Ken Rogoff Use Of Cash In The Economy

Ken Rogoff argues that the use of cash in the economy promotes crime, illegal immigration, bride, and tax evasions. According to Rogoff, the term “reverse money laundering” is often used to describe role of the government’s treasury in the cycle of money. Much like drug dealers, the Treasury sends out a significant amount of money out into the real world where anybody can utilize it for what they desire, whether it be illegal or not. In “reverse money laundering”, the government is “taking dirty money that you might have gotten through a crime and trying to make it so you can spend it without being noticed and make it clean” once again. This in turn serves to facilitate crime, while there are others forms of currency and materials to exchange such as gold and diamonds, cash is the simplest form of currency to spend in the economy. Rogoff also claims that the use of cash in the economy …show more content…
For example, Sweden has taken steps to replace the need for cash such as their app, which makes it unnecessary to take cash to an ATM or a bank to deposit it or transfer it. Mostly, however, we need to become advanced in technology because in Star Trek, much of their technology is a lot more evolved than ours. Currently, there exists economic problems that make it inevitable to live without cash. In Star Trek, “none of the behaviors that we normally associate with market economies have currency in the 24th century.” such as famine and poverty. These situations make it to where the world needs to function with cash. Today, i would not like to function without cash because there are many things that require one to have cash. As stated before, our technology is not advanced enough to replace cash just yet, getting rid of it right now would make it more difficult. Years from now, I would not mind functioning without cash because carrying a debit/credit card would facilitate the movement of