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  1. #1
    Senior Member CCUSA's Avatar
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    Looking For (Illegal)Immigrants? Follow The Cash.

    Looking For (Illegal) Immigrants? Follow The Cash.


    Most Americans carry less cash and make greater use of debit and credit cards today than a decade ago. Electronic transactions are faster, safer, and offer goodies like percentage credits and bonus miles. They’re also cheaper. Digital money doesn’t have to printed, guarded, trucked, or counted.

    But, unexpectedly, the trend to a cashless society appears to have been reversed. In Against the tide –Currency use among Latin American Immigrants in Chicago, [PDF] three Federal Reserve economists report that domestic holdings of cash as a percent of GDP, after declining steadily from 1965 to1995, has increased substantially since then.

    One denomination in particular—the $100 bill—is leading the reversion to cash. Since 1995 the value of $100 bills in circulation has doubled.

    Latin American immigrants are fueling most of the demand for the big bills.

    To establish the link between immigration and cash the economists correlated currency disbursements with the proportion of immigrants (both from Latin America and from other regions) by zip codes in the Chicago metro area. Among the 175 zip codes surveyed, the Hispanic immigrant population share ranged from less than one percent to 49 percent. Per capita holdings of $100 bills ranged from zero to a high of $2,194. So the number of $100 bills per capita held in a neighborhood is positively correlated to the percentage of a neighborhood’s population from Latin America. The correlation coefficient implies that each 1 percent rise in a neighborhood’s Hispanic immigrant population share increases the number of $100 bills by 4.7 percent.

    The vast majority of ATMs dispense only $20s. So it’s really remarkable that Latin American immigrants hold so much of their cash in $100s.

    For immigrants from regions other than Latin America, the $100 bill correlation is negative. These individuals are, on average, more educated and earn more than their Hispanic counterparts. They speak better English (“though by a very slim margin,â€
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  2. #2
    cousinsal's Avatar
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    Good article - thanks.

    I've always found that people with little income use cash because they want to keep the money on hand - they're afraid to use a bank. If they have to pay a bill, they get a money order.

    I think this is just another way that illegals have changed our society. Now, we have people running around with cash, when we were going in the opposite direction. To me, it's a sign of our society "downgrading" to a 3rd world level. It's unsophisticated, like raising chickens.

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