Skip to comments.Drug dealers, tax cheats boost $100 bill demand?
Posted on 12/06/2012 5:57:33 PM PST by Lorianne
The U.S. government printed 3 billion $100 bills in the 12 months ended Oct. 31, according to a Tuesday note from Nicholas Colas, ConvergEx Group chief market strategist.
Thats 100% more than the average production of $100 bills over the past 5 years, and 50% more C-notes than $1 bills printed in the same period, according to Colas.
Hard cash holds a special place in global finance as the preferred mechanism for drug, illegal arms and tax evasion transactions, Colas notes and $100 bills are the preferred denomination. While the use of smaller denomination bills has fallen in recent years with increased use of credit and debit cards, demand for $100 bills appears to be growing.
Part of the sharp increase in the number of $100 bills may be because of delayed production of a newer version of the note, which has had technical problems. So a lot of the newly printed bills may not yet be in circulation.
And, as the Bureau of Engraving and printing notes, Over 90 percent of the notes that the BEP delivers each year are used to replace notes already in, or taken out of circulation.
Even so, Colas argues, there appears to be a healthy demand for $100 bills, suggesting substantial growth in the underground economy.
(Excerpt) Read more at blogs.marketwatch.com ...
More to do with inflation than drug money. at $60 bucks to fill my gas tank, grocery bill up 110% I find myself using 100’s more and more over the last several years.
The $100 is the new twenty (print some more!!), and at oil boom prices here, you'd be wise to carry a dozen of them.
It just means the easiest unit of currency to carry has become the hundred.
With an oil boom on, fewer places take checks, so it is cash or plastic. If you use cash, you can check how much you've spent in a heartbeat just by counting what you have left, and if you'd just as soon not leave your business in a credit card company's computer, cash rules.
Besides, I have never been anywhere that won't take it.
and there it is...
It is a wad of Alinsky crap which signals the next phase of the totalitarianists--Government agents and police stealing the money out of our pockets, justifying it because you must be a drug dealer or a tax cheat (notice they didn't say anything about gunrunner, but they have a lock on that...)
Everytime I cash a check, if I don’t specify, they give $100 dollar bills and a lot of places won’t take 100s.
I must be guilty, I make NO electronic transactions of any kind ever, I pay for everything in cash, and yes I actually take it out of the bank monthly.
A hundred doesn’t buy squat. At least the EU has 500 notes ($650). But the commies don’t like large bills because they are easier to conceal. Cash will continue to become more popular as ‘non-conformists’ (preppers, gun enthusiasts) seek anonymity.
On a road trip back east last month I stopped at this McDonalds just 15 miles east of the Ohio border in Pa. Just a few yards off the highway, but it seemed like real small town America. There were a bunch of girls slaving away making dozens of some kind of drink concoction, apparently for some kind of do, even though there weren't many customers in evidence. I must have waited 10 minutes for a QP w/ cheese meal. I was starting to get steamed, even though I really felt I had no right to be, 'cuz you know, they were busy.
Of course, just then the clerk handed me my order and said rather unenthusiastically, "Sorry for the wait," but it was enough to mollify me. I had my order, even if it did taste like it had been sitting around a little while.
Anyway, they had a handwritten sign up saying they wouldn't accept $100 bills. So there!
I drive a pickup, and if I go too far, a fill up is about $80. I got stuck on the way home from a job, later at night going from northern New Hampshire to western Mass. Several gas stations would not take $100 bill—which was the only large bill that I had. I finally had to break down and use a credit card—which I hate doing for gas.
Don’t some congressmen fill their freezers with them? Probably helps insulate or something.
Around here, the McDonald's would go out of business if they wouldn't break a C-note--they just swab the bill with one of those pens beforehand. (They just did a three month rebuild including the drive through lanes and has a parking lot the size of a football field).
I hadn’t thought of that but I think you must be right.
The media runs their memes for them. I try to catch them but I missed that one.
But, there isn’t any inflation. Really, trust us.
Everyone knows that only drug dealers, tax cheats and terrorists use cash. If only we had a series of federal laws to control this. Perhaps a Patriot Act 2 that would brand anyone holding more than $100 in cash a criminal.
Hey! Then we could bust all the bank tellers and confiscate their stash!