September 6, 2026
Quoting John Lanchester's Squillions
Quoting John Lanchester's Squillions (via)
Since fewer and fewer people are using banknotes, it follows logically that fewer banknotes are needed, and therefore that fewer banknotes are being printed and put into circulation. Right? Wrong. In the UK, there is £1300 cash in circulation for every single one of us, but the amount of cash we actually hold is one seventh of that figure. The value of banknotes in circulation has been rising sharply for decades, and not just in the UK. In 2005, the total value of all the dollar bills in circulation was $759 billion. By 2015, it was $1.38 trillion. Last year, it hit $2.395 trillion. As Kenneth Rogoff put it in The Curse of Cash (2016), the dumbfounding thing is that ‘no one quite knows where exactly most of it lives or what it is used for.’ According to Oliver Bullough, in his alarming and unsettling book Everybody Loves Our Dollars, in 2022 the average American held $418 in cash, but there was $7357 of cash in circulation for every American man, woman and child.