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Press Used To Print Millions of US Banknotes Seized In Quebec

samzenpus posted about 6 months ago | from the close-to-perfect dept.

Crime 398

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."

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398 comments

How they were detected (5, Funny)

Anonymous Coward | about 6 months ago | (#46136391)

They were printed in both English and French, to avoid breaking Canadian bilingualism laws.

Re:How they were detected (5, Funny)

Anonymous Coward | about 6 months ago | (#46136441)

The "In God We Trust, eh?" was another tip-off.

Re:How they were detected (0, Insightful)

Anonymous Coward | about 6 months ago | (#46136679)

They were printed in both English and French, to avoid breaking Canadian bilingualism laws.

The "In God We Trust, eh?" was another tip-off.

If those are the best Canadian jokes you can come up with, the American sense humour must have deteriorated even further than Hollywood's latest attempts at comedy had suggested.

Re:How they were detected (3, Funny)

Anonymous Coward | about 6 months ago | (#46136707)

Did a moose piss in your poutine this morning, or are you always such an asshole?
If you think the world needs some better Canada jokes, then how about supplying a few yourself.

Re:How they were detected (0)

Jeremiah Cornelius (137) | about 6 months ago | (#46137071)

In Toronto, a woman leaves a pharmacy counter, forgetting the purchase of a bottle of aspirin in her haste to catch her bus ride home.

After boarding the bus, which was promptly on schedule, the woman realised that her purchase was missing.

"Oh!" she exclaimed aloud, "My aspirins! My aspirins!"

"Perhaps," offered the bus driver, "you left them on the pharmacy counter."

Re:How they were detected (4, Funny)

Jeremiah Cornelius (137) | about 6 months ago | (#46137109)

Canada certainly DOES deserve some better jokes, however I don't think the case for new and funnier jokes should come at the expense of any of the other 50 states. North Dakota and Missouri are also candidates for better representation.

Re:How they were detected (-1)

Anonymous Coward | about 6 months ago | (#46137037)

To be fair you guys are rather boring, there isn't much distinctive about you. You are kind of like non-American Americans.

Re:How they were detected (5, Insightful)

Jeremiah Cornelius (137) | about 6 months ago | (#46137045)

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:How they were detected (1)

ConstantineM (965345) | about 6 months ago | (#46136491)

You remind me of http://www.cbc.ca/news/canada/... [www.cbc.ca]

CBC News Posted: Oct 19, 2004 6:06 PM ET Last Updated: Oct 20, 2004 6:41 AM ET

A justice of the peace has ruled that a "no left turn" sign in Toronto is unenforceable because it is not written in both English and French.

The ruling Monday by justice of the peace Alice Napier could result in thousands of traffic tickets being dismissed.

Lawyer Jennifer Myers argued that a traffic sign in downtown Toronto violated the Highway Traffic Act and the French Language Services Act because it was not in both official languages.

Napier agreed at a night court hearing Monday, and threw out a ticket issued to Myers for making an illegal left turn. Myers does not speak French.

Daniel Brown, a law student who represented her in court, said Myers' victory could prove expensive for the city of Toronto.

I've personally tried testing it out sometime around 2009 or 2010 -- violating illegal no-turn signs on purpose, which are still plentiful in Toronto.

I could not succeed -- the was so much traffic during the hours where the left turns are prohibited, that stopping at a small intersection, to violate the sign, is simply impossible, since everyone will (rightfully) start honking at you in no time!

Re:How they were detected (5, Funny)

Thomas Miconi (85282) | about 6 months ago | (#46136873)

They were printed in both English and French, to avoid breaking Canadian bilingualism laws.

Actually, they weren't. Which is the *real* reason why the Quebec police busted them.

Go after the real thieves lol (5, Insightful)

oic0 (1864384) | about 6 months ago | (#46136403)

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

Re:Go after the real thieves lol (-1, Flamebait)

Anonymous Coward | about 6 months ago | (#46136429)

You're confused - it's the BANKS that 'print' money into existence.

Where have you been?

http://www.positivemoney.org/how-money-works/proof-that-banks-create-money/

The government works FOR the banks.

The banks are owned by JEWS.
Hence you bow down in terror whenever anybody dares to criticise the Jew...

Re:Go after the real thieves lol (-1, Flamebait)

DemoLiter3 (704469) | about 6 months ago | (#46136511)

Why is printing counterfeit money even a crime? Some jews from the Fed do that all the time, why shouldn't common people be able to do so as well?

