End of Money: David Wolman
I found the book End of Money by David Wolman to be informative and entertaining. He goes on a journey to different parts of the world on a quest into currency—its nuances, uses, history and future. Of course, the pros and cons of the American dollar are exposed. Namely, the negatives really add up: bank robberies and money constantly spent for protecting banks; the possibility of bank notes to cause a plague because of infectious germs; and the anonymity of cash use which greatly enhances any and all criminal activity.
The greatest wonder is the belief of value behind U.S. currency. We have created such a wonder and awe about cash that the dollar seems it will be around forever. Wolman reviews the views of people who believe the end of our cash society must mean the coming end of days, as well. No matter what your view, going toward a complete cashless society seems very far off.
Wolman states tax evasion is costing every one of us in the long run and the short term. If everyone payed their fair share we would each be more prosperous. When policy makers made retirement savings an opt-out, instead of opt-in, more people now have savings going into retirement. It is innovations like these that make our currency and economy stronger. Perhaps therein lies the anomaly to make cash stronger as we add the cashless routes. For starters we already have made progress with ATM machines and paypal. Smaller countries have given up their national currencies because it simply was not profitable any more. Although “eliminating cash robberies . . . could save the United States almost $150 billion a year,” the Feds have used nanotechnology and a 3D security ribbon on the new $100 bill to avoid counterfeits.
There is talk in Wolman’s book of a global currency, yet that would also probably mean a global government. Our love of bills and coins in the United States has indeed become larger than life. Since the loss of gold and silver standard backing our currency, the dollar reigns strong. Instead
of saying ‘rest in peace’ to our currency we are still saying, ‘In God We Trust’ to the most stable currency in the world, the American dollar.