Bad Money Drives Out Good

The allure of cashless society is strong within an environment of currency debasement. Gresham's law, the tendency of bad money drives out good, is becoming problematic for the monetary authorities around the globe. Many coin denominations are disappearing from circulation as their melt value rises above their face value. The problem of currency mismanagement, as reveal by changes in coins composition or elimination of often smaller denominations, would be more difficult to identify in a cashless, electronic currency based, society. Monetary management has more about what the public will accept rather than what’s good for the currency.

Headline: Tax refunds on prepaid cards coming

Thousands of Americans will get tax refunds on a prepaid card instead of a paper check as the government looks to cut costs and give people without bank accounts an easier way to get their money.

The Treasury Department launched the pilot program Thursday, saying it will mail letters next week to 600,000 taxpayers with annual income under $35,000.

Source:money.cnn.com