Re:Go after the real thieves lol (0)

Anonymous Coward | about 6 months ago | (#46136537)

Start with a dictionary - look up definitions for "Closed" and "System".

Actually I for one support the average USA Joe being able to print his own cash - let us get USA inflation to where it fucking deserves to be.

Re:Go after the real thieves lol (1)

petermgreen (876956) | about 6 months ago | (#46137069)

You're confused - it's the BANKS that 'print' money into existence.

Commerical banks create pseudeo-money.

When you deposit "real" money from the government or central bank in a commercial bank account the bank keeps a certain ammount of it in reseve (either by stashing it in a vault or depositing it at the central bank) and loans out the rest. But you still effectively have the money you deposited so your bank balance is psuedo-money.

The ammount of such psuedo-money in the system is much greater than the ammount of "real money" but the government and central bank (the existance of which is ultimately at the whim of the government) control the ammount of real money and the reserve requirements placed on banks and thus indirectly control the ammount of pseudo-money the commercial banks can create.

Re:Go after the real thieves lol (1)

Anonymous Coward | about 6 months ago | (#46137153)

I am amazed at the number of times you misspelt 'amount' in that single post.

Exactly (0)

Anonymous Coward | about 6 months ago | (#46136451)

The pot calling kettle black. I wish we all could like FED print money instead going to work.

Re:Go after the real thieves lol (1)

Anonymous Coward | about 6 months ago | (#46136461)

They don't, they sell bonds to the Fed who print the notes. Sounds like a good game though; give me your future wealth and I'll give you some funny paper. It's the modern day equivalent of exchanging colored beads for gold with the indians.

Re:Go after the real thieves lol (1, Interesting)

Anonymous Coward | about 6 months ago | (#46136471)

Ah, yes, and spiral back into a recession.

Printing is bad, why? Because Weimar Germany? Because Zimbabwe? What about all the times printing money saved an economy? France and England in the 1920s. America circa 2008? And no more that I'm too lazy to lookup because, while I've studied a significant amount of economics (mostly on my own time and outside school, but also in school), I doubt you have.

As has been recently explained in the economics blogosphere recently, printing money is _bad_ when you're supply-side constrained. It's _good_ when you're demand-side constrained. The United States is currently demand-side constrained, ego inflating the money supply is a good thing. As demand improves the Feds will ease back on currency inflation, precisely as they've been doing for the past 12 months.

Re:Go after the real thieves lol (0)

Anonymous Coward | about 6 months ago | (#46136557)

Can you provide any examples of that theory having ever worked in practice?

Re:Go after the real thieves lol (2, Insightful)

Cyberax (705495) | about 6 months ago | (#46136629)

US in 1933, Japan right now.

Re:Go after the real thieves lol (1, Interesting)

Charliemopps (1157495) | about 6 months ago | (#46136781)

There are far more examples of central banks doing things to hurt the economy than there are of them helping it. It would be one thing if they ONLY protected us against inflation by adjusting the interest rate/money supply, but because they are run by politics most often, they feel pressure and medal in things they certainly should not. The fed can do nothing more than add a splint, the economy must heal itself just like a broken leg. What the fed does now is similar to what "Sports medicine" does to get million dollar athletes back on the field. Yes, they may win the game tonight but what happens to them in the long run? What the US Federal reserve is doing now is horrific in its implications. The looming disaster will be far worse than what would have happened had they not intervened at all.

Re:Go after the real thieves lol (4, Insightful)

Cyberax (705495) | about 6 months ago | (#46136827)

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:Go after the real thieves lol (0)

Anonymous Coward | about 6 months ago | (#46136959)

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.

You assume that I haven't gone out of my way to minimize debts, and also assume that I never stick my money in a bank. If my money devalues at the rate my debt devalues, I owe the same value in debt, plus the effect of interest.

Re:Go after the real thieves lol (0)

Cyberax (705495) | about 6 months ago | (#46137039)

Doesn't matter for various reasons.

1) In case of deflation most likely you simply won't have enough savings. Simply because deflation is caused by an insufficient demand because an average income is too small.
2) Most people simply can not save enough money (several yearly incomes) to buy a house/apartment. So for the most of their lives they either have a negative net worth or live as renters.

Re:Go after the real thieves lol (1, Insightful)

MickLinux (579158) | about 6 months ago | (#46137091)

Mod parent up, +1 Funny: Japan's qualitative Easing works?!?!??

