The Wall Street Journal and New York Times in recent months have featured essays on the benefits of eliminating the $100 bill, and even the $50 bill, as legal tender in the American economy. While I do not expect this to happen, the debate over the possibility says a lot about the state of our payments system and the fickle nature of Americans. At a time when we are making incredible strides in electronic commerce, many people still like to walk around carrying wads of cash.
Among the arguments for getting rid of the biggest bills is . . .
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