-
Nervous Europe Drives Demand for Dollars
Demand for $100 bills has jumped since 2008 as nervous Europeans stuff them under the mattress, providing vivid proof that the world still loves the dollar and confirming the benefit to the U.S. of the currency's status as a global reserve. The amount of dollar cash in circulation has risen by 42 percent in the last five years, with a main reason being demand from Europe, according to a top U.S. Federal Reserve official. "As Europe's crisis worsened in the spring of 2010, U.S. currency holdings rose sharply," said John Williams, president of the San Francisco Fed, in his bank's annual report. (Read More: Audacious ... (full story)