A lost decade, with no growth, now being stretched to TWO decades with no growth, and you call that working?

That quantitative Easing, those bailouts, are exactly what causes the disasters. So of course they need more of it, because it is clear that they never learned their lesson.

And yes, it appears we need another round of Tarp too. The Fed's holding of worthless promisory notes, never again to be marked to market, with no date of repayment, is now up to 4 trillion dollars.

Re:Go after the real thieves lol (-1)

Anonymous Coward | about 6 months ago | (#46136571)

No printing money is bad because it is theft which is immoral.

Re:Go after the real thieves lol (2)

Pinky's Brain (1158667) | about 6 months ago | (#46136631)

It's roundabout taxation and debt relief for a government too grid locked to supply those with fiscal means.

It has some unfortunate side effects, allowing interest rates to rise would as well though ... sure a deep enough deflationary bust can clear the US debt overhang, I'm betting fascist would come to power before it runs it's course though because it's not going to be pretty.

Re:Go after the real thieves lol (-1)

Anonymous Coward | about 6 months ago | (#46136863)

Taxation is bad because it's theft, which is immoral.

Re:Go after the real thieves lol (0, Troll)

AK Marc (707885) | about 6 months ago | (#46136635)

It steals nothing. My $100 in the bank is worth $105 after the fed increases the money supply 5%. My house goes from $200,000 to 210,000, again, matching the inflation. Nothing is lost. The only thing "lost" is from people who keep cash under the mattress.

Re:Go after the real thieves lol (2)

dk20 (914954) | about 6 months ago | (#46136673)

Seriously, your money goes up to $105 if the fed increases the supply 5%?

Are you sure your 100 is not reduced 5% due to supply/demand curves, etc?

Re:Go after the real thieves lol (2)

AK Marc (707885) | about 6 months ago | (#46136947)

Nope, the number goes up roughtly in line with inflation. So money doesn't inflate, so long as you stop storing it under your mattress. Think of it as the tax on stupid and lazy. Invest it and it'll grow, not shrink.

So long as inflation is slow and predictable, it won't make your money worth less (again, unless you store it under your mattress).

Re:Go after the real thieves lol (1)

dk20 (914954) | about 6 months ago | (#46137081)

US CPI for 2013 = 1.5%

Bank of america money market savings account rates 0.03% - 0.07% (depeding on how much you have in your account).
So while you are 0.07% better off not keeping your money under the mattress it certainly is not growing at the rate of inflation.

Re:Go after the real thieves lol (5, Informative)

SeaFox (739806) | about 6 months ago | (#46136833)

It steals nothing. My $100 in the bank is worth $105 after the fed increases the money supply 5%. My house goes from $200,000 to 210,000, again, matching the inflation.

What? Inflation makes your buying power less not more. The house may go up in (numeric) value, but you $100 in the bank is worth less now since it's not worth as much in actual exchange for goods and services.

Re:Go after the real thieves lol (1, Insightful)

AK Marc (707885) | about 6 months ago | (#46136941)

Prices go up 5%, interest/investment pays me 5%, so I lose nothing. Why are you hoarding cash under your mattress?

Re:Go after the real thieves lol (0)

Anonymous Coward | about 6 months ago | (#46136997)

Prices go up 5% or the value of your money goes down 5%. Take your pick (two sides, same coin). Most investments do NOT pay 5% interest (this isn't the late 90s anymore, 2% is good!). When a unit of exchange inflates, its value in purchasing power decreases. Your house is not magically "worth" more, just because of inflation alone. Anything kept as a unit of exchange needs at least the rate of inflation in interest (or final sale price) to retain value as measured by purchasing power. Good luck ensuring you get that out of a bank. Now, hard assets, you can buy it, the price inflates, and you resell it later--but very likely, if we're talking durably manufactured goods (not disposable/semi-disposable stuff), the final sale price will have paced inflation. Successful investment. Stick money in bank, get 2% interest on 5% inflation, lose value. Unsuccessful investment.

Re:Go after the real thieves lol (1)

AK Marc (707885) | about 6 months ago | (#46137163)

Prices go up 5% or the value of your money goes down 5%.

So you agree with me, and are just arguing the return on investment of banked money. Got it. Thanks for your agreement and vote of confidence.

