He used to be Harvard’s head honcho, which is a pretty cool thing to be if you’re of that ilk. He was also treasury secretary and director of the White House National Economic Council. So Larry Summers, even though he only holds an endowed professorship these days, is probably pulling down a decent paycheck.
I bet he pays for stuff with a credit card, because he’s too smart to use a debit card. But what Larry Summers doesn’t do is use big bills.
Harvard’s Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
Oh cool. Stuff Harvard thinks. That’s certainly important. Continue reading

