Should the $500 banknote be revived?

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18 members have voted

January 6th, 2013 at 4:10:52 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 930
Posts: 10971
Although this issue is only obliquely relevant to this subject, I am fascinated with this $1 trillion platinum coin concept.

January 6th, 2013 at 7:16:34 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 119
Posts: 10490
Quote: Pacomartin
Although this issue is only obliquely relevant to this subject, I am fascinated with this $1 trillion platinum coin concept.



Once a joke on "The Simpsons" it may become reality.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
January 6th, 2013 at 7:38:01 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 345
Posts: 12542
Quote: Pacomartin
Although this issue is only obliquely relevant to this subject, I am fascinated with this $1 trillion platinum coin concept.


We're moving from cargo cult economics to outright magical thinking. Why not decree leaves to be currency, each worth ten dollars, and thus solve all debt problems?
Donald Trump is a ******* liar
January 6th, 2013 at 2:49:48 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 930
Posts: 10971
Quote: AZDuffman
Once a joke on "The Simpsons" it may become reality.


January 8th, 2013 at 5:41:00 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 930
Posts: 10971
A White House Petition was started by me. I need 150 signatories to make it public, and another 25,000 signatories and the White House will provide a formal response. If you agree that we need something (banknote, coin, casino chip) that is worth more than $100 sign the petition.

I know that the problem with coins is that they must be written off at face value. Banknotes are essentially "liabilities", but they may not have the technology to put an RFID chip on them that survives the crumpling.

I felt I had to put some restrictions on their use so that the White House wouldn't simply say that it is a bad idea since large currency is an aid to criminal activity.
January 8th, 2013 at 2:20:19 PM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 286
Quote: Pacomartin
A White House Petition was started by me. I need 150 signatories to make it public, and another 25,000 signatories and the White House will provide a formal response. If you agree that we need something (banknote, coin, casino chip) that is worth more than $100 sign the petition.

I know that the problem with coins is that they must be written off at face value. Banknotes are essentially "liabilities", but they may not have the technology to put an RFID chip on them that survives the crumpling.

I felt I had to put some restrictions on their use so that the White House wouldn't simply say that it is a bad idea since large currency is an aid to criminal activity.

I'm trying to sign your petition, but the White House website hasn't sent me the confirmation email yet after I tried to create my account...
"You think I'm joking." -EvenBob
January 8th, 2013 at 2:54:40 PM permalink
miplet
Member since: Oct 24, 2012
Threads: 8
Posts: 968
Quote: AcesAndEights
I'm trying to sign your petition, but the White House website hasn't sent me the confirmation email yet after I tried to create my account...

I got mine after a minute or two to my yahoo email. I would say check your spam folder, but you probably know that already.
"...remind me of clue: Colonel Mustard in the billiard room with the candlestick."- Derek Morgan
January 8th, 2013 at 3:09:44 PM permalink
AcesAndEights
Member since: Oct 24, 2012
Threads: 5
Posts: 286
Quote: miplet
I got mine after a minute or two to my yahoo email. I would say check your spam folder, but you probably know that already.

Yep, nothing there either. Very strange. I also asked for a password reset email and nothing.
"You think I'm joking." -EvenBob
January 8th, 2013 at 10:56:51 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 930
Posts: 10971
Quote: AcesAndEights
Yep, nothing there either. Very strange. I also asked for a password reset email and nothing.

Thanks for trying, but it's harder than I thought to get signatures. I have 1/4 million views on city-data . I thought it would be easier to get 150 signatures.

Most people are dismissing the idea outright saying it will cause inflation or weaken the dollar or only criminals need high value notes. None of which makes too much sense if you replace 8 billion $100 banknotes with some combination of $100 banknotes and higher value "chips".
January 9th, 2013 at 12:25:35 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 107
Posts: 2626
Quote: Pacomartin
David Wolman has been a big proponent of stopping production of coins, and only using banknotes of value no higher than $20. He considers all coins (not just pennies and nickels) as a waste of time and energy.


This combination seems odd. How would you do a transaction where you buy something that's less than $20?
The light at the end of the tunnel can be a freight train coming the other way!..Fleastiff
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