Buddy, Can You Spare a Dolla (4, Funny)

flyneye (84093) | about 6 months ago | (#46136517)

If you suspect you have government printed currency, you should send it to me, flyneye.
I will inspect it for bugs, flaws and make sure it works.
Bulk, no problem, will pay shipping fees or postage for large amounts.
Be safe, be sure, send your money to flyneye.

Re:Buddy, Can You Spare a Dolla (1)

Anonymous Coward | about 6 months ago | (#46137027)

Hello,

I am a former Nigerian Prince. I require to make you rich, but need your assistance to remove the money (£250 million) from our despotic country. I require your assistance because these monies require to be shipped out of the country. Thank you for your kind offer to ship for us with your postage. Please forward postage in the amount of £5,600 to 9800 Savage Road STE 6248, Ft. George G. Meade, MD 20755-6248, c/o Adbul Alhazred, with a self-addressed envelope to be used to ship the monies to the Untied States. I thank you again for your generous offer of support in this time of crisis.

Sincerly,

Abdul Alhazred

Re:Buddy, Can You Spare a Dolla (1)

MickLinux (579158) | about 6 months ago | (#46137129)

Hello, I am Janet Yeltzin, the current director of the federal reserve. I require to enact quantitative Easingwhich means placing several hundred million dollars in your bank account, with a negative real interest rate, and no specific date of repayment. In exchange for this, you must make comforting noises about loaning it out to others, to stimulate the economy.please forward your bank serial numbers, and the accoount IDs into which you wish each tranche to be placed.
In case you are wondering about the urgency of our offer, the director of Bank of America can acquaint you with his recommendations, of a most serious nature, having dealt personally with my predecessors.

Do not forget to sign the accompanying documentation. If you wish to opt out of this most generous offer, a meeting can be arranged to convince you otherwise.

learn proper economics please (3, Informative)

Anonymous Coward | about 6 months ago | (#46136883)

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

Why?

When interest rates are at 0%, and the politicians can't be bother inducing demand via stimulus spending/fiscal policy, the only way left to get the economy going is monetary policy. The Japanese have had 0% interest rates for decades, and have printed money a lot as well, and they've had deflation.

In science you pick the model which makes accurate predictions. The Austrians, gold bugs, and folks from the Chicago school of thought have been yammering on about inflation for years. The Keynesians (IS-LM folks) have been saying it won't/isn't because of the circumstances we're in. Who has been right? Which model has turned out correct over the last five years?

Of course that doesn't mean you can print money whenever you want, just in particular circumstances (which the US happens to be in):

Running deficits and printing lots of money are inflationary and bad in economies that are constrained by limited supply; they are good things when the problem is persistently inadequate demand. Similarly, unemployment benefits probably lead to lower employment in a supply-constrained economy; they increase employment in a demand-constrained economy; and so on.

http://krugman.blogs.nytimes.com/2014/02/01/macroeconomic-populism-returns/

They Keynesians have been correctly predicting things. Their model works. By this point, if you're scientifically minded you, should be dropping other models as their predictions were wrong.

plastics the new paper (5, Interesting)

the 0x (2883849) | about 6 months ago | (#46136427)

switch to australian made notes, i'd like to see them try and replicate those notes!

Re:plastics the new paper (3, Interesting)

dk20 (914954) | about 6 months ago | (#46136501)

We use polymer notes here as well (Canada). Even the lowest bill ($5) is moving from paper to plastic ;)

Re:plastics the new paper (1)

asifyoucare (302582) | about 6 months ago | (#46136855)

The best thing about the plastic notes is that you can leave money in your pants and it doesn't turn to mush in the washing machine. That has saved me hundreds.

Re:plastics the new paper (0)

Anonymous Coward | about 6 months ago | (#46137019)

What kind of currency turns to "mush" when washed and why did you keep washing it?

Re:plastics the new paper (1)

Hamsterdan (815291) | about 6 months ago | (#46137101)

*Paper* money will survive washing machines.

Re:plastics the new paper (0)

Anonymous Coward | about 6 months ago | (#46136523)

We now use the same kind of bill in Canada as they do in Australia.

Re:plastics the new paper (4, Informative)

spasm (79260) | about 6 months ago | (#46136589)

The Australians license the polymer process to a lot of countries (including Canada) and an offshoot of the Australian Reserve Bank actually prints polymer notes for about 30 countries directly including Mexico.

Re:plastics the new paper (4, Informative)

mendax (114116) | about 6 months ago | (#46136633)

switch to australian made notes, i'd like to see them try and replicate those notes!

