ShareThisWhen was the last time that you had any need for a $100 bill or perhaps a $50 bill? Indeed, most purchases that Americans conduct over $20 are in the form of a check, wire transfer, credit or debit card. This begs the question: Who has the need for the $100 bill?The answer is clear -- the underground economy and criminal economy thrive on paper cash, especially the $100 bill.Because paper-cash transactions are non-transparent, anonymous and untraceable; paper cash has allowed criminal activity and the underground economies to thrive. In fact, the payment of choice by drug cartels and terrorist organizations is the $100 bill because it is easy to store, launder and transport. Most of the $530 billion (U.S.) in $100 notes is held overseas, and much of this paper cash is held by criminal and terrorist enterprises, as the $100 note has become the international criminals' medium of exchange.Additionally, adversary countries, drug dealers, organized-crime syndicates and terrorist groups are actively counterfeiting and passing fake $100 bills worldwide. North Korea and Iran have created near-perfect $100 replicas (the "supernote"), making the need to retire the $100 note imminent.Because 100s are difficult to change, and it is risky and unnecessary for the law-abiding American to carry or store, the functional use for the $100 bill has been declining in the lawful economy while its demand in the underground economies is booming.Therefore, the time is ripe to demonetize the $50 and $100 bills.By simply demonetizing the $100 bill, we can do more to undermine terrorist and other criminal activity without any expense to the taxpayer and no harm or loss of life to law enforcement and our troops. In fact, it would be a peaceful and nonviolent method for preventing crime, drugs and terrorism and will assist law enforcement in their crime-solving efforts.Additionally, it could create a windfall for the United States. If Washington retired the $100 and $50 bills; drug, terrorist and other criminal organizations would be left holding worthless paper or be smoked out of hiding if they attempted to redeem the billions of dollars in cash. In doing so, much of their ill-gotten wealth could literally be transferred to the U.S. Treasury overnight and perhaps redirected to spur the lawful economy (tax rebates, infrastructure, health insurance, etc.).Maybe we can let the criminal elements help pay for the "stimulus package." This potential windfall does not include the hundreds of billions in tax dollars evaded annually by the criminal and underground economies. The $100 bill (along with other paper cash) has allowed crime and drugs to become tax-free businesses, and this tax burden must be borne by the lawful economy.In any scenario, their illegal operations would be disrupted, if not crippled, if we demonetized the $100 and $50 notes. Without launching one missile or discharging one firearm, the United States could deliver a peaceful "knockout punch" to crime, drugs and terrorism.Compare this with the tremendous damage, the loss of life and the hundreds of billions of tax dollars currently being spent combating terrorism, crime and drugs. The 9/11 commission indicated that we should not allow sanctuaries for terrorists. Paper cash, including the $100 bill, has created a money sanctuary.President Bush has said that he is open to new ideas in the war on terror. The proposal to phase out the $100 bill not only appears to be a logical step, but a necessary one.(David Gorman is the author of "Cashless Money.")(Distributed by Scripps Howard News Service, www.scrippsnews.com.)
Demonetize the $100 bill
Submitted by SHNS on Thu, 03/06/2008 - 14:35
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Stupid
That is the dumbest idea ever. We have inflation, not deflation. get rid of the PENNY! That would save millions.
$100 dollar bill
ARE YOU NUTTS!?
That guy moving with the fancy lawnmower for sale, is he going to take a check?
Yeah, he'll cash it when he gets to Tucson/San Francisco/Hong Kong/London.
And cash is king at the flea market and antique shops.
Mr. Gorman, you live in a very insulated world if you can do without cash.
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David, you're an idiot.
David, you're an idiot.
IDK?!?!?!
I dnt think its a bad idea, because ammenities that US citizens need like gas, food, cars, etc. will be alot cheaper if we had a couple more billion dollars to work with. Then the majority of our money will stay in the USA where it belongs. But it isnt a very good idea because of the people that sell things without actually "owning" a store, flea markets and other businesses like that would lose substantially because they do depend highly on CASH "M" "F"ing MONEY. But i could care less if they retire the $100 bill! $20 work just fine.
