Reports of the demise of cash are greatly exaggerated says John Williams, president and CEO of the Federal reserve Bank of San Francisco.
Since the start of the recession in December 2007 and throughout the recovery, the value of US currency in circulation has risen dramatically. It is now fully 42% higher than it was five years ago.
What explains the rapid rise in currency holdings at the same time other methods of payment are displacing the greenback? And what is the future of cash?» Download the document now 613 kb (PDF File)