Yes, I've advocated the US switching to Aussie plastic ever since my first experience with it when I visited Oz in 1995. Canada is now doing it and Mexico has been using it for several years. Even the damn Romanians are using it! The polymer money has its detractors (it's slippery and doesn't fold nicely unless you put a book on the fold for a month and then you can't get the fold out) but it's pretty much damn impossible to counterfeit unless you're a government. And I suspect even the North Koreans will have trouble with it since I have no doubt the Aussies will ever license the technology to them for obvious reasons.

Re:plastics the new paper (1)

Anonymous Coward | about 6 months ago | (#46136683)

The US probably wont accept OZ plastic money as it is not a "made in the USA Solution".

Re:plastics the new paper (4, Informative)

failedlogic (627314) | about 6 months ago | (#46136655)

Canada makes polymer bills. The first polymer bill produced was the $100 CAD. Not too long after it was released, counterfeits were reported. This is a CBC story from May 2013. Too bad, for the longest time $100 and $50 paper bills weren't accepted at retail even if legal tender for fear it was counterfeit. Hopefully this doesn't happen with the new polymer bills.

http://www.theglobeandmail.com... [theglobeandmail.com]

Re:plastics the new paper (0)

Anonymous Coward | about 6 months ago | (#46137013)

Brilliant! I don't see how anyone could replicate plastics!

How is this any different from Fed practice? (3, Interesting)

xmark (177899) | about 6 months ago | (#46136431)

Fed doesn't even bother with the paper - just pushes some buttons, and *magically* $4 billion pops out into the system *every day.*

Except they call it Quantitative Easing instead of its actual name, counterfeiting. Cuz they're economists, you know.

Re:How is this any different from Fed practice? (3, Informative)

CrimsonAvenger (580665) | about 6 months ago | (#46136477)

Fed doesn't even bother with the paper - just pushes some buttons, and *magically* $4 billion pops out into the system *every day.*

Nonsense!

They only create TWO billion a day.

Re: How is this any different from Fed practice? (1)

Anonymous Coward | about 6 months ago | (#46136561)

Thanks for the clarification. You start making mistakes of a couple billion a day, pretty soon you're talkin about real money.

Re:How is this any different from Fed practice? (0)

Anonymous Coward | about 6 months ago | (#46136607)

“Paper money eventually returns to its intrinsic value – zero.” (Voltaire, 1694-1778)

http://historysquared.com/2012/06/26/fiat-currencies-trend-towards-their-intrinsic-value-often-rather-quickly/

Re:How is this any different from Fed practice? (1)

MickLinux (579158) | about 6 months ago | (#46137159)

Money is a COMMODITY that is used as a medium of exchange. You do realize that hand-sized pieces of paper are a valuable commodity, don't you? The day you run out, you will eat with only your right hand.

Re:How is this any different from Fed practice? (1)

Anonymous Coward | about 6 months ago | (#46136813)

pushes some buttons? I would have wrote a script.

Re:How is this any different from Fed practice? (4, Insightful)

AK Marc (707885) | about 6 months ago | (#46136851)

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 is this any different from Fed practice? (1)

QuasiSteve (2042606) | about 6 months ago | (#46137047)

Fed doesn't even bother with the paper - just pushes some buttons, and *magically* $4 billion pops out into the system *every day.*

"The thing is, though.. this sum of money, that amount of money, is just some numbers on a computer. Sort of disappearing or re-appearing, or naughts going.. you know, It must be very tempting, at the point when you realize that, for someone to sneak up to you who goes "Just type it back in". There's no actual stuff. I mean, nothing's caught fire or exploded or sunk or anything. Just a load of wanker-bankers having made stupid bets with each other when they're drunk. No bad thing has happened - it's not like all the pigs in South America suddenly died of blight. It is.. it is just people were juggling with numbers that didn't exist and it got out of hand because they're arseholes, and they've known they're arseholes for ages..." - David Mitchell on the 2008/2009 recession.

Source: https://www.youtube.com/watch?... [youtube.com]

Re:How is this any different from Fed practice? (1)

benzapp (464105) | about 6 months ago | (#46137185)

You don't seem to understand the word "counterfeit", or even money in general.

Counterfeit = to make an imitation. In the case of money, it is an imitation of legal tender issued by a sovereignty. It is illogical to suggest that a government can counterfeit money.

