by David Wolman
26 John McCormick, “Loomis Fargo & Co.: Making Money Move, Efficiently,” http://www.baselinemag.com/c/a/Projects-Processes/Loomis-Fargo-Co-Making-Money-Move-Efficiently/, November 8, 2005; also Steven Levy, “E-Money (That’s What I Want),” Wired, December 1994.
27 Ronald Mann, Charging Ahead: The Growth and Regulation of Payment Card Markets (Cambridge, UK: Cambridge University Press, 2006), p. 39, quoting Swartz.
28 Daniel D. Garcia Swartz, Robert W. Hahn, and Anne Layne-Farrar, “The Economics of a Cashless Society: An Analysis of the Costs and Benefits of Payment Instruments,” Washington, D.C.: AEI-Brookings Joint Center for Regulatory Studies, 2004), p. 25, citing Humphrey et al.
29 Currency News, July 2009, pp. 6–7.
30 Digital Money Blog, May 11, 2009, “Viking Expedition,” citing “China sees change scarcity,” chna.org.cn, November 20, 2007.
31 David Birch, The Digital Money Reader (Guildford, UK: Mastodon Press, 2010), pp. 54–55, citing “Police Escort for Elderly ATM Users,” Daily Telegraph, May 6, 2009, and “DIY Students Tackle Japanese ATM Fraud,” Finextra.com, November 8, 2008.
32 http://online.wsj.com/article/SB10001424052748704482704576072231420350872.html?mod=ITP_pageone_3.
33 http://www.finextra.com/news/fullstory.aspx?newsitemid=21762.
34 BEP press release and personal interview with media relations office. For the 2008 part, see Biography of the Dollar; also see http://www.slate.com/id/2277404/.
35 “The Government’s $110 Billion Currency Goof,” The Week, December 8, 2010.
36 http://www.bos.frb.org/economic/ppdp/2009/ppdp0910.pdf.
37 http://digitaldebateblogs.typepad.com/digital_money/2010/08/by-cash-we-mean-cash-and-not-cash.html.
38 From Review of Network Economics, 2003, as cited in “The Future of Money,” Wired, March 2010.
39 “A Penny Saved... ” Time, August 9, 1999.
40 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 24.
41 “New York Restaurant Loses Its Appetite for Cash,” Wall Street Journal, September 11, 2009.
42 http://www.paymentscouncil.org.uk/media_centre/press_releases_new/-/page/855/.
43 Swartz, Hahn, and Layne-Farrar, “The Economics of a Cashless Society,” p. 6; and http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6968143/Is-a-cashless-society-on-the-cards.html.
44 “Who Will Speak up for Cash?” Currency News, October 2009, p. 2.
45 http://www.bis.org/review/r060427a.pdf.
46 Currency News, August 2009, p. 3.
47 http://digitaldebateblogs.typepad.com/digital_money/2009/10/the-swedish-experiment.html.
48 “Sweden Weighs Benefits of Ditching Cash,” BBC News, July 17, 2010.
49 http://www.washingtontimes.com/news/2009/dec/09/new-underground-economy/; and “As Plastic Reigns, the Treasury Slows Its Printing Presses,” New York Times, July 6, 2011.
50 Currency News, December 2009, p. 16.
51 http://www.americanbanker.com/bulletins/consumers-turn-on-cards-1015107-1.html.
52 Digital Money Forum Blog, “Anti-Anti Money Laundering,” July 6, 2009.
53 Bender, The Moneymakers, p. 261.
54 http://www.moneyfactory.gov/uscurrency/smalldenominations.html; and “Turning Paper Into Cash,” Bloomberg BusinessWeek, December 20, 2010 (citing U.S. Treasury statistics).
55 http://www.slate.com/id/2277404/.
56 http://www.irs.gov/pub/irs-utl/tax_gap_facts-figures.pdf.
57 http://www.irs.gov/pub/newsroom/tax_gap_report_-final_version.pdf.
