economy
January 25, 2026
Everybody Loves Our Dollars by Oliver Bullough review
From handbags to drug gangs to central banks – one of Britain’s finest investigative reporters reveals the surprising links in a global chain of crime
TL;DR
- The total value of US dollars in circulation has doubled every decade since the 1970s, reaching an all-time high in April 2024.
- Most other major currencies are also at historic high levels of circulation.
- This increase in cash circulation occurs as people increasingly use digital payment methods.
- The primary driver for the increased printing of high-denomination banknotes is money laundering by criminal organizations.
- Examples of money laundering include using laundries, barber shops, and purchasing luxury goods like designer handbags from outlets like Bicester Village.
- Chinese students in the UK have been implicated in using cash payments for luxury goods to launder money.
- The US Federal Reserve earns billions from the global circulation of US banknotes, with an estimated 70% circulating outside the US.
- The global trade in drugs and associated violence, such as in Mexico, is linked to the ease of money laundering facilitated by these banknotes.
- The article highlights the personal cost of money laundering, referencing the murder of an investigative journalist in Mexico.
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