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10/23/2006 Archived Entry: "Black marketeers moving to the euro"
THE RESERVE CURRENCY TO THE BLACK MARKET. Will it soon be the euro and not the greenback?
This sort of news is normally Silver's bailiwick. But I just had to jump in. Will drug dealers, smugglers, and under-the-bed currency stashers become the avant garde of a global economic shift?
I'm always blown away by this little stat:
Citing Federal Reserve estimates, Grant writes that "between 55% and 70% of the $703 billion of U.S. currency outstanding circulates outside the 50 states."
Up to 70 percent of U.S. paper money isn't circulating in the U.S.?
Silver has ruminated before on the potential impact of huge amounts of dollars (including both currency and e-promises) quietly resting in foreign hands.
Posted by Claire @ 09:11 AM CST