58 http://digitaldebateblogs.typepad.com/digital_money/2010/07/morals-guvnor.html.
59 http://www.chron.com/disp/story.mpl/world/6966561.html; and Salmony, Digital Money Forum address; also Bloomberg Business Week, January 3, 2011, and “Dodger Mania,” The New Yorker, July 11 and 18, 2011, p. 38.
60 http://www.time.com/time/world/article/0,8599,2033515,00.html.
61 “Turn in Your Bin Ladens,” New York Times, December 17, 2010; also http://www.nytimes.com/2010/12/03/world/asia/03wikileaks-corruption.html, and Peter E. Kunkel “How Jesse James, the Telegraph, and the Federal Reserve Act of 1913 Can Help the Army Win the War on Terrorism: The Unrealized Strategic Effects of a Cashless Battlefield,” Military Review, November–December 2008, p. 88.
62 http://www.youtube.com/watch?v=zwvxK0YY0zI.
63 http://online.wsj.com/article/NA_WSJ_PUB:SB1000142405274870453220457539754 3634034112.html.
64 http://www.economicpolicyjournal.com/2010/02/greece-bans-cash-transactions-over-1500.html.
65 Digital Money Blog, “War on Cash: A Report from the European Front,” July 6, 2010.
66 http://www.reuters.com/article/idUSTRE64C1KF20100513.
67 http://articles.latimes.com/2010/jun/03/world/la-fg-mexico-cash-20100603.
68 “The Case Against Cash,” The Futurist, July–August 2011.
69 http://www.fbi.gov/stats-services/publications/bank-crime-statistics-2010/bank-crime-statistics-2010.
70 http://www.msnbc.msn.com/id/32305195/ns/politics-more_politics.
71 “Afghanistan Money Probe Hits Close to the President,” Wall Street Journal, August 12, 2010.
72 David Gorman “Demonetize the $100 Bill,” op-ed printed in the Providence (Rhode Island) Journal, March 6, 2008; and Digital Money Blog, “Viking Expedition,” May 11, 2009.
73 http://digitaldebateblogs.typepad.com/digital_money/2011/01/benjamin-3d.html.
3: The Counterfeiters
1 “North Korea’s Dollar Store,” Vanity Fair, September 2009.
2 http://www.justice.gov/usao/can/press/2009/2009_01_30_chen.sentenced.press.html.
3 “The Inkjet Counterfeiter,” Details, September 2009.
4 http://www.justice.gov/usao/can/press/2009/2009_01_30_chen.sentenced.press.html.
5 “No Ordinary Counterfeit,” New York Times Magazine, July 23, 2006.
6 http://libweb.uoregon.edu/ec/e-asia/read/dopekor.pdf.
7 “No Ordinary Counterfeit,” New York Times Magazine, July 23, 2006.
8 http://currency_den.tripod.com/War_Counterfeits/2009.html; and R. L. van Renesse, “What’s ‘Funny’ About Funny Money?” Keesing Journal of Documents & Identity 20 (2006), pp. 3–9.
9 “North Korea Revalues Currency, Destroying Personal Savings,” Washington Post, December 2, 2010.
10 Statement of Michael Merritt, deputy assistant director of the office of investigations at the U.S. Secret Service, testimony before the Subcommittee on Federal Financial Management, Government Information, and International Security, April 25, 2006.
11 “No Ordinary Counterfeit.”
12 Klaus Bender, Moneymakers: The Secret World of Banknote Printing (Hoboken, N.J.: John Wiley, 2006).
13 “No Ordinary Counterfeit.”
14 Ibid.; also Statement of Michael Merritt.
15 “North Korea’s Dollar Store.”
16 “No Ordinary Counterfeit.”
17 Ibid.
18 “North Korea’s Dollar Store.”
19 New-Yorker, August 5, 1837, p. 315. As cited in Stephen Mihm, A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States (Cambridge, Mass.: Harvard University Press, 2009), p. 9.
