----------------------------------------------------------------------------------------------------------------------------------

Apparently they're good enough for NKorea & Iran to use to get stuff they couldn't get otherwise.
(Note: these notes are printed by the authorities in those countries, at the official mints where those countries currencies are produced)
Remember, in the end, they're just scraps of paper. What really gives them value is that they can be used (exchanged) for something of value.
For a few years, at work, there was a guy who was really into the idea that "fiat money" should be discarded & the Gold Standard should be reinstated 'cuz, "paper money doesn't really have an value". There were three of us at a table in the lunchroom & I was just about to say something like, "If I can buy something with it then that's enough value for me", when the 3rd guy popped up with, "then you should be happy 'cuz you can use it to buy gold!". Left the 1st guy speechless!

---------------------------------------------------------------------------------------------------------------------------------
On Tue, 7/12/16, David Shaw <xxxxxx@gmail.com> wrote:

 Subject: Re: [TML] Currency
 To: xxxxxx@simplelists.com
 Date: Tuesday, July 12, 2016, 1:52 PM

 OK, but how
 many of them are good enough to fool a US citizen? They
 might fool me because, as a UK citizen who has never visited
 the USA, I have never seen a real $100 bill except in quick
 flashes on the TV but would they be accepted in a US
 store?
 David Shaw
 This email was sent from yahoo.com which does not allow
 forwarding of emails via email lists. Therefore the
 sender's email address (xxxxxx@yahoo.com)
 has been replaced with a dummy one. The original message
 follows:

 ----------------------------------------------------------------------------------------------------------------------------------------------

 NorthKorea & Iran & (?) have been counterfeiting
 $100US for, literally, decades. In fact, years ago, my
 father showed me a newspaper article that stated that it was
 well known that anywhere from 1/3 - 1/2 of the US 100 dollar
 bills in circulation in parts of asia were counterfeit.

 Life goes on....

 --------------------------------------------------------------------------------------------------------------------------------------------------

 On Tue, 7/12/16, Abu Dhabi <xxxxxx@gmail.com>
 wrote:

  Subject: Re: [TML] Currency

  To: xxxxxx@simplelists.com

  Date: Tuesday, July 12, 2016, 11:26 AM

  >Well, largely the way we’re not

  faced with instant, massive counterfeiting, fraud and

  hyperinflation today. The bills are made with

  anti-counterfeiting measures in place. microscopic
 encrypted

  keys readable by a bill checker, akin to modern
 counterfeit

  detectors, etc.

  OK. I

  can buy a anti-counterfeiting technology handwave, even
 if

  it's a little hard to believe in a setting
 incredibly

  more diverse than the European Union is (where a
 monetary

  union combined with federalism and diversity of
 economies

  have led to substantial financial difficulties, albeit

  different than I presented). 

  It is a little hard to believe

  partly because of the inevitable, hard-to-track-down

  criminals who would presumably have the capacity to
 kidnap

  an engineer or three and start taking verifiers apart,
 in

  order to reverse-engineer what an undetectable forgery
 is

  supposed to look like. Replacing compromised
 countermeasures

  sounds like a nightmare, because presumably all  legit

  Crimps everywhere need to verify as legit - unless you
 have

  multiple valid standards... in which case security is

  poorer, but you could limit damage; but it would still
 be

  horrifically painful to reimplement verification
 measures.

  I'm not sure issuing a new currency would go a
 smoothly

  as our RL currency changes do, simply because of the
 vast

  amounts of time needed to get information

  across.

  >Heck, during WWII the Germans

  printed, essentially, real 5, 10, 20 and 50  pound
 notes,

  and it didn’t work <https://en.wikipedia.org/wiki/Operation_Bernhard>.

  Reading that page makes me think

  it didn't work because it didn't have
 sufficient

  time to work - and not enough cooperation between right
 hand

  and left hand - before it was shut

  down.

  On 12 July 2016 at 18:30,

  Bruce  Johnson <xxxxxx@pharmacy.arizona.edu>

  wrote:

  On Jul 12, 2016, at 7:27 AM, Abu Dhabi <xxxxxx@gmail.com>

  wrote:

  How

   does the Imperial Credit function? AFAIK, it is a
 paper

  (well - plastic) currency backed my the Imperial
 economy.

  How does this not lead to instant, massive
 counterfeiting,

  fraud and hyperinflation? The notes are supposedly
 proof

  against forgery, but I struggle

   to imagine how they could be.

  Well, largely the way we’re not faced with instant,

  massive counterfeiting, fraud and hyperinflation today.
 The

  bills are made with anti-counterfeiting measures in
 place.

  microscopic encrypted keys readable by a bill checker,
 akin

  to modern counterfeit

   detectors, etc.

  I’m sure it occurs, as it does here in the Real

  World, but it’s not a sufficiently large issue to
 cause

  problems. Heck, during WWII the Germans printed,

  essentially, real 5, 10, 20 and 50  pound notes, and
 it

  didn’t work <https://en.wikipedia.org/wiki/Operation_Bernhard>.

  Mechanisms exist today to manage anonymous but

  verifiable and uncounterfeitable currency: Bitcoin. It
 has

  it’s problems (primarily rooted in it’s inherent

  goldbuggery, but that leads to deflation, not
 inflation.)

  but the avenues for anonymous secure, and

   verifiable electronic transactions are there, and have
 been

  for quite some time: http://firstmonday.org/ojs/index.php/fm/article/view/474/830. http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

  We had a long long

  <strike>flamewar</strike> cordial, but
 spirited

  discussion of electronic cash transfers on the list
 sometime

  in the last couple of years. 

  -- 

  Bruce Johnson

  University of Arizona

  College of Pharmacy

  Information Technology Group

  Institutions do not have opinions, merely customs

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