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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion--and to battle financial crises by tapping the power of negative interest rates The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world's leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation--a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy. In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future. The Curse of Cash offers a plan for phasing out most paper money--while leaving small-denomination bills and coins in circulation indefinitely--and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor. While phasing out the bulk of paper money will hardly solve the world's problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.

In this beguiling new novel, originally published in 1985 and now appearing for the first time in the United States, Mahfouz tells with extraordinary insight the story of the "heretic pharaoh," or "sun king,"--and the first known monotheistic ruler--whose iconoclastic and controversial reign during the 18th Dynasty (1540-1307 B.C.) has uncanny resonance with modern sensibilities. Narrating the novel is a young man with a passion for the truth, who questions the pharaoh's contemporaries after his horrible death--including Akhenaten's closest friends, his most bitter enemies, and finally his enigmatic wife, Nefertiti--in an effort to discover what really happened in those strange, dark days at Akhenaten's court.As our narrator and each of the subjects he interviews contribute their version of Scents and Sensibility download ebook pdf Akhenaten, "the truth" becomes increasingly evanescent.Akhenaten encompasses all of the contradictions his subjects see in him: at once cruel and empathic, feminine and barbaric, mad and divinely inspired, his character, as Mahfouz imagines him, is eerily modern, and fascinatingly ethereal.An ambitious and exceptionally lucid and accessible book, Akhenaten is a work only Mahfouz could render so elegantly, so irresistibly."

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Author: Kenneth S. Rogoff
Number of Pages: 296 pages
Published Date: 01 Sep 2016
Publisher: Princeton University Press
Publication Country: New Jersey, United States
Language: English
ISBN: 9780691172132
Download Link: Click Here
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