[applicative]

The writer argues that since $100 bills aren't much used in daily commerce, the 80% of circulating paper money in $100s must be used for crime. But it is obviously predominantly hoards. I know US $ are hoarded all across Latin America, and assume it is so elsewhere. Even in USA keeping them somewhere secure is a sort of hedge against banking collapse, if not against 'collapse of the dollar'. It is like gold or anything else.

No apriori principle can tell you what the ratio of 'genuinely circulating' to hoarded money should be. When money was gold or silver, as Bagehot says, the hoards in e.g. France were huge, but those in Scotland, where there was enthusiasm for the banks, were tiny.