Not in public's interest to help (1)

Anonymous Coward | about 6 months ago | (#46136453)

Why would you ever want to check your money too carefully for being fake? You can only guarantee yourself lots of hassle if it turns out to be fake.
If only there was a digital currency that didn't have this problem... ... for everything else, there's Bitcoin.

Re:Not in public's interest to help (2)

Anonymous Coward | about 6 months ago | (#46136555)

That's right, if you get stuck with a fake 50, you lose unless you can successfully pawn it off on a small store that doesn't check carefully.

Re:Not in public's interest to help (0)

Anonymous Coward | about 6 months ago | (#46136569)

Haha, no. Fuck Bitcoin.

Re: Not in public's interest to help (1)

Oonushi (863093) | about 6 months ago | (#46136587)

Bitcoin sucks. See stories of millions of stolen bitcoins posted here on Slashdot only weeks ago. Not that its a bad idea outright, just that bitcoin is far from a perfect implementation of a crypo currencey, and fan boys like you keep touting it like the end all be all solution. It is NOT imunne to exploitation and theft.

Re: Not in public's interest to help (2)

blocsync (320897) | about 6 months ago | (#46136765)

Bitcoin sucks. See stories of millions of stolen bitcoins posted here on Slashdot only weeks ago. Not that its a bad idea outright, just that bitcoin is far from a perfect implementation of a crypo currencey, and fan boys like you keep touting it like the end all be all solution. It is NOT imunne to exploitation and theft.

Are you seriously trying to blame the currency/protocol for exploitation and theft as though to imply that fiat currency is somehow immune to those things? People who have had bitcoin stolen have done so by leaving themselves vulnerable through things such as poor anti-virus, poor password practices, and general ignorance of scams. This is not a flaw in bitcoin (either the currency or the protocol), it's a lack of education for the end user. This is almost identical to putting a hundred dollar bill (fiat currency) on your front porch while you're at work and wondering what happened to it when you come home.
  I concede that bitcoin has it's downside, but exploitation and theft is something any and every currency form will always be subject to, if your using that as your anti-bitcoin basis, then your point is rather moot.

Re: Not in public's interest to help (2)

lgw (121541) | about 6 months ago | (#46136899)

I've never had money stolen out of a bank account. Of course, bitcoins will never be mainstream unless I can have a BTC-denominated savings account and credit card(at which point central banks control the BTC money supply, so why bother?).

Re:Not in public's interest to help (0)

Anonymous Coward | about 6 months ago | (#46136815)

If only there was a digital currency that didn't have this problem...

What happens when (not if) someone figures out how to counterfeit them? No crime, and no one to enforce playing by the rules anyway.

To be fair... (1)

Anonymous Coward | about 6 months ago | (#46136485)

US money is basically ordinary paper, just with feces and crack on it. So not the hardest thing to counterfeit.

Re:To be fair... (2)

cheater512 (783349) | about 6 months ago | (#46136543)

Not true!

Getting cocaine to rub over the bills to enhance their authenticity requires hanging out in some dodgy neighbourhoods.
That is what stops me from doing it. :P

Re:To be fair... (1)

c0lo (1497653) | about 6 months ago | (#46136661)

Not true!

Getting cocaine to rub over the bills to enhance their authenticity requires hanging out in some dodgy neighbourhoods.
That is what stops me from doing it. :P

If you don't hang out in these neighborhoods, a sincere good luck in the Muhhamad/mountain dillema (avoiding them coming in and hanging you out).

Its cotton cloth, not paper (1)

Marrow (195242) | about 6 months ago | (#46136799)

They just call it paper. The other stuff is open for discussion.

Re:To be fair... (2)

DarkOx (621550) | about 6 months ago | (#46136973)

No it's not ordinary paper it's actually cotton cloth. Actually it's all quite interesting, visiting Crane paper in Dalton Mass is neat afternoon.

Why the Secret Service? (1)

Anonymous Coward | about 6 months ago | (#46136549)

Canada hasn't been annexed quite yet ... I'd be curious to know why yet another American agency operating in yet another 'friendly' country? Even if they were printing American dollars, you'd think the Canadian police could handle a bust within their own borders.

Re:Why the Secret Service? (1)

jonwil (467024) | about 6 months ago | (#46136685)

Likely the Royal Canadian Mounted Police asked the Secret Service (the experts in dealing with counterfeit US currency) for help with the raid.

