. So Rogoff builds the case against cash, loading up on all the things wrong with paper money. Rogoff's case against cash is so cogently argued that it's hard to believe that we haven't already gotten rid of paper bills and coins—or at least larger bills. It also exposes some well-worn pub truths as urban myths.
Kenneth Rogoff sets out a compelling and wide-ranging argument for weaning our economies off paper money. Bernanke, former chairman of the U. Federal Reserve "Highly engaging, thought-provoking, and persuasive, The Curse of Cash makes the case that time is running out for paper money. As Kenneth Rogoff has done before, this book sets the standard on a problem that will only become more important; it is also sure to influence discussions about the ability of central banks to deliver growth and financial stability.
This is a must-read. Kenneth Rogoff makes a strong case that we should in this wide-ranging book, which touches on history, crime, technology, and monetary policy. Clearly and persuasively argued, this is a must-read. With a wealth of data and clear explanations, the book demystifies central banking and negative interest rates, thus elevating the discussion of both.
Not Kenneth Rogoff—for reasons ranging from its benefits to organized crime to the way it impedes antirecessionary monetary policy. He's written a tour de force explaining why. Although CBDCs are likely to include privacy features for small transactions, larger transactions will almost certainly require individuals to reveal their identity. In contrast, one of the biggest attractions of private cryptocurrencies is the opportunity they offer to bypass governments.
True, cryptocurrency transactions are completely traceable through the blockchain ledger, but users typically set up accounts under pseudonyms and are therefore difficult to identify without other information, which is expensive to obtain. Read more Some economists naively argue that there is no particular urgency to regulate bitcoin and the like, because cryptocurrencies are difficult and costly to use for transactions. Try telling that to policymakers in developing economies, where crypto has become a significant vehicle for avoiding taxes, regulations and capital controls.
For poorer countries with limited state capacity, crypto is a growing problem. Although cryptocurrency transactions intermediated by a third party are in principle traceable, the exchanges are based in advanced economies. In practice, this makes the information virtually inaccessible to poor-country authorities under most circumstances.
But crypto is also surely used by the Venezuelan military in its drug-smuggling operations, not to mention by wealthy, politically connected individuals subject to financial sanctions. Given that the US currently maintains financial sanctions on more than a dozen countries, hundreds of entities and thousands of individuals, crypto is a natural refuge.
One reason why advanced-economy regulators have been slow to act is the view that as long as cryptocurrency-related problems mainly affect the rest of the world, these problems are not their concern. But economic theory has long demonstrated that the value of any money ultimately depends on its potential underlying uses. The biggest investors in crypto may be in advanced economies, but the uses — and harms — have so far been mainly in emerging markets and developing economies.
One might even argue that investing in some advanced-economy crypto vehicles is in a sense no different from investing in conflict diamonds. Advanced-economy governments will most likely find that the problems with cryptocurrencies eventually come home to roost.
I think that is extremely misleading. Central bankers will never ever allow that," Rogoff said. I think that there has been a hesitation to move too quickly because there has been a lot of innovation in the cryptocurrency space and the government want to allow that to proceed. But make no mistake, the governments need to retain control over taxation, controlling crime, etc. Yes, private innovation can come out for a while, but eventually over the long course of history, the government first regulates and then it appropriates and I think we can see that happening," he added.
To know more, watch the video. You cannot win the game. If they're not winning, they will change the rules. That's what will happen here. Silverstein: And is that what you think that ten years from now looks like — is that cryptocurrency will exist, but that the government will have taken over? Rogoff: Well, I think the government will have a much bigger hand in regulating.
We will see a new generation that's used for transactions, but not anonymous transactions. That's where I think the government really has to step in. There's some great technologies here, but I think it's a little bit like with the internet, which they say, but it's a little bit like internet 1.
And we will see at some point a cryptocurrency 2. But substitutes for debit cards, credit cards, cash, makes electronic transfers more secure. I think there are a lot of ideas out there. They're also a lot of people who are rushing to cash in on the craze and just trying to make money. We see it here at Davos. They've quite a presence. Silverstein: And this might be a hard question to answer, because it's hard to understand exactly where all the value in bitcoin comes from and it's already come down a lot.
But how much of the value do you think will be lost if it loses anonymity and it loses its libertarianism? Silverstein: So not the whole space, but bitcoin in particular? I don't think it's going to zero, because they'll be places like North Korea, maybe even Russia that, you know, "you have all sorts of financial sanctions on us.
One such person is American economist and Harvard professor Kenneth Rogoff, who in an interview with CNBC-TV18 said that the current zero interest rates on bitcoin are producing funny asset valuations. "Zero interest rates can produce a lot of funny asset valuations. So that is certainly part of it. Feb 27, · Feb 27, Harvard Professor Kenneth Rogoff Warns Central Banks Will Never Allow Bitcoin to Go Mainstream Harvard Professor of Economics and former chief economist . Kenneth Rogoff Professor of Economics and Maurits C. Boas Chair of International Economics. Contact. Search. HOME / ACADEMIC PAPERS / Rogoff on Bitcoin and Cryptocurrencies .