Bills Quote by Michael Hudson
“I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people think that they want to protect themselves against their own currency going down. When you have 75% of the currency and even more of the high-denomination $100 bills held abroad, you wonder whether these are people we really want to pay. If you get rid of the $100 bills, its foreign holders will be the main losers.”
About This Quote
Source Speech: Economic Commentary, 2023
Large portions of US cash are held overseas by illicit actors, raising concerns about monetary sovereignty and policy impacts.
In simple terms: Much US money is abroad with criminals and foreign powers.
Key Takeaway
Consider how cash circulation affects national security.
Themes
economics
currency
policy
crime
geopolitics
Mood
cautious
analytical
Type
policy
economic
When to use this quote
- Tax evasion
- drug trade
- foreign exchange
- policy making
Key Concepts
Illicit finance
sovereignty
monetary policy
Questions to Reflect On
- What are the trade‑offs of eliminating $100 bills?
- How does offshore cash affect US economic stability?
A Different Perspective
Removing high‑denomination bills may hurt ordinary foreign holders more than criminals.
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