The article says circulating cash is 1% of GDP and falling. In the US, it is 8% and rising (with a high of 12% in 1946 and a low of 4% in the early 1980s) http

The article says circulating cash is 1% of GDP and falling. In the US, it is 8% and rising (with a high of 12% in 1946 and a low of 4% in the early 1980s) https://fred.stlouisfed.org/graph/?g=lZye https://fred.stlouisfed.org/graph/?g=lZye Edit: See also this table https://www.bis.org/publ/qtrpdf/r_qt1803/images/tab6-A.jpg https://www.bis.org/publ/qtrpdf/r_qt1803/images/tab6-A.jpg (from https://www.bis.org/publ/qtrpdf/r_qt1803g.htm https://www.bis.org/publ/qtrpdf/r_qt1803g.htm )