Interesting information about the 100 dollar bill

S

Sonic

New Member
I heard this on NPR the other day. According to the claims, the average American only holds a $100 bill once per year. However, 80% of the printed money in America is in 100 dollar bills. Which makes sense actually. When millionaires and billionaires want to do cash transactions they're going to do it with $100 bills, so that means a lot of them need to be printed. An economist on the show said that the majority of these bills, in other words the majority of the cash that exists in USA, exists in the black market and is exchanged between criminals. Probably some truth to that. But legitimate businesses do huge cash deals too. I read of one person that sold a software company to Microsoft for 6.4 billion dollars in CASH. That's Billion with a Boob job.

So this economist thinks we should actually abolish the 100 dollar bill to eradicate crime. :rolleyes:
 
Singapore is getting rid of its high value note for the same reason and the Eurozone is discussing getting rid of the 500 Euro note as well.

Maybe when all the high denomination notes are not longer available to transfer hugh sums of cash around the criminals might turn to a small, high value commodity which can be easily transported and turned into cash, hopefully gold. Or they might just turn to bitcoin like the news says will happen.
 
I hadn't even thought about them turning to precious metals. I suppose that alone would influence huge price changes.

There's actually a black market on the internet where you can supposedly buy things like cocaine and heroin. It's called Silk Road (there's probably more than just this one though) and the currency used is bitcoins. I think they just got busted. But they stayed secure for awhile by using TOR and some other procedures to keep things encoded.
 
Sonic said:
But legitimate businesses do huge cash deals too. I read of one person that sold a software company to Microsoft for 6.4 billion dollars in CASH. That's Billion with a Boob job.
Click to expand...

That's cash as in a bank transfer - a "cash" business sale does not literally mean folding cash. It means the portion of the consideration that is paid using one business's capital to another, in dollars, rather than say as a transfer of shares, options or other instruments.
 
I believe many national banks are actually trying to get rid of cash itself. Regardless of face value.

And they're trying to get rid of the large bills first. It is a general trend in the Western World.
Some say, it'll be easier to make transactions with digital (not printed money etc.).

But, this way - in the event of a crash - you won't be able to withdraw your money from an ATM/bank, if there won't be enough large notes.

There will be no bank runs. You will not be able to take your money out. It will be a mere series of digital glitches. And if it devalues, you're doomed.

Gradually, there will be less and less cash around and it will be harder and harder for anyone to hold their wealth in their own hands. So, I think many will indeed resort to gold or anything else tangible.
 
In Canada
Printing of the $1,000 note ceased in 2000. The denomination was withdrawn on the advice of the Solicitor General and the Royal Canadian Mounted Police (RCMP), as it was often used for money laundering and organized crime. The Bank of Canada has requested that financial institutions return $1,000 notes for destruction. The colour was pink.
 
goldpelican said:
Sonic said:
But legitimate businesses do huge cash deals too. I read of one person that sold a software company to Microsoft for 6.4 billion dollars in CASH. That's Billion with a Boob job.
Click to expand...

That's cash as in a bank transfer - a "cash" business sale does not literally mean folding cash. It means the portion of the consideration that is paid using one business's capital to another, in dollars, rather than say as a transfer of shares, options or other instruments.
Click to expand...
No but seriously, could you imagine the convoy of semi-trailers? Lmao at the fact he thought it was cash cash
 
I'm not that money savvy. I don't really keep up with this kind of thing because honestly money talk bores me. I'm getting into buying silver because I think, like many here, that our current fiat currency is doomed. I just happened to hear this on NPR and thought others here might find it interesting. Forgive me for assuming that cash meant cash. But that's why I started this account, to learn.
 
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