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> Cash can be made useless centrally just as easily

Most monetary economists would disagree. The zero bound on interest rates exists on cash, not bank deposits. From a central location, one can interrupt electronic funds transfers to and from certain persons or looking like this or that. You can't prohibit Iran from holding dollars in cash, though. To do so means threatening the systemic value of the currency. Cash forces an all-or-nothing constraint on the powers that be.




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