A Hidden Cost of Inflation

Many readers will know that the Currency and Foreign Transactions Reporting Act of 1970 requires that financial institutions must keep records of cash transactions summing to more than $10,000 in one day and report suspicious transactions to the federal government. In addition, people coming into the United States from foreign countries (including US citizens) must declare cash or other negotiable instruments they are bringing into the country if the amount exceeds $10,000.
Monitoring large holdings of cash and cash transactions provides a way for the government to identify people who may be engaging in illegal activity. These reporting requirements open the

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