Where's the nerd in this? (3, Insightful)

Mister Liberty (769145) | about 6 months ago | (#46136567)

Couple of criminals bested by another lot of criminals.

Re:Where's the nerd in this? (1)

Neo-Rio-101 (700494) | about 6 months ago | (#46136625)

An article like this brings out the economics nerds, and trading nerds.... with a healthy dose of conspiracy nutjobs.

Are they embossed? (1)

fred911 (83970) | about 6 months ago | (#46136583)

The majority of counterfeit bills aren't embossed. It's one of the easiest tips offs. Ink lays on top of genuine bills making them easy to feel the difference.

Re:Are they embossed? (5, Interesting)

Areyoukiddingme (1289470) | about 6 months ago | (#46136725)

Fancy heavy-weight offset printer, so yes. The press is what enables that difference, and this is one of those presses. Who gets to even buy these presses if quite tightly controlled. The fact that authorities spent years looking for it meant that its purchase was very carefully done and it was probably disassembled and moved after initial delivery. A difficult and expensive operation, but presumably the years it was in operation paid for it.

Re:Are they embossed? (1)

whoever57 (658626) | about 6 months ago | (#46136837)

Who gets to even buy these presses if quite tightly controlled.

Are you talking about Canada or the USA?

To a naive person (me), it would seem that (in the USA) controlling who can buy a printing press would fall foul of the First Amendment. Tracking I can see, but controlling? It looks like the top of a very slipperly slope, since one could find an illegal use for just about any type of press.

Re:Are they embossed? (2)

lgw (121541) | about 6 months ago | (#46136927)

A very special type of press is needed for a convincing fake. Good paper money is printed with an 8-color press, which are really only used to print currency and Magic cards. Dunno if the seized press used the same process, or they were just clever in some way. In any case, the secret service probably keeps track of the few presses capable of printing convincing fakes.

Re:Are they embossed? (0)

Anonymous Coward | about 6 months ago | (#46137067)

Strictly speaking, you don't need a GOOD press, but that would have to be made up in terms of skill, time, and increased error rate. Given sufficient skill in the art and time, you could probably counterfeit the major features people check, with household items, including the intaglio portions, along with faked security strips, fake holograms, fake red/blue fibers. Color changing ink isn't a new thing, either. It wouldn't even necessarily be expensive (in terms of a single note), but where presses come in is use by professional counterfeiters, who need to produce a large volume cheaply (an entirely different ballgame). Laserjet printed notes still get passed, ffs.

Re:Are they embossed? (0)

Anonymous Coward | about 6 months ago | (#46136985)

Who gets to even buy these presses if quite tightly controlled.

Offset printing is a very old technology with millions of presses produced and many of those still in existence and most of them neither tracked nor otherwise unaccounted for. It would be like trying to ban guns, what do you do about all of the millions already in unregistered circulation? In both cases, that ship has long since sailed.

Re:Are they embossed? (1)

Artifakt (700173) | about 6 months ago | (#46137147)

What's spooky is, if they really only printed 40 M to 200 M in bills in that time, their start up costs probably come to a significant fraction of total profits, and if they had been caught only two or three months into the operation, they could have actually taken a loss.

Re:Are they embossed? (1)

Hunter-Killer (144296) | about 6 months ago | (#46136841)

The process is called intaglio [wikipedia.org] .

It's a plot (1)

TheRecklessWanderer (929556) | about 6 months ago | (#46136595)

Quebec has been trying to separate from Canada for years. This is part of their master plan to print their own currency.

Since US currency is "faith based"... (1)

Nutria (679911) | about 6 months ago | (#46136615)

what's wrong with the odd counterfeiter making high quality fakes, just as long as we all (not just we in the US, but everywhere that US currency is circulated) share in the mutual hallucination?

Re:Since US currency is "faith based"... (0)

Anonymous Coward | about 6 months ago | (#46136641)

This.
I never understood the problem.
The government could just print a couple million less for one day, and it would offset everything.

Re:Since US currency is "faith based"... (1)

Anonymous Coward | about 6 months ago | (#46136657)

what's wrong with the odd counterfeiter making high quality fakes, just as long as we all (not just we in the US, but everywhere that US currency is circulated) share in the mutual hallucination?

Nothing is wrong with it unless you want your pieces of paper to actually be considered worth anything.

Re:Since US currency is "faith based"... (0)

Anonymous Coward | about 6 months ago | (#46136669)

Because the US won't take the other production of dollars as valid, thus taking the faith and credit part out of it.

