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"I t’s time to kill the $100 bill,” former U.S. Treasury Secretary Lawrence Summers wrote in the Washington Post a year ago. Harvard economist Kenneth Rogoff took it a step farther... In his new book, The Curse of Cash , he argues for the elimination of the $50 bill... and even the $20 bill. These modern legends of money want to kill your cash... They want us to live in an essentially “cashless” society. It sounds preposterous here in America in 2017... Cash is a part of our everyday lives. “Cash” is synonymous with “money,” and it has been since we were born. But whether you like it or not, a cashless society is coming. It will be here much sooner than you think. And that means a monumental shift in the way we spend money... It will be the greatest transformation of how people pay for stuff since, well, since people started paying for stuff.
In less than five years, money as you know it will have completely changed... In less than five years, your kids won’t carry wallets. They won’t carry cash. They won’t carry credit cards. In place of all of this, they will carry just one thing: their mobile phones. It won’t just be your kids, by the way... In less than five years, you will use your phone to pay for almost everything . This sounds preposterous, I realize... It’s crazy to even consider when NOBODY here does this – yet. But it’s coming. Without a doubt. We have to get out ahead of it ... Surprisingly, nobody’s talking about this shift, which is exactly what I want to see as an investor... It’s an unstoppable trend... that nobody is talking about.
It will be the greatest transformation of how people pay for stuff since, well, since people started paying for stuff.
American Consequences | 57
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