Press Used To Print Millions of US Banknotes Seized In Quebec

An anonymous reader writes "The Canadian Royal Mounted Police report: An offset printing press used to manufacture counterfeit $20 banknotes was seized by the RCMP and US Secret Service. This significant seizure was made earlier today in the Trois-Rivières area. The authorities had been looking for this offset press for several years. A large quantity of paper was also seized by police, that could have been used by the counterfeiters to manufacture from $40-$200 million. The very high quality counterfeit notes were virtually undetectable to the naked eye. Some of the features they had were uncommon, including the type of paper used, which was especially made with a Jackson watermark and a dark vertical stripe imitating the security thread found in authentic notes."

Comments

Go after the real thieves lol

[oic0]

Now if we could just stop our government from printing themselves money.

Re:Go after the real thieves lol

[Cyberax]

Nope. US Fed did what is required from the start, so the recession in the US turned out to be far more shallow than in Europe (where the ECB blundered for several years). In Japan it's the contrast is even more stark - after a decade of slow stagnation and deflation (or near-deflation) they started growing almost immediately after the central bank and the government decided to be 'irresponsible'.

Then there's China, its inflation rate skyrocketed into hyperinflation several times during the recent 30 years, yet they've had double-digit growth for about as long as that.

Oh, and inflation primarily hurts 1%-ers because they have to actually invest their capital in risky businesses (work!) rather than sit back and enjoy risk-free rent. For a general worker a mild inflation is a plus, because it erodes the debts (mortgage!) over time.

Re:How is this any different from Fed practice?

[AK Marc]

How can the person in charge of printing money be counterfeiting money when they are authorized to print more? Though most of the easing isn't in printed money anyway, right?

Re:How they were detected

[Jeremiah Cornelius]

Big bad counterfeiters! 200 Mil!

I guess they're right. The best way to illegally make money is to own a bank.

HSBC alone, payed out 2 BILLION in just fines, for laundering drug cartel money. And were glad to do it! 2 Bil was only 5 weeks of it's annual profits. Heck, the man responsible at HSBC, Gulliver, got a personal windfall 2 Million in BONUS!

So, if there are "BIG PENALTIES" for these Canadian operators, it's only to keep the ankle-biters off of the big banks' turf.

Re:learn proper economics please

[argStyopa]

I don't know if being able to diagnose a disease means you know how to cure it.

If we're all Keynesians, why aren't we all breaking windows to improve the economy? The theory is utterly stupid EVEN IN THEORY, much less in application.

Increasing money supply doesn't magically make people want to consume, all it really does is threaten blackmail to people "stupid" enough to try to save money.

Keynes vs Hayek rap battle:
https://www.youtube.com/watch?... "Fear the Boom and Bust"
https://www.youtube.com/watch?... "Fight of the Century"

Keynes was, like Freud, a brilliant man whose observations are seminal to our understanding of his field, but who was in many ways overwhelmingly wrong.

I'll take Adam Smith, Frederic Bastiat, and ultimately Friedrich Hayek over JMK, thanks