No rupees left behind

Data on the world’s biggest monetary event of the 21st century—Narendra Modi’s demonetization—continues to trickle in. The Reserve Bank of India’s just published its annual report (pdf) and I’ll just…

The road to sound digital money

No, I’m not talking about sound money in the sense of having a stable value. I’m talking about money that is sound because it can survive natural disasters, human error,…

On currency

David Birch recently grumbled about people’s sloppy use of the term legal tender, and I agree with him. As Birch points out, what many of us don’t realize is that…

Three-tier pricing

Americans and Canadians take for granted that fact that while a multiplicity of dollar brands circulates in our respective nations, a dollar is always equal to a dollar. In the…

C-day and military money

 Did Indian PM Narendra Modi get the idea for the recently-executed demonetization by watching old episodes of M*A*S*H, a 1970s hit TV show set in the Korean War? In the…

The dematerialization of cash

“One dollar bill,” watercolour by Adam Lister (source) R3, a company specializing in distributed ledger technology, has just posted a paper I wrote for them entitled Fedcoin: A Central Bank-issued…

Money as layers

Source Whenever I try to come up with a metaphor for the monetary and banking system I think about the 2010 film Inception, one of my favorite films. After falling…