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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: 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.