How To Get 2000 Dollars In One Day – If you add up all the countries of the world, how many do you get? Adrienne Bresnahan/Getty Images
To answer this question, let’s start by asking, “How much is it worth in real US dollars?” Since US statistics are readily available, we can look at this question from different angles.
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The first way to look at it might be, “How much cash is there in US currency?” If you took all the notes and coins in circulation in the world today and added them all up, how much would you get? All of this hard, easy-to-liquid currency is known as the M0 stock or monetary base. This includes bills and coins in people’s pockets and on mattresses, balances in bank vaults and any deposits banks have in reserve banks [source: Hamilton]. According to the latest data from the Federal Reserve, M0 supply flow was $5.8 trillion in March 2021.
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That sounds like an incredible number, but think about it this way: According to the US Census, there were 332,290,964 people living in the US in May 2021. If you take all the money and divide it equally, each person should have about $17,454 in cash (or stashed under the mattress). Sure, some are missing, but there’s a simple explanation for that: The Federal Reserve says that at any given time, between half and two-thirds of US dollar M0 stocks are held abroad.
The rest are held in different types of bank accounts and the Federal Reserve tracks these funds in three different values known as the supply of M1, M2 and M3. (M3 has since been dropped. More info below.)
M1 represents all currencies outside of the US Treasury, Federal Reserve Banks and depository vaults. It also includes demand deposits with commercial banks (excluding amounts held by depository institutions, the U.S. government, foreign banks and official agencies), the Federal Reserve and other liquid deposits. In March 2021, the M1 supply of U.S. dollars was about $18.7 trillion [source: Federal Reserve].
M2 is the offering of M1 plus term deposits of small denominations (less than $100,000). In March 2021, the M2 inventory was about $19.9 trillion [source: Federal Reserve].
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M3 is M2 plus larger CDs. Beginning in March 2006, the Fed stopped tracking M3 stocks as an economic indicator, believing it was not adding information about economic activity that was not already available from M2 [source: Federal Reserve].
In total, anyone looking for all of the world’s US dollars in May 2021 can expect to find about $19.9 trillion using the M2 delivery definition. If you just want to count the value of bills and coins, there are about $2.1 trillion worth of bills and coins in circulation worldwide [source: Federal Reserve].
But what if we wanted to know the actual number of banknotes in circulation, rather than how much they are worth? At the end of 2020, the Fed estimated that there were 50.3 billion notes in circulation (ranging from the humble $1 bill to the hefty $10,000 bill). This information is updated annually.
So now that we understand as much as we can about the US offering, what about the rest of the world?
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Inflation in Zimbabwe has been so high that in 2015 the government had to issue a one hundred trillion dollar note worth just 40 cents. It is now out of circulation and has increased in value as a collector’s item. Peter Daisley/Getty Images
When the federal government gets into trouble, the temptation is usually to find a way out. While printing can solve many short-term cost problems, it often creates major long-term problems. The Zimbabwean dollar is a good example of this phenomenon.
In 2000, the exodus of much of Zimbabwe’s workforce led to the collapse of the country’s financial system. To support spending on government projects, the treasury has printed too many zimdollars – too much, in fact. Economically, it is like any other good: it loses its value when there is an abundance of it. An excess of readily available money in circulation leads to inflation, where it has less purchasing power. In the first decade of the 21st century, Zimbabwe’s economy entered hyperinflation. Economists who have watched the Zimbabwe dollar’s staggering depreciation have estimated that it lost value so quickly that the fall was equivalent to a doubling of retail prices every 1.3 days. For example, Zimbabwe’s annual inflation rate by the end of 2008 was 516,000,000,000,000,000,000 (quintillion) percent, the highest in the world [source: Berger].
The Zimbabwean government decided to fight fire with fire and printed even more in higher denominations. Eventually, the country will issue a $100 trillion Zimbabwe dollar bill, with an exchange rate of about $30 (U.S.) in January 2009 and $5 in 2011. In 2015, it cost just 40 cents [sources: BBC, McGroarty and Mutsaka, CNN] . The government will abandon its currency entirely, choosing instead to adopt the US dollar and South African rand as official currencies.
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But what about all those trillions of bills issued by the country’s finance ministry in 2008? The government never cashed the notes or allowed people to redeem them, so no one knows the final count in circulation. Indeed, the notes have become something of a collector’s item, and dealers hoarded many because they can command a higher price than they were officially worth [source: McGroarty and Mutsaka].
Since then, Zimbabwe has reintroduced its own currency in 2019, but the country has been battling high inflation, foreign exchange and food shortages. The local unit, which was supposed to be equal to the U.S. dollar, fell to 84 cents per dollar [source: Ndlovu].
Zimbabwe has shown how difficult it can be to keep track of how much a country has in world markets, let alone how much the world has. However, this inherent difficulty has not deterred some from trying. Perhaps the best estimate of what exists in the world was released by Jeff Desjardins, editor-in-chief of Visual Capitalist in 2015 and updated in 2020. Desjardins tallied up all the silver, gold, top exchanges, cryptocurrencies and more in the world, much more, and got away with about $2.7 trillion. This is how it looks written: $2,745,319,000,000,000 That’s a lot. He estimated the value of all the world’s coins and banknotes at $6.6 trillion.
It would be much easier for Desjardins and the currency analysts if every country on the planet had just one currency. So why don’t we?
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The concept of a single world currency has been proposed since the 16th century and almost came into being after World War II, but the idea remains little more than that. Proponents argue that a universal currency would end currency crises like the one in Zimbabwe. A common currency would not be subject to exchange rate fluctuations because there would be no competing currencies to trade. In other words, a universal currency would lose its value as a commodity bought and sold in open markets, and would only have value through the purchase of other commodities. To put it bluntly, it would be right. Its purchasing power would be the result of adjustments to interest rates and other monetary policy instruments in response to inflation or deflation.
One of the biggest fears among opponents of a universal currency is the creation of a central body set up to control the monetary policy of a single world currency. An existing international body, the United Nations (UN), provides an example of the potential pitfalls and strengths that a central global monetary body could face. Successes such as peacekeeping missions in countries as diverse as El Salvador, Mozambique and the former Yugoslavia demonstrate the power that a single international agency can have to resolve conflicts. On the other side of the coin, the United Nations Intergovernmental Panel on Climate Change (IPCC) has been widely accused of replacing science with diplomacy, as countries responsible for contributing to climate change are not openly named in government reports.
These and other reasons continue to stand in the way of the introduction of a universal currency. Perhaps closer on the horizon is the integration of individual currencies in the regions into common currencies. This has already happened in some areas. The most famous example is the euro. As of 2021, 19 European countries use the euro instead of local currency. Some of the benefits of using the euro are that it makes it easier to compare prices between countries and that it is easier, cheaper and safer for businesses to buy and sell in the euro area and for
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