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Tilting at Windmills

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April 16, 2007
By: Kevin Drum

FAKERY....Remember those charges that North Korea was flooding the world with counterfeit U.S. bills laundered through a bank in Macau? A recent audit says it's not true:

"From our investigations it is apparent that ... the Bank did not introduce counterfeit U.S. currency notes into circulation," the Ernst & Young audit said, noting that large cash deposits from North Korea were routinely screened for counterfeits by the Hong Kong branch of an unidentified bank with U.S. operations.

The audit's conclusions about the laundering of counterfeit currency are significant because they cast doubt on Bush administration claims that North Korea has engaged in state-sponsored counterfeiting and introducing these fake bills via Banco Delta.

This is a big deal. On September 19, 2005, North Korea finally agreed in principle to abandon its nuclear weapons programs, prompting optimism that the six-party talks might finally be making progress. In a triumph of timing — maybe deliberate, maybe not — the very next day the Bush administration announced sanctions on the Macau bank, freezing its North Korean assets and causing the always prickly North Koreans to assume the U.S. was acting in bad faith. Shortly thereafter they walked out of the talks, and a year later announced that they had tested a nuclear weapon.

Now we find out that the charges were probably unfounded. Just like we found out in February that the original charges in 2002 that North Korea was pursuing uranium enrichment might not have been true either. Just another example of the Bush administration doing its best to bring our credibility down to the level of the most batshit insane regime on earth. Good job, guys.

Kevin Drum 1:36 PM Permalink | Trackbacks | Comments (66)

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Comments

Ummm..that would be the same Ernst and Young which just paid a huge settlement for peddling bogus tax shelters?

Pull the other one, it's got bells on.

NK is a major counterfeiter. The 'bank' in question is a money launderer for Chinese triads.

Posted by: MsNThrope on April 16, 2007 at 1:53 PM | PERMALINK

The public diplomacy of this administration is conducted in the same way that I used to do my lab reports: draw all your curves first, then plot your 'data'.

Things come out so much neater that way.

Posted by: Davis X. Machina on April 16, 2007 at 1:54 PM | PERMALINK

The public diplomacy of this administration is conducted in the same way that I used to do my lab reports: draw all your curves first, then plot your 'data'.

Things come out so much neater that way.
Posted by: Davis X. Machina

Exactly so.

Posted by: MsNThrope on April 16, 2007 at 1:56 PM | PERMALINK

"batshit insane regime"

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Ooooo, I want to Google that someday and have a an article on George Bush pop up #1!!!

Posted by: steve duncan on April 16, 2007 at 1:57 PM | PERMALINK

Is there any updated info on the accusation that the UN offices were complicit in this? I seem to remember the Right using this as further ammunition to bash the UN.

Posted by: Mark on April 16, 2007 at 2:02 PM | PERMALINK

I am shocked, SHOCKED, that there is lying going on over at the Bush casino....

Posted by: bmaz on April 16, 2007 at 2:04 PM | PERMALINK

bmaz: Me, too, honey.

Pssst...Kevin, that's what money laundering does, among other things, it sends out the bogus money and replaces it with...well, I hesitate to describe the scrip currently issuing from the US treasury as real currency...but it's clear you don't fully grasp the underlying concepts.

Posted by: MsNThrope on April 16, 2007 at 2:09 PM | PERMALINK

Find a major accounting firm (there are only 4 left) that hasn't paid "huge" fines for shoddy work. This isn't even Ernst's first one. Good head fake,though.

Posted by: TJM on April 16, 2007 at 2:11 PM | PERMALINK

Find a major accounting firm (there are only 4 left) that hasn't paid "huge" fines for shoddy work. This isn't even Ernst's first one. Good head fake,though.
Posted by: TJM

I'm almost nostalgic for the days of the Big Eight.

'Nostalgia isn't what it used to be.' - Peter Devries

Posted by: MsNThrope on April 16, 2007 at 2:17 PM | PERMALINK

MsNThrope: NK is a major counterfeiter.

How do you know that? Not that I have stars in my eyes when it comes to NK, but even with them a little evidence is called for.

Right now, if the Bush administration claimed that 2+2=4, I'd have to double check it.

