Almost $1.5 trillion of the world’s cash, with U.S. $100 bills making up a great deal of it, is reportedly unaccounted for. So what happened to the money?
“Literally, a lot of these $100 bills are sitting in bank vaults all over the world,” Treasury Secretary Steven Mnuchin told FOX Business’ Lou Dobbs during an interview on Tuesday.
Mnuchin pointed to the negative interest rates causing people to turn to American dollars as a solid investment.
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“The dollar is the reserve currency of the world, and everybody wants to hold dollars,” Mnuchin said on “Lou Dobbs Tonight.” “And the reason why they want to hold dollars is because the U.S. is a safe place to have your money, to invest and to hold your assets.”
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Mnuchin said it’s interesting that, in a increasingly digital world, “the demand for U.S. currency continues to go up.”
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“There’s a lot of Benjamins all over the world,” Mnuchin said.