Posted on 04/22/2005 8:42:12 PM PDT by Dr Stormfist
2 Brits nabbed with $3 trillion in fake US fed notes
The National Bureau of Investigation (NBI) on Thursday said it has arrested two British nationals with $3 trillion fake US federal bank notes in their possession, DZMM reported.
NBI Director Reynaldo Wycoco identified the suspects as Paul Edward John Flavell and Sam Beany. The two listed their address as Unit 305 CEO Apartments in Jupiter Street, Makati City.
The suspects were not physically present during the press conference called by Wycoco at the NBI office in Taft Avenue, Manila. Only the suspects' photographs were shown to reporters.
Wycoco said NBI agents have also launched a manhunt for two other British nationals involved in the syndicate.
The two other suspects are Seki Mehmet Bayram and Peter Whittkamp.
Flavell and Beany's arrest came following a tip from international cargo forwarder DHL Philippines Inc. on April 14, Wycoco said.
The tip was about a shipment consigned to two foreigners, which was pending at the company warehouse.
The forwarder said the cargo was bound for Zurich, Switzerland.
The NBI dispatched a team to the DHL office. The agents were able to chance upon the suspects as they were paying the airway bill amounting to P53,967.
Company records show the suspects paid using a credit card.
Wycoco said Flavell and Beany did not resist arrest after they were made to open the cast-iron boxes containing bogus federal bank reserve certificates.
(Excerpt) Read more at abs-cbnnews.com ...
Holy crap!
$3 trillion in fake currency circulation would put a humongous dent against the dollar
The more I think about it, the more I think that the Treasury Dept. has really got to keep their eyes out for mass counterfeiting.
In the Philippines? Wow.
Nah. It was actually only 3 individual bills, each printed for 1 trillion dollars.
Pukimo malakai!!!!!!!
I think I read somewhere once that the total amount of US Currency actually in circulation is under the $600 billion mark.
3 trillion to the Brits and Aussies is 3 billion in US money ... they interpret the commas differently, as in a billion is a million million.
But did they get the counterfeit plates? If not, there will be more on the way.
There was a similar case like this in Hong Kong around 2001/2002--will try to find the details later.
Posted on another message board where I got this story...
WARQUEEN: I would like to point out that the conficated bogus fed notes isn't the bank notes you have in your pocket, but federal bank reserve certificates. IMHO someone was getting ready to trigger a banking system collapse.
I didn't do the math, but 3 trillion in $100 bills would probably fill someting like the Superdome, or Lake Michigan, or something like that. Hard to believe.
Huh? Do a Google search on "US Federal bank note" and then click images. There are plenty of $1/$20/$100 bills there. The article also has an image of $100 on it.
I'm assuming they didn't have a picture of a Federal Bank Note.
But here is some info I googled for...
What are U.S. notes, and how do they differ from Federal Reserve notes?
U.S. notes, the first national currency, began circulating during the civil war; they were authorized by the Legal Tender Act of 1862. The Department of the Treasury issued these notes directly. Issuance was subject to limitations; the Congress established a statutory limitation of $300 million on the amount of U.S. notes outstanding and in circulation. Although this amount was significant in Civil War days, it is a very small fraction of the total currency now in circulation in the United States.
U.S. notes serve no function that is not already served by Federal Reserve notes. As a result, the Treasury Department stopped issuing U.S. notes, and none have been placed into circulation since January 21, 1971. Those that remain in circulation are obligations of the U.S. government.
The Federal Reserve Act of 1913 authorized the production and circulation of Federal Reserve notes. Although printed by the Bureau of Engraving and Printing (BEP), these notes move into circulation through the Federal Reserve System. They are obligations of both the Federal Reserve System and the U.S. government.
Both U.S. notes and Federal Reserve notes are part of our national currency and are legal tender. They circulate as money in the same way.
It is my belief that countries unfriendly to us, I think the USSR may have done it, counterfit U.S. currency on a regular basis. It greatly increases the money supply and is out of control of the Fed, depreciating the dollar. Would Soros do such a thing??
Fake Treasury Notes in the hands of foreigners would also make one heck of a hit on the current account balance.
ping
three trillion = three thousand billion.
If they were all 100 dollar bills, 6 inches long each:
3,000 x 1,000,000,000 x 6 = 18,000,000,000,000 inches
divided by 12 gives us how many feet long the line would be if each bill were placed end to end:
1,500,000,000,000 feet [call this figure "x"]
Now, the circumference of the earth at the equator is about 60 miles per degree, times 360 degrees:
21,600 miles
times about 6,076.1 feet per nautical mile = feet around the earth at its fattest point (the equator). [call this figure "y"] 131,243,760 feet
So placed end to end the bills in question, if they were all placed end to end around the equator would go AROUND THE EARTH x/y times or:
11,429.11 times!
I don't think they had quite that much money. But then liberals who typically write for Philippine newspapers (or any newspaper for that matter) aren't known for 1) good arithmetic skills, or 2) common sense.
Correct. The amount fluctuates, but is usually between 550 to 750 billion dollars.
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