Quotes: Future of Money

Doug Crane, May 2012

“You look at a banknote, you sit there and you hold it. You know you’ve got it. It’s right there. I know how much I’ve got in my hand, and there’s a level of security to that, that you just don’t get with…If you say, well, how much is on my cell phone, you’ve gotta call up something, you plug in a pin, and you ask is that really what I had in there yesterday?”

“I’m sure [cash is] going to be a significant portion of the transactions in fifty years.”

Lansing Crane, Nov. 1998

“I think there’s always going to be a role for currency paper. It’s what people prefer. It’s easy. It’s anonymous.”

Milton Friedman, Nov. 1998

“There’s no doubt in my mind that the e-money will increasingly replace the current kind of bank money.”

_____________________________________________________________

Associated Press. “Crane still ahead in paper chase.” Worcester Telegram & Gazette. 19 November 1998.

NPR, “Where Dollar Bills Come From.” Planet Money. 15 May 2012.

Comments
One Response to “Quotes: Future of Money”
  1. dem says:

    Speaking of Milton Friedman, I thought this book might be interesting? Though maybe more on the “arcana” side:

    Money Mischief: Episodes in Monetary History by Milton Friedman
    From the Micronesian Yap islands’ 12-foot stone “coins” to today’s paper currencies backed only by fiat, Nobel-laureate economist Friedman ( Free to Choose ) here examines anomalies of world monetary history, including the effect of successive 19th-century gold ore discoveries and refining improvements on U.S. and British tender. He traces American currency’s long, contentious gold-silver bimetalist saga, marked by the so-called Congressional coinage “crime of 1873” and ending with William Jennings Bryan’s unsuccessful “Cross of Gold” presidential campaign in 1896. Friedman cites harsh lessons from postwar hyperinflation in many countries and declares that Roosevelt’s 1933 silver-buying program may have skewed China’s silver-based economy toward eventual communism. Uncontrolled money growth is the cause of inflation, the author stresses, and only monetary reform, despite undesirable side effects like unemployment, can cure it.

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