Robin Camacho
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Jean Scott
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I just want to add my greetings and best wishes to you and Brad.
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Posted At : March 8, 2008 5:12 PM | Posted By : J Scott
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Money Matters
Interesting column in today’s Las Vegas Sun (originally appearing in the Providence Journal)about how abolishing the $100 bill would be a good tactic to fight crime and terrorism. The article asks the question: “Most purchases of more than $20 that Americans make are in the form of a check, a wire transfer, or a credit or debit card. So who has the need for the $100 bill?”
Well, I can think of one category – casino gamblers! However, I am willing to make some sacrifices if it would indeed make a major problem for criminals and terrorists. In fact, when I play at the higher denominations, one of my least favorite chores is feeding the bill acceptors. So I would like to be able to write a check or give a debit card to the casino and they would give me a ticket to insert or download the credits I have bought right to the machine I am playing. That is so handy in the casinos that already provide this convenient service.
I’m sure some “underground” gamblers would not like this system. They don't want a paper trail that the IRS can follow.
The author of that column way, way, way oversimplifies the impacts. What, just because there are no US$100 bills, everything will stop?? How about the Euro 500 note? how about gold coins (1oz = US$1,000). This David Gorman is a joke!
This is really wrong. I use cash for most purchases. Most places don't like to take checks for large amounts of money and since unlike most broke Americans I actually have money so I don't use credit cards. I used to run a retail store and cash is much preferred because the transaction costs and fraud losses are less.
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