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The amount of $100 bills in circulation is surging. And it's leaving some economists scratching their heads.
The number of outstanding U.S. $100 bills has doubled since the financial crisis, with more than 12 billion of them across the world, according to the latest data from the Federal Reserve. C-notes have passed $1 bills in circulation, Deutsche Bank chief international economist Torsten Slok said in a note to clients this week.
[...] "By eliminating high denomination, high value notes we would make life harder for those pursuing tax evasion, financial crime, terrorist finance and corruption," [former Standard Chartered bank chief executive Peter] Sands wrote.
The global illicit money flows were "staggering" and fuel crimes from drug trafficking and human smuggling to theft and fraud, Sands said. He estimated that depending on the country, tax evasion robs the public sector of anywhere between 6 percent and 70 percent of what authorities estimate they should be collecting. And despite "huge investments in transaction surveillance systems, and intelligence, less than 1 percent of illicit financial flows are seized.
[...] "The Federal Reserve and Treasury make 99 dollars for every $100 dollar bill they print and sell offshore," Colas said. "There's a natural desire to keep printing these things — the U.S. government makes a lot of money selling them."
Superbills?
https://en.m.wikipedia.org/wiki/Superdollar
(Score: 2, Insightful) by Anonymous Coward on Friday March 01 2019, @12:58PM (16 children)
Imagine all the great stuff they could spend it on like pointless wars, harassing pot smokers, spying on everyones activities, fake investigations of each other for corruption, corporate welfare, creating more laws no one understands, the benefits go on and on.
(Score: 2) by isostatic on Friday March 01 2019, @01:13PM (1 child)
Of course those aren't the programs that get cut
(Score: 0) by Anonymous Coward on Friday March 01 2019, @01:52PM
Lets not forget the $20 million dollars to pay off sexual harassment accusers:
https://www.cnn.com/2017/11/16/politics/settlements-congress-sexual-harassment/ [cnn.com]
(Score: -1, Troll) by Anonymous Coward on Friday March 01 2019, @02:10PM (5 children)
Or, you know, they could pay down the $21+ Trillion in debt that's been built up.
(Score: 0) by Anonymous Coward on Friday March 01 2019, @03:02PM (4 children)
That is never getting paid in any normal sense of the word. Can't believe anyone thinks it is.
(Score: 0) by Anonymous Coward on Friday March 01 2019, @04:33PM
Congressional members & Prez should be required to wear chicken suits a day each year for each T over 5T debt.
(Score: 3, Interesting) by JoeMerchant on Friday March 01 2019, @04:36PM (1 child)
Clinton started paying it down - just a happy accident that the .com boom happened on his watch and .com money flowed mostly through taxable channels.
So, on Trump's watch we've got a massive flow of under-the-table cash, one might say Russian Black Market style, is anybody surprised?
🌻🌻 [google.com]
(Score: 1) by khallow on Friday March 01 2019, @10:28PM
What was there in that sentence to be surprised by? The financial crisis happened back in 2007-2008 which would have been well before Trump's watch.
(Score: 2) by driverless on Sunday March 03 2019, @11:49AM
In unrelated news, the treasury this week announced another massive run of quantitative easing today, with the presses running day and night to print as many $100 bills as there was ink for. But back to the main story about the mysterious glut of $100 bills that no-one can explain...
(Score: 2) by JoeMerchant on Friday March 01 2019, @04:34PM (1 child)
tax reduction for the people who actually pay?
🌻🌻 [google.com]
(Score: 1) by khallow on Friday March 01 2019, @10:30PM
Sure, we can pretend that's on the list of priorities. I would love for that to be a thing, but it's certainly not happening at the US federal level.
(Score: 1, Insightful) by Anonymous Coward on Friday March 01 2019, @07:06PM (5 children)
Or, if a certain political group could pull its head out of its ass, universal healthcare and education.
(Score: 0) by Anonymous Coward on Friday March 01 2019, @07:45PM (1 child)
Yes, of course. They have done such a good job already, let's put them in charge of even more stuff.
(Score: 0) by Anonymous Coward on Saturday March 02 2019, @06:37AM
Hillary will sort it out once and for all when it's her turn to be president after she wins the election next year. Finally some change we can believe in!
(Score: 0) by Anonymous Coward on Friday March 01 2019, @09:35PM
stupid fucking slave
(Score: 2) by Phoenix666 on Saturday March 02 2019, @03:28PM (1 child)
Universal healthcare and education would be a good thing, economically speaking. The former would induce greater liquidity in the labor market; if you aren't worried about losing your health insurance for you and your family, you are more apt to seek jobs where you can be most productive, happiest, and earn the most money. Everybody wins. The latter ensures that our work force has the best skills and education we can give them, regardless of their received familial circumstances, and can begin their productive professional years without crippling debt loads that only benefit worthless bankers who salt the gains away in offshore numbered accounts.
In that kind of society, everyone is happier and more productive. There is less crime, there is less division and counter-productive anger and every other variety of social malady.
Washington DC delenda est.
(Score: 0) by Anonymous Coward on Saturday March 02 2019, @08:42PM
that's all well and good but theft is not ok just because the thief thinks they are doing it for a good cause. just like racism or discrimination don't magically become something else just because now you're discriminating against whitey.