Friday, February 26, 2016

Hey, There's A New Disclosure At Larry Summers' Financial Times Blog!

Yesterday's post on getting rid of large denomination currency, "In defence of killing the $100 bill" begins with:
This post is written by Peter Sands and Larry Summers
Our advocacy of ending the printing of high denomination notes — first in a working paper by Peter and colleagues and, later in a post by Larry — has been attacked on the ground that this proposal represents an infringement on liberty (for example, see here and here). Most prominently, the Wall Street Journal concludes an editorial with the remarkable assertion “Beware politicians trying to limit the way you can conduct private economic business. It never turns out well.”...
And ends with:
Peter Sands is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School and the former Chief Executive Officer at Standard Chartered Bank.

Lawrence Summers is a professor at and past president of Harvard University. He was treasury secretary from 1999 to 2001 and an economic adviser to President Obama from 2009 through 2010. He serves as an advisor or board member to a number of financial technology and payments companies.
That last bit about the fintech companies and the payments companies does not appear in Mr. Summers' Feb. 16 blog post "It’s time to go after big money" which addresses the same topic:
An important paper making a compelling case for stopping the issuance of high denomination notes like the €500 note and $100 bill, or even withdrawing them from circulation, has just been issued by Peter Sands and a group of students at Harvard’s Mossavar-Rahmani Center for Business and Government (which I direct)....