cheers, t
Now this is a fantastically wacky idea. All it would do would be to increase the secondary market value of the currently existing stock of greenbacks, as they would have a separate role as a store of value for criminals. Since the money supply of old money would be fixed, they'd even be a harder currency than the new dollar. Unless Goodfriend also intends to demonetise the current paper currency, which is an incredibly extreme step -- carried out once, in Russia, unless someone else knows different.
The Fed really is going downhill these days.
dd
The 34-page paper argues a carry tax will
discourage "hoarding" currency, deter
black market and criminal activities, and
boost economic stability during
deflationary periods when interest rates
hover near zero.
[...]
---------------------------------
___________________________________________________________________________ _____
---------------------------------------------------------
This email is confidential to the ordinary user of the
e-mail address to which it was addressed. If you are not
the intended recipient, please notify the sender
IMMEDIATELY on (44) 171 638 5858 and delete the message
from all locations in your computer. You should not copy
this email or use it for any purpose, or disclose its
contents to any person : to do so may be unlawful.
Email is an informal method of communication and is
subject to possible data corruption, either accidentally
or on purpose. Flemings is unable to exercise control
over the content of information contained in
transmissions made via the Internet. For these reasons
it will normally be inappropriate to rely on information
contained on email without obtaining written confirmation
of it.
----------------------------------------------------------