WASHINGTON, D.C. (CBSMiami) — Attacking “big money” could one day make a direct contribution to curtailing crime, says former U.S. Secretary of the Treasury Larry Summers.
In an op-ed piece published in the Washington Post, Summers said it’s time to remove the $100 bill and 500 euro notes from circulation due to the link between high denomination notes and crime.
“The fact that,” Summers explains, “in certain circles the 500 euro note is known as the “Bin Laden” confirms the arguments against it.”
Summers goes on to say that completely removing the bills from circulation would likely be going a step too far, but suggests not printing them in the future would be in everyone’s best interest.
“A moratorium on printing new high denomination notes would make the world a better place,” Summers said in the article.
Leaders in Europe and China have welcomed the notion, Summers said, in an attempt to combat corruption.
Summers was the 71st Secretary of the Treasury of the United States from 1999 to 2001. The position stands as 5th in line to the presidency.