I don't know about you, but I usually don't carry one-tenth that much currency in my wallet, nor does my brother Harry. At the end of 2001, currency per capita (held by the public) exceeded $620 billion, or roughly $2,200 for every man, woman, and child. Indeed, evidence of the reverse is stunning. Why hasn't paper and metal currency already gone the way of the horse and buggy? With credit and debit cards, online banking, and so on, why isn't the demand for currency steadily shrinking to zero?Ĭuriously, all prognostications about Internet money to the contrary, there is not a shred of evidence that the public is about to give up currency in the United States, Europe, or Japan. The introduction of shiny new euro notes and coins at the beginning of this year was indeed an exciting event. Will the global underground economy be the prime destination for those large euro notes? The Surprising Popularity of Paper Currency
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