Why abolishing cash is not on the money

Cash might not be needed for the majority of business transactions, but it remains the most effective way to keep central bankers honest.

Even to many non-economists, Kenneth Rogoff became a household name in the years of the financial crisis. That was not least thanks to his book This time is different (co-authored with Carmen Reinhart), which chronicled centuries of sovereign defaults. It was the book that reminded us that when it comes to financial folly, mankind never seems to learn from past mistakes.

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