The RBA may not be printing money to give to foreign investors but somebody is doing their best to satisfy demand. From the Daily Telegraph:
SYDNEY has been flooded with counterfeit cash that is of such high quality some banks are struggling to detect it.
In the past two months, organised crime gangs have caused a “significant spike” in the amount of fake currency – mainly $50 and $100 notes – passed in restaurants, bars and fast food outlets, particularly in Sydney’s west.
Police are unable to estimate how much of the cash is on the streets. Just two weeks ago they charged a Comanchero bikie with being in possession of $520,000 in “funny money”.
Businesses in Fairfield, Mt Druitt and Penrith have all detected fake notes, mainly $100 bills.
It is also unknowingly being passed around by banks.
Impressive. I would’ve thought polymer bank notes would be extremely hard to counterfeit convincingly.
Check all of your $50 notes, real ones have David Unaipons name printed under his picture fake ones don’t and the fakes are slightly shorter, we were testing this at work not long ago, everyone got their $50s out, it was shocking how many fakes there was and this was in a small town in Qld not Western Sydney,check when you get money out of an ATM they come straight out of there.
False. The names under the portraits were added in 2002. Source: http://banknotes.rba.gov.au/counterfeits.html watch the short video.
No name PLUS slightly shorter I said not just a missing name.
You also said real ones have David Unaipon’s name printed under his picture, which is false for pre-2002 notes.
That leads me to suggest another way to check: if a note doesn’t have the name, but has a number after the letters in the serial that starts with 03, 04 etc up to 13, then it is a fake. Notes that start with 02, 01, 00, 99 etc may be OK.
Perhaps the references to helicopter drops by Ben Benanke were to throw us off the scent and in fact he is a fan of Sons of Anarchy and the US Fed is doing some test runs in Sydney using some of our local motorcycle enthusiasts.
Wasn’t our plastic money supposed to be almost impossible to counterfeit?
Could it be that our plastic note manufacturing skills were sold to some disreputable organisations or individuals?
I believe SECURENCY was sold off by the RBA, maybe the Comenchero’s bought it !
Conterfeit cash is a crime because the government/reserve bank/private banks hate competition.
+1
+1. Maybe it was just some poor wannabe first home buyer doing the counterfeiting. I don’t blame them one iota.
I had a $50 counterfeit note in Sydney at least 2 years ago. It was picked up by a very astute ice cream store owner to my surprise. It was an incredibly good copy. I did the right thing and unloaded it onto someone less suspecting. I don’t wish to point fingers but the counterfeit technology/products/everything that is reproduced in Asia is very wide spread.
roflmao! too funny!
Pretty suspect story, if you ask me.
Where’s the quote from the police (or even the RBA) about how much is actually involved here? Instead we get some conflicting statements:
‘SYDNEY has been flooded with counterfeit cash…’
…versus…
‘Police are unable to estimate how much of the cash is on the streets.’
Then there’s the spurious link made to this:
‘Just two weeks ago they charged a Comanchero bikie with being in possession of $520,000 in “funny money”.’
A tad vague, no? What do they mean ‘”funny money”‘? (By the way, the double quotes don’t actually mean somebody is being quoted. It’s tabloid-speak for “we are making this up”.) Whatever it means, this is obviously a case “funny money” *not* being in circulation.
Also observe that the story is only being carried by the Terror and the Oz.
So I conclude: it’s crap. Wildly exaggerated, if not actually fabricated. Then again, this is Sydney’s Daily Telegraph, so that statement is redundant.
Indeed!
Whoa. If the police have laid criminal charges in relation to someone possessing counterfeit money, then the issue is real. If they have. If being the key.
I wonder what would happen if one of these counterfeit notes was inserted into the self-serve machines at the supermarkets. Would the machine be fooled?
Yeah this story should be run over on the thread about ABC bias so that 3d1K can use it to buttress his Uncle Rupert touting..
Just wait channel 9 will do a 60 minute special on it chk chk boom style …..
Just saw Glen Stevens on a Harley.
LOL. Well played Sir.
He must have seen Easy Rider, Michael.
Easy Rider (1969)
Glen Stevens: You know, this used to be a helluva good country. I can’t understand what’s gone wrong with it.
Ric ‘Boom Boom’ Battelino: Man, everybody got chicken, that’s what happened. Hey, we can’t even get into like, a second-rate hotel, I mean, a second-rate motel, you dig? They think we’re gonna cut their throat or somethin’. They’re scared, man.
Glenno: They’re not scared of you. They’re scared of what you represent to ‘em.
Boom Boom: Hey, man. All we represent to them, man, is somebody who needs a haircut.
Glenno: Oh, no. What you represent to them is freedom.
Boom Boom: What the hell is wrong with freedom? That’s what it’s all about.
Glenno: Oh, yeah, that’s right. That’s what’s it’s all about, all right. But talkin’ about it and bein’ it, that’s two different things. I mean, it’s real hard to be free when you are bought and sold in the marketplace. Of course, don’t ever tell anybody that they’re not free, ’cause then they’re gonna get real busy killin’ and maimin’ to prove to you that they are. Oh, yeah, they’re gonna talk to you, and talk to you, and talk to you about individual freedom. But they see a free individual, it’s gonna scare ‘em.
Boom Boom: Well, it don’t make ‘em runnin’ scared.
Glenno: No, it makes ‘em dangerous. Buh, neh! Neh! Neh! Neh! Swamp!
Bobby Bobby Bobby, what can I say? Your wonderfully mad!
*you’re