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"Only about 5% of the worlds’ dollars are minted, printed or coined. The rest are only on the
BigE
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I didn't know this, did you? Kitco article says the worlds money supply could be wiped out by hackers 
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-----------------------------BigE I'm glad I am a Tree
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The NY Fed says there is only about $900,000,000,000 in US
cash circulating. Most of that is held outside of the US.
Some estimates put the amount of available currency per
American at about $400.00 each.
It is prolly a good idea to keep more than your share handy.
<< <i>The NY Fed says there is only about $900,000,000,000 in US
cash circulating. Most of that is held outside of the US.
Some estimates put the amount of available currency per
American at about $400.00 each.
It is prolly a good idea to keep more than your share handy. >>
Couldnt that be rewritten as:
The NY Fed says there is only about 232 million ounces of gold in the nation's coffers.
Some estimates put the distribution of this gold per American at 3/4oz each.
Its prolly a good idea to keep more than your share handy.
The only problem with my rewrite is that the Fed does NOT want people to hoard something of actual value that the gov cannot manipulate through massive production. They would much rather you save up THEIR product....paper and ink.....than something that will actually maintain its value over time.
And many believe that we will one day we will be paperless anyway, due to a national credit card, or fingerprint, or implanted whatever.
I recently wrote a check on a business checking account that I only use for paying my salary, taxes and my accountant. I was trying to buy a new laptop, but Staples, Office Depot and Best Buy wouldn't take the check because my 10-yr old account (with perfect credit history) hadn't been used at a retailer in that high of an amount previously.
I discovered that there are a mere handful of "check verification" companies who can say "yes" or "no" on the spot to any check purchase that you make.
Of course, the credit card industry and credit rating agencies in step with this in terms of instantaneous, real-time tracking capabilities.
With all of this in place, it seems to be an open question how long cash or other physical money will be allowed to function as such. Without becoming political, I can only say that I don't think this will be such a good thing, if it indeed happens.
I knew it would happen.
If money goes by by and it's 'credits' in my lifetime, just slap me a big ol' bowl of soylent green for dinner.
American at about $400.00 each."
Funny, I was just calculating that thing yesterday. If we have 14 trillion in circulation (digital and otherwise) and there are 350 million folks here (nope, I don't think it's an over estimation) that leaves about 40,000 buks per head in total buks in the entire economy. Of that, I was figuring that maybe 10% of the total buks are in cash (10:1 fractional banking) so that leaves 4000 buks per head. Now if you take the cash in circulation and see it mostly distributed (90%) in retail operations and bank loans then the actual cash paper dollars in circulation (personal savings accounts and cash on hand/checking balance) is probably 1/10 of that total or about $400 each. No, the research is not graduate level economic regressive deduction, more like just thinking out loud.
Same number, different method. Very strong argument for having cash stashed in the attic. Even the slightest hiccup and the whole thing comes down.