Posted by: alex on April 16, 2007 at 2:28 PM | PERMALINK

MsNThrope, it is you who seem to misunderstanding the money laudering concept. The original charge was that North Korea was depositing counterfeit bills in the Macau bank in order to be credited with real American dollars on the account balance. If that were the case, it would be considered laundering of counterfeit currency. However, the cash in question seems not to be counterfeit. They were depositing genuine American currency and then being credited with American dollars in the account. This is not laundering, it's a cash deposit. And it is perfectly legal. Now there may other cases where North Korea may be breaking laws, but this is not one of them. It is just another case of the Bush administration making accusations and hoping they are actually true. And, yet again, they got burned.

Posted by: fostert on April 16, 2007 at 2:34 PM | PERMALINK

fostert: I'll put my BS cum laude in Accounting (in 3 years with a full major in BusAdmin ad minor in Eco) up against your assertions any day.

Posted by: MsNThrope on April 16, 2007 at 2:39 PM | PERMALINK

MsNThrope, I will admit I only have a degree in Engineering. Had I failed out of the Engineering, I would have transferred into an Economics program and aced it. That said, perhaps you could enlighten the rest of us as to why depositing genuine currency into a bank is money laundering. If this is the case, then I am guilty of a rather serious crime. As are the numerous bank tellers who have accepted my genuine American currency and given me credit for it. Your claim that depositing cash into an account is illegal flies in the face reality. But of course, you are the expert, so please enlighten us.

Posted by: fostert on April 16, 2007 at 2:49 PM | PERMALINK

Fostert = Troll.

Pray enlighten us as to why anyone with the reasoning ability of a rock would engage you. Go talk to rdw.

Posted by: MsNThrope on April 16, 2007 at 2:56 PM | PERMALINK

MsNThrope: fostert deserves a response. Please enlighten us on why you think he is wrong!

Posted by: GOD on April 16, 2007 at 2:59 PM | PERMALINK

GOD: I'm an atheist. I'll obey a split second after you make your creation a fair and healthy place...

Posted by: MsNThrope on April 16, 2007 at 3:01 PM | PERMALINK

"First you get down on your knees
fiddle with your rosaries,
Bow your head in great respect and
Genuflect!
Genuflect!
- Tom Leherer

Posted by: MsNThrope on April 16, 2007 at 3:04 PM | PERMALINK

mhr: "Once liberals get rid of the right to own private property, our country will be on its way."

Slowly insert straw man up ass, then spin gently for hours of fun!

Posted by: Kenji on April 16, 2007 at 3:07 PM | PERMALINK

Even if the report by Ernst&Young is correct, I don't think one should conclude that North Korea is not counterfeiting bills at all. However, it seems that the quality of the so-called "supernotes" is often exaggerated, and they are easy to spot for professionals. For an interesting recent article, see this one: http://www.asiasentinel.com/index.php?option=com_content&task=view&id=408&Itemid=31

Posted by: TS on April 16, 2007 at 3:08 PM | PERMALINK

"Faced with proof that he did not, in fact, exist, God disappeared in a puff of logic." Douglas Adams

Posted by: Blue Girl, Red State (aka G.C.) on April 16, 2007 at 3:08 PM | PERMALINK

"Faced with proof that he did not, in fact, exist, God disappeared in a puff of logic." Douglas Adams
Posted by: Blue Girl, Red State

Mostly harmless. In big friendly letters.

Posted by: MsNThrope on April 16, 2007 at 3:12 PM | PERMALINK

Global, you Kant make that argument......

Posted by: bmaz on April 16, 2007 at 3:12 PM | PERMALINK
...Once liberals get rid of the right to own private property... mh rat 2:33 PM |
Battling straw men must be your full time occupation. Why don't you read the original post: There was no need to make false accusations about them and it was counter productive. There is a plenitude of actual policies that one can use against this Stalinist state. You don't need to emulate the Stalinism. Posted by: Mike on April 16, 2007 at 3:12 PM | PERMALINK

bmaz, I would argue that it is a categorical imperative that I do so.

Posted by: Blue Girl, Red State (aka G.C.) on April 16, 2007 at 3:15 PM | PERMALINK

Global, you Kant make that argument......
Posted by: bmaz

Gotta luv someone who chances a pun on 'The Critique of Reason'...

Posted by: MsNThrope on April 16, 2007 at 3:20 PM | PERMALINK

Mike, everything in mhr's life comes out of his ass or ends up there. That's why every accusation he makes is a bum rap!

