TheStreet: Scrap the C-note to Stop Crime? It's a Red Herring

By SIMON CONSTABLE

Something smells fishy about the call to scrap large denomination currency, such as the U.S. $100 bill and the €500 note.

The idea, forwarded by former U.S. Treasury Secretary Lawrence Summers, is that the only people who really use such money are criminals and terrorists.

"Extensive analysis is totally convincing on the linkage between high denomination notes and crime," Lawrence wrote in a recent editorial for The Washington Post.

The problem is that such assertions don't pass even the most cursory sniff test. Read more here.