Most of the world's currency in large denomination notes is not used in legitimate transactions but held in the underground economy, primarily for tax evasion rather than nefarious activities like drug dealing or human trafficking, making the government inefficient for tolerating large-denomination bills and missing out on seigniorage.
factualpending
Speaker
Kenneth RogoffEvidence Quote
“I think the large majority of it is tax evasion”
Source
Kenneth Rogoff on Monetary Moves, Fiscal Gambits, and Classical Chess | Conversations with Tyler— Mercatus CenterCreated: 8/11/2026, 7:10:38 AM
My Notes
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