GOBANKNOTELESS: A Criminological and Socio-Economic Analysis

• In Event: Critical Criminology 4: Critical Perspectives on Crime and Criminalisation

Abstract

Fifty years ago, Stuart M. Speiser published an article in the ‘American Bar Association Journal’ (Jan. 1975), titled “Abolish Paper Money and Eliminate Most Crime.” [1]
His arguments seem highly relevant in contemporary crime’s domain, because paper money enables violent crime including Direct violence (robbery, aggravated assault, homicide…), and Coercion-based crime (kidnappings, extortion, threats…).
This study reexamines Speiser’s hypothesis using modern criminological data, arguing that eliminating banknotes would not only eradicate money-related violent crime but also nullify criminal trajectories often beginning with petty offenses and escalating through repeated incarceration into hardened criminality, therefore a phase-out of Euro banknotes (€10–€500) by the European Central Bank (ECB) is proposed, retaining only coins (a newly introduced €5 coin alongside existing denominations). Unlike banknotes, coins are never targeted for criminally violent acquisition yet remain necessary for minors to use, charity, church pew and everyday microtransactions.
Digital payment infrastructures, already well-established across Europe, will seamlessly support a transition to a banknoteless economy, ensuring both financial security and accessibility.
Counterarguments usually mention (a) Illicit Financial Transactions, but, without banknotes “black” money cannot be acquired in the first place hence there’s no point considering its further moves, (b) Transactional Privacy, however Blind Digital Signature systems ensure payer anonymity while maintaining traceability of recipients for taxation and legal oversight, and (c) Economic Disruptions, except, current Eurozone conditions invalidate concerns regarding economic instability, revealing underlying vested interests behind such objections
An assessment of the idea, through Crime Severity Index (used in UK and Canada, via “weights” allocated to every offence) provides quantified evidence that shows a violent crimes’ mitigation reducing CSI down to the order of one third.
Aiming at the Banknoteless Society, further interdisciplinary research would be valuable, exploring policy implementation and potential long-term effects.

[1] Original: http://bit.ly/2sYg9c4 Transcription: http://bit.ly/4jP4IOc.

Author

• George Oikonomidis, Individual person