20 John Cooley, Currency Wars: How Forged Money Is the New Weapon of Mass Destruction (New York: Skyhorse Publishing, 2008), p. 39.
21 http://financialservices.house.gov/Media/file/hearings/111/Jenkins%20Testimony%207_20_10.pdf.
22 John F. Chant, “The Canadian Experience with Counterfeiting,” Bank of Canada Review, September 2004.
23 Statement of Michael Merritt; and http://financialservices.house.gov/Media/file/hearings/111/Jenkins%20Testimony%207_20_10.pdf.
24 http://www.fas.org/sgp/crs/row/RL33324.pdf.
25 Statement of David L. Asher, Ph.D., Before the Subcommittee on Federal Financial Management, Government Information, and International Security, Senate Homeland Security and Government Affairs Committee, April 25, 2006.
&n
bsp; 26 http://financialservices.house.gov/Media/file/hearings/111/Jenkins%20Testimony%207_20_10.pdf.
27 Ibid.
28 “North Korea’s Dollar Store.”
29 http://www.rcmp-grc.gc.ca/pubs/ci-rc/cf/weber-eng.htm.
30 Chant, “The Canadian Experience with Counterfeiting”; also, RCMP account of the Weber affair.
31 Chant, “The Canadian Experience with Counterfeiting.”
32 U.S. Secret Service contact—personal interview.
33 http://www.pbs.org/newshour/art/blog/2010/04/new-100-bill-gets-a-design-facelift.html.
34 Van Renesse, “What’s ‘Funny’ About Funny Money?”
35 “Ben Franklin Will Get a Security Makeover,” National Public Radio (npr.org), August 29, 2007.
36 http://www.pbs.org/newshour/art/blog/2010/04/new-100-bill-gets-a-design-facelift.html.
37 Statement of David L. Asher, Ph.D.
38 “Counterfeiting and the Public,” Currency News, August 2009, p. 2.
39 http://ja.wikipedia.org/wiki/%E5%81%BD%E6%9C%AD.
40 David Tidmarsh, personal interview, 2010.
41 In addition to Dai Nippon’s expert, Suzuki as well as Reconnaissance International’s Glenn Wood also echoed this opinion about the new $100 bill’s mediocre security.
42 “Currency Detector Easy to Defeat,” Wired.com, January 14, 2004 (citing BEP statistics).
43 http://financialservices.house.gov/Media/file/hearings/111/Jenkins%20Testimony%207_20_10.pdf.
44 The name combines the word Orion with the EUR code that represents the euro.
45 http://www.adobe.com/products/photoshop/cds.html.
46 “Intricate Insect Patterns on Bank Note Could Combat Forgers,” Top News Singapore, May 31, 2010, available at http://www.topnews.com.sg/content/21917-intricate-insect-patterns-bank-note-could-combat-forgers.
47 Currency News, July 2009, p. 2.
48 “Losing Our Touch,” Currency News, November 2009, p. 2.
49 Klaus Bender, Moneymakers, p. 45.
50 http://www.rbi.org.in/scripts/BS_ViewBulletin.aspx?Id=11107.
51 http://www.guardian.co.uk/business/2010/sep/07/de-la-rue-serious-fraud-office.
52 http://www.smh.com.au/national/exsecurency-boss-charged-20110916-1kdwk.html.
4: The Loyalists
1 $220 ticket from “Lead Us Not Into Debt,” Atlantic Monthly, December 2009, p. 32.
2 “An ATM That Dispenses Gold,” Wall Street Journal, May 14, 2010.
3 http://www.telegraph.co.uk/news/worldnews/middleeast/unitedarabemirates/7720491/The-ATM-that-dispenses-gold-bars.html; and http://www.gold-to-go.com/en/.
4 http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php#ixzz1A6FJAWr8.
5 http://youtube.com/watch?v=-10VqKZymdg&feature=related.
6 Elizabeth Warren, promotion blurb for Robert D. Manning, Credit Card Nation: The Consequences to America’s Addiction to Credit (New York: Basic, 2001).
