U.S. Treasury Secretary Steven Mnuchin remarked last week that a reported $1.5 trillion in missing cash — mostly one hundred dollar bills — was “sitting in bank vaults all over the world.” The famously anti-bitcoin U.S. official noted that “there’s a lot of ‘Benjamins’ all over the world” and emphasized the strength of the currency as the main reason many in other countries wish to possess it. The remarks come off as flippant to some, considering Mnuchin is one of the leading pushers for financial regulation and anti-money laundering rhetoric.
Also Read: The Myth of Authority: Mnuchin Denies USD Is Used Criminally
$1.5 Trillion in Cash Unaccounted For
In a recent interview with Fox News’ Lou Dobbs, U.S. Treasury Secretary Steven Mnuchin brushed off a question regarding a reported $1.5 trillion divot in the global cash supply. The “disappearing and unaccounted for” cash is mostly U.S. 100 dollar bills. Mnuchin prefaced his answer about the missing $1.5 trillion by saying that “the dollar is the reserve currency of the world and…