GOING CASHLESS?? Someone Better Tell The Federal Reserve As Currency In Circulation Reaches New High
With all the talk about Central banks going “Cashless,” someone needs to tell the Federal Reserve. Why? Because the Federal Reserve just placed another large order for newly printed 2018 Dollars. Interestingly, the U.S. Treasury will print the largest number of $100 bills since it came out with the updated anti-counterfeit $100 bill in 2013.
Not only is the Federal Reserve ordering more bills to replace worn-out bills that will be taken out of circulation, but it will also add a percentage for the increased public demand. And let me tell you, this demand continues to rise significantly. For example, total U.S. currency in circulation is now $1.57 trillion, up nearly double from the $792 billion in 2007:
Not only has total U.S. currency in circulation nearly doubled since the last Market Crash (2008), the Federal Reserve plans to add a lot more “Paper Notes” this year based on even higher demand. From the Federal Reserve website on How does the Federal Reserve Board determine how much currency to order each year?:
We use the majority of new notes printed each year to replace unfit notes that Reserve Banks have removed from circulation. For example, we estimate that in 2015, 85 percent of the new notes printed will replace destroyed currency, while the remaining 15 percent will meet increased public demand.
So, the Fed states that they replace 85% of old Notes with new ones and add 15% for increased public demand. However, in their current 2018 Federal Reserve Print Note order, they published the following:
The nearly 7.4 billion notes included in the FY 2018 order reflect the Board’s estimate of net demand for currency from domestic and international customers. The print order is determined by denomination and is based on destruction rates and historical payments to and receipts from circulation.
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