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posted by martyb on Friday March 01 2019, @12:43PM   Printer-friendly
from the think-global-act-local dept.

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."

https://www.cnbc.com/2019/02/27/theres-been-a-mysterious-surge-in-100-bills-in-circulation-possibly-linked-to-global-corruption.html

Superbills?
https://en.m.wikipedia.org/wiki/Superdollar


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  • (Score: 0) by Anonymous Coward on Friday March 01 2019, @03:02PM (4 children)

    by Anonymous Coward on Friday March 01 2019, @03:02PM (#808697)

    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

    by Anonymous Coward on Friday March 01 2019, @04:33PM (#808770)

    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)

    by JoeMerchant (3937) on Friday March 01 2019, @04:36PM (#808773)

    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

      by khallow (3766) Subscriber Badge on Friday March 01 2019, @10:28PM (#808965) Journal

      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?

      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

    by driverless (4770) on Sunday March 03 2019, @11:49AM (#809388)

    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...