$100 Bills Thrive in Underground Economy, Circulation Spikes to $1.2 Trillion

The $100 bill – also known as the Benjamin or the C-note – now enjoys a higher circulation than even the $1 bill, the CNBC reports. Per Federal Reserve data there are now over 12 billion $100 bills in circulation around the globe. According to Torsten Slok, the chief international economist at Deutsche Bank, this number has doubled in the last decade. Slok believes that the demand for the C-note could be driven by demand in the underground economy. Additionally, the demand could be occasioned by its utility as a savings vehicle and a haven from negative interest rates: It

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