The End of Money

January 30, 2012
Money is a hot topicâWired magazine contributing editor Wolman observes that it is paradoxically something we think about "always and never." Tangible cash, on the other hand, is something "we think we know." However, Wolman believes that physical cash will soon cease to be. He explores this compelling possibility by talking with a number of fascinating characters, such as Pastor Glenn Guest of Bowman, GA, who, citing the biblical book of Revelation, believes the end of cash is the beginning of the end of the world; convicted counterfeiter Bernard von NotHaus; and Delhiite Sonu Kumar, who uses his cell phone to remotely update his State Bank of India account, a technological advancement that Wolman notes could be "the angel of death" to the paper and coin system. Cash alternatives are already in place, whether we acknowledge or recognize them as such, and Wolman (A Left-Hand Turn Around the World) reviews a few, including Kilowatt Cards and Disney Dollars. Just as interesting is Wolman's discussion of money, culture, and poverty: is cash trulyâas Ignacio Mas of the Bill and Melinda Gates Foundation claimsâthe "enemy of the poor"? If cash goes away, will that really lead to financial inclusion for the world's poor? Wolman's writing is clear and thoughtful, and his use of characters and places add color and personality to this excellent investigation of a timely topic. Agent: Giles Anderson, the Anderson Literary Agency.

January 15, 2012
Alternating between in-depth reporting and personal rumination, Wired contributing editor Wolman (Righting the Mother Tongue: From Olde English to Email, the Tangled Story of English Spelling, 2008, etc.) tries to figure out what a cashless society would mean and whether it is an idea whose time has come. The author decided to live without spending cash for a year, but he does not develop that portion of the saga at length. Mostly he focuses on visionaries who are hoping, for a variety of reasons, to eliminate paper money and coins. Some of the advocates believe a cashless society would function more smoothly and reduce deficit spending. Others are more politically oriented, wanting to remove governments from printing/coining what has come to be called "money." In Iceland, Wolman looks at whether or not the citizenry will actually put an end to the national currency. In England, he mingles with deep-thinking reformers who discuss how to achieve a digital cash economy. In economies mired in poverty, including much of rural India, Wolman notes how cash transactions make little sense. In many economic circumstances, writes the author, writing checks against a bank account is both illogical in theory and costly in terms of savings lost. As the narrative progresses, Wolman riffs on dirty money (literally, since bills and coins transmit germs), the successes and failures of counterfeiters, the techies who have turned their smart phones into banks and many other twists spawned by thinking about money as a physical object. The author mostly keeps his biases masked, but he leans toward the belief that physical money is in its twilight. He has plenty of thoughts about what could replace physical money, but he is wise enough to understand that he cannot imagine all of the unexpected outcomes. An intriguing book on a topic that many readers have always taken for granted: the cash in their purses and wallets.

COPYRIGHT(2012) Kirkus Reviews, ALL RIGHTS RESERVED.

February 1, 2012
Money: we crave it, chase it, love it, and despise it. But do we ever really think about it? Money, the cash kind in the form of coins and bank notes, has little intrinsic value and since 1971 has had nothing tangible backing it. Its value is based solely on the faith and trust we put in the institutions behind it, and it's the lifeblood of commerce. Wolman takes us on a tour of the history of currency from the first paper money issued in China to the colonial hodgepodge of bills that ultimately became the greenback, the world standard for money. With the proliferation of credit cards and other electronic forms of payment, Wolman posits the case for the elimination of hard cash altogether. But are we really prepared to enter a cashless society where our every transaction is monitored and recorded? Wolman interviews religious fanatics, conspiracy theorists, gold bugs, and Fed haters who decry what they see as the debasement of money and vehemently cling to the notion that cash is still king.(Reprinted with permission of Booklist, copyright 2012, American Library Association.)