In response to an FT article by Larry Summers on 8th May 2016, entitled ‘Europe is right to kill off the criminals’ favourite banknote’
“Most of the time I use this column to recommend policy changes that I believe would make the world a better place. This time I am saluting a policy change I believe will have significant benefits — one that carries with it important lessons…The decision of the European Central Bank last week to stop producing €500 euro notes permanently is a triumph of reasonable judgment over shameless fear mongering”
I'm sure that worrying about the drug trade keeps you up at night on a regular basis, and has done for decades. You should make a list of everything else they might use and ban those too. I’m sure these guys will never figure out a way round it.
I'm equally sure that you have absolutely no interest (pun intended) of phasing cash out altogether in order that the bankrupt political/banking system that you work for can tax everything that moves, boost aggregate demand with a couple of clicks of an Eccles keyboard, and facilitate that other monstrosity that you give credence to - negative interest rates.
On the bright side, given your track record of suggesting a series of casino friendly policies, this column is light relief. On the other hand the fact that governments take your advice at all is a triumph of shameless judgment over reasonable fear mongering.