Interesting idea... I like it
From a US tax perspective, so many of these $100 never see taxation and therefore the US doesn't collect. Now, don't get me wrong, I'm not in favor of our wonderful progressive taxation system, but that's another topic. I'm sure we'd get all sorts of characters wanting to exchange out these $100 bills for $20. We should take names, ID's and fingerprints of these people. For you, I and every other law abiding citizen, it doesn't really matter. Sure... I've held maybe ten 100 dollar bills in the last 5 years. Would I miss them? Sure... they are the most powerful bill the US has to offer. But really... things are increasingly electronic. Flea markets? Sure, cash is king. So you want to buy a $1000 piece of art. Ok, that's 50 twenty dollar bills. Annoying... but really, big deal. Set up your credit card system... heck, that's an opportunity that maybe someone needs to exploit. Welcome to America. Wah. Who moved my cheese? To the guy screaming inflation... sure, get rid of the penny too. Inflation will make the $20 less and less valuable over time. But really, who cares, use credit or some other means to pay. Bring the $50 bill back in another 20 years. Problem solved. To eliminate billions of dollars from our currency would only help the rest of us law abiding citizens. Remember... we're working to make things easier for the greater good. Yes, it may be an inconvenience for the guy selling his fancy lawn mower. It may take 60 twenty dollar bills instead of 12 hundreds. Wah... cry me a river. Think about the pallets of money it would take to for drug transactions to exist. As to the guy calling David an idiot... your lack of vocabulary pretty much says it all. Please offer something meaningful, or don't speak at all.
Brillant Idea
Mr. Gormer your idea is so brillant I think you should metion it to who ever is elected president. You are right on point. It's been said that the solution to an hard problem is simple. Has a law upholding citizen I rarely get a chance to recieve an 100$ or 50$ bill and if I do it wont be for long. The only people who would be aposed to this idea would be under cover criminals (i.e. law makers, congress, president) along with the more common criminals. People in flea markets can just get with the times and invest in a credit card machine, or hassle with smaller denomination. I mean who goes to the flea market and has a hundred dollars to spend? This plan is so billant it proves what an idot Bush is.
yes, criminals, drug
yes, criminals, drug dealers, pimps, paranoid types will not like this idea.
I have a much better idea !
What a punk idea. I keep a pile of $100 bills just in case there is a "bank holiday" or some other lame excuse for not being able to get money. Am I supposed to keep a wad of $1s just to satisfy your narrow mind of the world?
You want to get rid of drug dealers? Well here is what you do: Get the CIA out of the drug business, poison random bags with a slow killing poison and re-release the bags to pushers. Within weeks the users will be dead or dying and the dealers will be killed by the dying users. Every time you encounter a drug dealer you blow their brains out on the spot. No court case, no jail time, no excuses or crying fits. Just dead meat.
Yeah, that's fair, send us
Yeah, that's fair, send us back a few thousand years of progress in the court system because you "think" he might be guilty, also offer a death sentence for anyone using drugs. You are brilliant sir.
Unfortunately I love the
Unfortunately I love the idea. Let them wipe themselves out... with a little help. There is far too much gov involvement in the drug trade to ever see it go away - too much money at stake.
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I think the Amero will remain theory.
As Sunket mentioned, this is from a blog - not all blogs are false, but not all of them are particularly accurate.
I don't think Mexico or Canada would be happy calling their new currency "Amero". I can picture it now...
Mexican: "Let's call it the Mexico!"
Canadian: "No, we'll call in the Canado!"
A unified currency would make transactions easier, but Canada wouldn't want to give up their own economic policies.
I'm not sure if Mexico still has an economy, but I don't think they'd want to change theirs either.
I don't see it happening. The collapse of the US dollar, sure, it's always a possibility, but I can't see it yet.treatments for depression
I do agree with your views.
I do agree with your views. thanks for sharing your opinion with me or everyone.
I agree that some things
I agree that some things probably could be done differently and to greater effect
Reply
Am I supposed to keep a wad of $1s just to satisfy your narrow mind of the world?
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It is very stupid idea, and it does not based on facts.
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We need to move towards
We need to move towards electronic money that will eliminate the need for paper money to stop crime and drugs. It can be done, but the criminals, drug dealers, terrorists and paranoid types will cry foul.
retire the federal reserve
retire the federal reserve they are the true criminals, the biggest scam ever.