Thursday, December 20, 2012

Only An Idiot Would Rob a Bank

Thanks in part to inflation--electronic theft (cybertheft) is the main threat to banks--

Only An Idiot Would Rob a Bank: How Inflation Deflated the Stick Up | The Billfold: ". . . . Inflation, by making cash store less value, also has the unintended consequence of making bank robberies less worthwhile a pursuit over time. Short of some Die Hard with a Vengeance sort of scheme, bank robbers can only carry away so much money—whatever fits on their person, in their car, whatever. And because our currency inflates at a rate of about two percent per year, a bank robber’s haul decreases by that much in spending power every year, meaning that the burlap sack of loot clutched in John Dillinger’s palm was worth considerably more to him than the exact same assortment of bills would be in your hand, today. . . Pound for pound, the dollar just doesn’t go as far as it used to. For wage earners this isn’t so much of a problem as long as wages inflate as well . . . but for those who prefer to take physical cash by force, it’s a big problem. . . .“If somebody wants big money, they’re not gonna rob a bank,” said Robert McCrie, a professor of urban crime and standards security management at John Jay College of Criminal Justice. “They’re going to attack a bank electronically.”. . ."

For the same reasons, large illegal cash transactions should be declining (in favor of electronic transactions). Likewise, "counterfeiting" should be declining. Reported counterfeiting of American currency by rogue nations like North Korea and others could simply be diminished by eliminating all bills larger than $20.

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