Counterfeiting: Were In The Money Essay -- essays research papers

Counterfeiting Were In The MoneyA frequently asked question by a customer is " do-nothing you break a hundred sawhorse bill?" If this request has been granted, why do the cashiers take thebill and turn it into a biology experiment? among pouring a liquid on the noteand/or holding it up to the light to check for authenticity, is our goldsystem in danger? As of the beginning of 1996, the Chairman of the FederalReserve and the Secretary of the United States Treasury, prove their economicwizardry by making the new one hundred dollar bill nearly impossible tocounterfeit in attempt to protect our economy. This is just the first step inimproving our currency system.Counterfeiting U.S. currency is an criminal practice that has has beenaround for years and, unfortunately,is getting worse. "Last year, ...the SecretService cooperated with the Italian authorities seizure of $43.8 million incounterfeit U.S. currency, Germanys capture of more than $19 million incounterfeit cash, an d the Canadian authorities seizure of than $129 million incounterfeit U.S. currency." (Gomez, Bertha. "Officials Say..") In a sm solely townnorth of Chicago, twain high school seniors were arrested for the use ofcounterfeit bills. With the use of the internet and a color printer, these twoteenagers were able to create and pass their counterfeit twenty dollar billsthrough the high school cafeteria but were later arrest by police after tryingto use their money at a local anaesthetic Taco Bell. If teenagers are finding ways tocounterfeit money, that should tell someone that we need to do something toprotect our economy for the future.     In attempt to enhance our currency system, the one hundred dollar billwas completely redesigned last year and released at the beginning of this year.This new bill contains a security thread, a watermark, a larger portrait,varriable-color ink and infrared fibers. It is called the 1996 series. Next yearthe fifty dollar bill will change and so forth. At first, economist talked aboutrecalling all of US currency, but later this idea was ruled out o keep a smoothtransition and to honor the new bills at menstruum face value.If our economy is at its strongest, who paid for the creation of theseries 1996? The Federal Reserve, under the direction of Alan Greenspan, paidfor this currency improvement. When t... ...bject, someone will try to imitateit. But, what if our currency system was strictly based on a credit? This willbe the United States currency of the future. Our world has advanced so farthest withthe aid of the computer. Ten years ago, computers were for only a weak versionof typing. We have come so far from the past. Technology will improve in theyears to come. The money in our wallets is just a special type of paper with aspecial type of ink. It does not back gold interchangeable it use to. In the future, wewill have two cards in our wallet. A credit card, if we so choose to own one,and a c urrency card. Our exchequer and federal reserve will design a feasiblesystem where paper money is something of the past.Work Cite"Fed Moved Too inert On Increasing Rates." Wall Street Journal 11 April 1994."Who Controls The Fed?." Investors Business Daily 19 August 1996Gomez, Berta "U.S. Officials Say Currency Counterfeiting Remains Small." USIA module Writer (1996) WWW Internet Access.Moreau, Ron and Russell Watson. The Hard-Up North Koreans are suspected of          making nearly perfectly fakes of U.S. $100 bills.