7 Ronald Mann, Charging Ahead: The Growth and Regulation of Payment Card Markets (New York: Cambridge University Press, 2006), p. 1.
8 Priya Raghubir, personal interview, September 2009.
9 Federal Reserve Bank of Boston, “The 2008 Survey of Consumer Payment Choice,” Kevin Foster, Erik Meijer, Scott Schuh, and Michael A. Zabek.
10 Manning, Credit Card Nation, p. 112.
11 Ibid.
12 Feinberg, cited in ibid., p. 47.
13 Drazen Prelec and Duncan Simester, “Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” Marketing Letters 12, no. 1 (2001): 5–12, citing Feinberg (1986).
14 Ibid.
15 Ibid.
16 Ibid.
17 Irving Fisher, The Money Illusion (New York: Adelphi, 1928), pp. 17–18.
18 Dan Ariely, Predictably Irrational: The Hidden Forces That Shape Our Decisions (New York: Harper Perennial, 2008), pp. 233–234.
19 Priya Raghubir, “Psychology Meets Economics: Why Consumers Can’t Count Their Money Correctly,” from http://www.mycbtextbook.com/Consumer_Behavior_2010_Psychology_Meets_Economy.pdf.
20 http://www.npr.org/templates/story/story.php?storyId=104063298.
21 Priya Raghubir, Vicki Morwitz, and Shelle Santana, “Europoly Money: The Impact of Currency Framing on Tourists’ Spending Decisions,” in Darren Dahl, Gita Johar, and Stijn van Osselaer, eds., Advances in Consumer Research, vol. 38 (Duluth, Minn.: Association for Consumer Research, 2010).
22 Kathleen Vohs, et al., “The Psychological Consequences of Money,” Science 314 (November 17, 2006): 1154–1165; and “Handling Money Minimizes Pain,” National Public Radio April 14, 2010.
23 “Google’s Search for a Digital Wallet,” BusinessWeek, January 10–16, 2011, p. 33.
5: The Patriot
1 “Coming in from the Cold,” The Economist, December 18, 2010, p. 141.
2 http://www.therightperspective.org/2009/02/04/norway-to-buy-iceland/; and http://www.icenews.is/index.php/2010/01/19/%E2%80%9Cnorway-should-be-iceland%E2%80%99s-aid%E2%80%9D/.
3 Interview with Astrid Mitchell of Currency News.
4 “Designs on Policy,” Atlantic Monthly, July 19, 2009.
5 “New $100 Bill: Too Sci-fi?” The Week, April 21, 2010.
6 Currency News, August 2009, p. 4.
7 “Currency Exchange,” Atlantic Monthly, June 12, 2009.
8 Daniel D. Garcia Swartz, Robert W. Hahn, and Anne Layne-Farrar, The Economics of a Cashless Society: An Analysis of the Costs and Benefits of Payment Instruments (Washington, D.C.: AEI-Brookings Joint Center for Regulatory Studies, 2004), p. 24.
9 Associated Press, October 27, 2009 (clipped from the Portland Oregonian).
10 Ignacio Mas, “Things Governments Do to Money: A Recent History of Currency Reform Schemes and Scams,” Kyklos 48, no. 4 (May 1995), p. 2.
11 “Beware of Greeks Bearing Bonds,” Vanity Fair, October 2010.
12 “A Long Odyssey,” The Economist, November 10, 2010, p. 59.
13 http://www.nytimes.com/2010/02/06/world/europe/06europe.html?hp.
14 “The Making of a Euromess,” Paul Krugman, New York Times, February 15, 2010.
15 “Joining the Euro: What’s the Hurry?” Bloomberg BusinessWeek, January 10, 2010, p. 14.
16 “Love in a Cold Climate,” The Economist, November 4, 2010.
17 “Global Currency Could Save World Economy,” Telegraph, March 26, 2009.