I'm willing to honor my promises. I'm not willing to honor your promises which you say are mine.

Re:Since US currency is "faith based"... (1)

Nutria (679911) | about 6 months ago | (#46136793)

I'm willing to honor my promises.

Promise to do what? It's not a commodity-based currency, so it's not as if anyone will be walking up to a bank and demanding gold for their dollars.

Re:Since US currency is "faith based"... (2, Informative)

Areyoukiddingme (1289470) | about 6 months ago | (#46136693)

Because the game is all about who gets to have the money, not how good the money is. If counterfeiting were legal, peons could print their way to financial independence, and we can't be havin' with that. Any mechanism by which large numbers of the population can escape from debt will be carefully stamped out, no matter what it is. Counterfeit printing is only one of many victims of this policy.

Re:Since US currency is "faith based"... (1)

DaHat (247651) | about 6 months ago | (#46136715)

Like most of lawful killing and other acts violence, wiretapping, extortion, currency printing, and a multitude of other areas... the government has granted themselves a near monopoly on such things.

Someone actually is using a printing press? (3, Insightful)

mendax (114116) | about 6 months ago | (#46136667)

When I first read this story I was amazed to read that someone was still using a printing press to print phony money. I thought only the North Koreans did that because their fakes are printed using the intaglio printing method, the same one used by the U.S. Bureau of Engraving and Printing to print American money. You're not going to get that from an offset press.

Re:Someone actually is using a printing press? (2, Informative)

Anonymous Coward | about 6 months ago | (#46136967)

You're not going to get that from an offset press.

No, but you'd be surprised how many Americans don't know even the basic security features of their money. Indeed, if a bill looks and feels right at a first glance, few enough will question its authenticity and the counterfeiters rely upon this fact. It also doesn't help that the most common counterfeit detection method employed by small businesses, the currency marker pen, is easily defeated with the right sort of non-banknote paper and some dried hairspray. This is common knowledge now, at least online and among the counterfeiters, even if does still catch some of the less sophisticated fakes. As a business owner myself, I would say that the biggest tip off that a note is fake is the lack of red and blue silk threads embedded in the paper. You'd think that this would be an easy feature to replicate, but most counterfeits don't seem to have them, probably because the supply of real banknote paper is tightly controlled and silk threads must be mixed in before the paper is laid out and dried to achieve the right effect. The second biggest tip off is the watermark, although TFA states that there was some attempt made at a watermark in this case. If the watermark is missing or looks bad then the bill is probably fake, ditto for the security strip. My advice would be to check for the threads, watermark and security strip in that order instead of relying solely upon the pen, but hey it's your money.

undetectable to the naked eye (2, Insightful)

nurb432 (527695) | about 6 months ago | (#46136819)

And ultimately, that is all you really need to do. Fool the guy at the store counter, which isn't all that hard.

Once it gets back to the bank and is detected, you are long gone.

Re:undetectable to the naked eye (3, Insightful)

drinkypoo (153816) | about 6 months ago | (#46136869)

Once it gets back to the bank and is detected, you are long gone.

Hahahahahaha detected at the bank hahahahaha.

People get counterfeit twenties out of ATMs all the time.

Get the name right (1)

LinuxFan (90650) | about 6 months ago | (#46136961)

They are the Royal Canadian Mounted Police and are the equivalent of the Federal Investigation Bureau in the U.S.

Where's Perry, eh? (1)

waynemcdougall (631415) | about 6 months ago | (#46137007)

So someone is trying to take over le Trois-Rivières area? with a counterfeitprinterantor, eh?

Did anyone spot an ornithorynque wearing a fedora and assisting the Mounties?

Intaglio? (1)

p51d007 (656414) | about 6 months ago | (#46137149)

This was a Heidelberg GTO 46 OFFSET press, not what the bureau of engraving does, which is the Intaglio method. These notes did look good, with a faux watermark & the dark strip. If a clerk, bank teller, cash machine didn't FEEL the note, they probably would pass it. Intaglio ENGRAVES the note between a plate with the reverse image, and a rubber mat/roller. Offset printing just prints from a cylinder to a rubber roller, then transfers it to the paper. The U.S. experimented with a faux Intaglio roll fed back in the 80's, to see if it was cheaper to use a continuous web roll of paper (offset method), versus the Intaglio sheet fed method. Check around, some of those dollar bills from the late 80's are worth more than face value.
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