Sunday, March 06, 2016
Suggestions for a Trump Presidency: Issue $500 Bills
When I graduated high school, in 1969, a $20 bill had about as much value as a $100 bill today. Inflation has taken a toll. In 1969, $500 and $1,000 bills were still in reasonably common circulation. They had been issued up until 1945. With the turn toward ever increasing government snooping and tracking of financial transactions, the bills were taken out of circulation with an executive order by President Richard Nixon.
It is long past due to bring the $500 bill back into common use. The European Union issues 500 Euro bills. Cash is useful for preserving privacy and transportation of value to those who wish to avoid the electronic trail that follows digital transactions everywhere. All it took to remove the bills from circulation was a simple executive order.
That is all it would take to bring them back.
But more should be done. The insane tracking of every one's financial transactions should be scaled back. The forfeiture laws that allow legal theft of property need to be revised or repealed. Stealing cash amounts under $50,000 does nothing to hinder the drug trade or terrorists. But it harms a lot of innocent people who want to pay cash for a car, who do not trust the banks, or who consider Cypress when thinking about contingencies.
The reforms could look like this. Raise the reporting amount for banks to $50,000 from the effective $5,000 that it is today. Raise the amount to be declared when travelling overseas to $50,000. If repeal of the forfeiture laws proves too high a goal, reform them to make forfeiture of anything of less value than $50,000 a crime.
It doesn't matter if a President Trump or a President Cruz accomplishes this much needed reform. It will be a highly visible signal to the people that the government no longer views them as a threat, and a refreshing return of some small measure of liberty.
Of course, a new run of $500 bills would be needed at some point. May I suggest that they have the picture of President Ronald Reagan on them?
The issue of $500 bills is a small but powerfully symbolic action that appears to be within a President's executive power.
©2016 by Dean Weingarten: Permission to share is granted when this notice and link are included.
Link to Gun Watch