"Kenneth Rogoff’s seriously taken proposal to outlaw cash in order to allow central banks to accomplish the same thing."

A Wells Fargo checking account dollar is simply a call option on a Federal Reserve Note, backed by the IOUs of the Wells customers who take out the loans. Private banks would not be able to create money without an underlying base money. Does he understand this would involve a complete revamp of the entire global financial system, including the elimination of banks?

Rogoff obviously a lay person with no understanding of how the economy works. Harvard is at an utter low. From Schumpeter to this?? Look at the classes they offer. How to slow global warming by eating fly larvae. OK