Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too.
So says Lawrence Summers, a former economic adviser to President Obama and ex-Treasury secretary.
Summers points to research showing that corruption is aided by paper currency in larger denominations, such as Uncle Sam’s $100 bill and the 500-euro bill ($557 U.S. equivalent).
How so? It’s easier for criminals and terrorists to move lots of cash illicitly in large bills. A million dollars in €500 bills weighs just 2.2 pounds, Summers writes in a blog post on the Washington Post website. The same amount of money in $20 U.S. bills weighs 50 pounds.
Summers says the U.S. government should stop issuing new $100 bills and perhaps take the old ones out of circulation. He implied that use of a $50 bill should also be examined.