Cash down, gold up!
Ken Rogoff on the value of gold in a cashless society! The monthly edition, Gold Investor, published by World Gold Council (WGC) for the month of February 2019 focusses the value of gold in a cashless society by Ken Rogoff. He is one of the most widely respected economists of modern times, known for his trenchant views on the benefits of a cashless society. Here, he dismisses cryptocurrencies but suggests that gold’s role is likely to increase as paper money is phased out (The curse of cash and the allure of gold). He suggests that excessive reliance on paper money is responsible for ills ranging from tax evasion to terrorism. He also believes that monetary policy would be more effective in a largely cashless society. Cryptocurrencies are not an effective replacement for paper money, he says, but gold’s role is likely to increase as cash fades from view. In the meantime, Rogoff believes that central banks should do more to find out how the cash they print i...