Posted on 04/14/2013 6:09:08 AM PDT by MeneMeneTekelUpharsin
Local sources tell me this: Counterfeit bills turned in to the Fed used to number 1-2 per YEAR. At this date (April 12, 2013 - Friday), the count turned in to the Fed was already at 10 and we are only at April 15, 2013.
One of the ladies at my bank was telling me they have found a lot of phonies too including one $20 I got from a tenant. The strangest find was a counterfeit $1 bill, I mean why bother?
Well, hell! The currency being printed by the Treasury is worthless! What’s the big deal?
bingo!
Seriously? lol.
What difference does it make?
They say that the North Korean “super hundreds” are actually more precisely engraved than actual U.S. currency.
There is no logic in that statement.
How would new designs hide the volume in existence?
Most of the recent changes where done because the North Koreans were making very, very good fakes of the previous incarnation. The newer versions have additional security measures to help detect fraudulent notes.
Also, the Federal Reserve doesn't 'print' every dollar they create. Not even a majority. Most of the paper FRNs are actually overseas.
There are a number of countries that use US Dollars as national currency...Ecuador and El Salvador come to mind. Both countries are also big in drug trade and illegal aliens. Probably are printing them, too
Also, don’t go overseas with $100 bills looking to exchange for local currency... many places will not take them
Just like the fall of the Western Roman Empire.
http://mises.org/daily/3663
Here’s an interesting read from a professor’s lecture on the subject. The parallels between Rome and the United States are amazing.
I hear Ben Bernanke is now printing $85 billion in Monopoly money every month and giving it to Goldman Sachs.
Well put!!!
Yeah, probably their economy and currency were backed by counterfeit U.S. currency...............
Local sources are wrong. The Federal Reserve banks intercept tens of millions of dollars in counterfeit bills every year. And while that may sound like a lot there is between $800 and $900 billion in circulation at any given time.
Why counterfeit a $1 bill? Who looks at them? Everyone expects funny munny to be larger bills like 20’s or 100’s, so running off a few ones to buy small items would not attract any notice, especially given the poor condition of many ones out there.
You can't possibly be serious.
First, counterfeits are reported and turned over to the SECRET SERVICE (part of the Treasury Dept,) not the Fed.
Second, the value of domestic currency in circulation is about 300 billion. If it was all 100s that would be about 3 billion notes, but 100s only account for about 1/3rd of currency. The total number of notes in domestic circulation is about 10 billion, mostly 20s, 50s and 100s, each being about 1/3rd of the total.
Treasury estimates about 1 in 10,000 notes is counterfeit, so that's about 1 MILLION counterfeits currently circulating.
http://www.federalreserve.gov/newsevents/press/other/20061025a.htm http://visualeconomics.creditloan.com/the-value-of-united-states-currency-in-circulation/
Now tell us all again how you think that one or two counterfeit notes of any denomination PER YEAR are discovered when there are a million or so circulating, and TENS OF THOUSANDS (perhaps more than a hundred thousand) of counterfeit notes are turned in every year.
Nobody is this stupid. And your "sources" are at least as totally full of it as you are.
Mostly local banks find the counterfeits. And they send them to the Secret Service, not the Fed.
The 800 billion figure isn't far off, but that's the total for the world, closer to 300 billion is the figure for the US.
But, you're the only other poster on this thread who figured out that this post was absolute and total, abject, ridiculous horse-hockey.
Meanwhile, the rest of the commenters wonder why they get laughed at a lot.
I was working in Chico, Ca. a while back and the GM at the store said there were counterfeit $100 bills circulating. The paper felt genuine, the ink was good, the thin embedded strip was good. The only way you could ID it was the green seal on the lower right corner, if you looked at it carefully you could see that the ink was flat and not raised.
He was there edumacating the employees.
The U.S. treasury, and just about everyone else, buys a special kind of black printing ink from a Swiss company that promises not to sell your tone to anyone else. The ink has special ultraviolet properties that are difficult to imitate. North Korea buys the same ink from them in Magenta. The North Korean “supers” use the altered magenta formulation.
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