18 Craig Karmin, Biography of the Dollar: How the Mighty Buck Conquered the World and Why It’s Under Siege (New York: Crown, 2008), p. 104.
19 “Beyond Bretton Woods 2,” The Economist, November 6, 2010.
20 From Exorbitant Privilege, as quoted in ibid.
6: The Traitor
1 “A Mug’s Game,” Newsweek, October 8,1973 ; David Ganz personal interview, December 2010.
2 http://www.libraryofmu.org/display-resource.php?id=389.
3 http://online.wsj.com/public/article/SB117519670114653518-FR_svDHxRtxkvNmGwwpouq_hl2g_20080329.html.
4 http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200906/20090606364208.html.
5 “Bitcoin, Ven, and the End of Currency,” TechCrunch.com, May 20, 2011.
6 http://online.wsj.com/video/the-coming-currency-revolution/25225F5A-B979-4609-A55D-1BAE9A1BA158.html.
7 http://www.economist.com/node/18836780.
8 “In Gold We Trust,” Wired, January 2002.
9 “Workers Spurn Cash for Virtual Coin to Fund Online-Game Habits,” Bloomberg News, June 17, 2010.
10 From Liberty Dollar advertising leaflet.
11 http://www.kidscreen.com/articles/magazine/20100923/virtual.html.
12 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSmAKY4Wzk7g&pos=10.
13 http://www.nytimes.com/2011/05/30/us/30gold.html?pagewanted=all.
14 http://canopycanopycanopy.com/4/bullion_with_a_mission.
15 Eric Jackson, PayPal Wars (Los Angeles: World Ahead Publishing, 2
004), p. 26.
16 http://www.youtube.com/watch?v=1VaBX7A9FqA&feature=related.
17 http://www.youtube.com/watch?v=XhWRDP8v9ss&feature=related.
18 Lawrence Weschler, Boggs: A Comedy of Values (Chicago: University of Chicago Press, 1999), pp. 142–143.
19 Georg Simmel, The Philosophy of Money, as quoted in Weschler, Boggs: A Comedy of Values, p. 23.
20 Wall Street Journal headlines from October 6, 2010.
21 http://canopycanopycanopy.com/4/bullion_with_a_mission.
7: The Revolutionaries
1 http://seattletimes.nwsource.com/html/thebusinessofgiving/2013447052__as_a_part_of.html.
2 Daryl Collins, Jonathan Morduch, Stuart Rutherford, and Orlanda Ruthven, Portfolios for the Poor: How the World’s Poor Live on $2 a Day (Princeton, N.J.: Princeton University Press, 2009); also “Banking on Technology to Bridge Financial Inclusion Gap,” citing Wharton study, http://www.livemint.com/2010/12/15212742/Banking-on-technology-to-bridg.html.
3 See video from CGAP (Consultative Group to Assist the Poor), “Scenarios for Branchless Banking in 2020,” presentation on December 1, 2009, Washington, D.C. Approximately 6.5 minutes into the video, CGAP CEO Littlefield mentions these numbers and the studies that produced them.
4 Ibid; http://www.pymnts.com/with-4-6-billion-mobile-phones-worldwide-will-financial-services-spread/?nl.
5 Bharti Airtel’s Pallab Mitra, from interview notes; The Economist, September 26, 2009, special report on mobile money, p. 4; and Associated Press, “More Cell Phones than Loos in India,” (Portland) Oregonian, October 31, 2010.
6 Andrew Steckl, Cincinnati University nanotechnology researcher, personal interview, December 2010.
7 “The Apparatgeist Calls,” The Economist, January 2, 2010.
8 “Calling Freedom,” The Economist, December 19, 2009.
9 GSMA, “Mobile Money for the Unbanked,” annual report (pdf sent by D. Lowther of GSMA); and http://mmublog.org/global/gsma-publish-2010-mobile-money-for-the-unbanked-annual-report-2/.
10 http://www.npr.org/2011/01/05/132679772/mobile-money-revolution-aids-kenyas-poor-economy.