I think we should come up with something phony to say about conservatives and then repeat it constantly as if it were our real problem with them. How about, they are all short guys who want tall people to slouch? Banal, but kind of true in a way. So that's no good. Ideas?

Posted by: Kenji on April 16, 2007 at 3:25 PM | PERMALINK

I think we should come up with something phony to say about conservatives and then repeat it constantly as if it were our real problem with them.

This is a false equivalence. The real problem that conservaloonies have with liberals is that there is nothing substantial to tag them with. All they are left with is making shit up.

Meanwhile, conservatism has been wrong for 2000 years now, so we libs have plenty of substantial complaints to make about the morons on the other side.

Posted by: craigie on April 16, 2007 at 3:30 PM | PERMALINK

Oooh! Deuling diplomas! If you show me yours I'll show you mine. BS cum laude indeed.

Posted by: shnooky on April 16, 2007 at 3:32 PM | PERMALINK

oops: Groundwork of the Metaphysic of Morals

Posted by: MsNThrope on April 16, 2007 at 3:34 PM | PERMALINK

mhr....

hows that radical fringe thing working out for ya?

Posted by: dr. phil on April 16, 2007 at 3:35 PM | PERMALINK

MsNThrope: Groundwork of the Metaphysic of Morals

And here I thought the topic was funny money. Evidence, please, that NK is pushing it.

Posted by: alex on April 16, 2007 at 3:39 PM | PERMALINK

Oooh! Deuling diplomas! If you show me yours I'll show you mine. BS cum laude indeed.
Posted by: shnooky

I don't presume to design bridges. Nor do I take guidance on matters of money, taxation and banking from alleged engineers.

Do us all a favor and go back to whatever sandbox you came from.

Posted by: MsNThrope on April 16, 2007 at 3:41 PM | PERMALINK

Uh, folks? Were you all up too late working on your taxes?

Posted by: jerry on April 16, 2007 at 3:42 PM | PERMALINK

Uh, folks? Were you all up too late working on your taxes?
Posted by: jerry

No. We're always cranky. It's a redeeming feature.

heh

Posted by: MsNThrope on April 16, 2007 at 3:53 PM | PERMALINK

The potshots in the comedy arcade did start off late last night, however.

Posted by: bmaz on April 16, 2007 at 4:02 PM | PERMALINK

Good job, guys.

You mean "heck of a job" right?

By the way... am I the only one that thinks we should replace Fs on report cards with Hs?

Posted by: ROTFLMLiberalAO on April 16, 2007 at 4:17 PM | PERMALINK

Or... Ws?

Posted by: Kenji on April 16, 2007 at 4:19 PM | PERMALINK

personally, I'm still waiting for something from MsNTrope other than appeal to her own authority. The people she is ignoring and dismissing as trolls are making good pts, whereas all we have from her are bald assertions.

Posted by: Disputo on April 16, 2007 at 4:31 PM | PERMALINK

bmaz, I was grateful for those comedy nuggets. They kept me from falling asleep in my chair until I was able to log out of Blackboard.

Posted by: Blue Girl, Red State (aka G.C.) on April 16, 2007 at 4:35 PM | PERMALINK

Okay, here's the deal about money laundering. You deposit your counterfeit into a bank. The bank originates loans to 'legitimate' businesses. It passes the counterfeit out in the form of 'loans'. It receives payments back which are legit currency - the 'bad' money has been dispersed throughout the global economy. Russia is also a a leading originator of counterfeit currency.

MONEY LAUNDERING - Conduct/acts designed in whole or in part to conceal or disguise the nature, location, source, ownership or control of money (can be currency or equivalents, eg. checks, electronic transfers, etc.) to avoid a transaction reporting requirement under state or federal law or to disguise the fact that the money was acquired by illegal means.

Posted by: MsNThrope on April 16, 2007 at 4:41 PM | PERMALINK

Got that?

Posted by: MsNThrope on April 16, 2007 at 4:43 PM | PERMALINK

Just because you don't understand something doesn't speak to the truth of the issue.

Posted by: MsNThrope on April 16, 2007 at 4:47 PM | PERMALINK

I don't know what was wrong about what mhr said. He only wrote, "I think you misunderstand; I'm really talking about pie.
Posted by: mhr on April 16, 2007 at 2:33 PM

I'm very pro-pie myself. Who doesn't like pie?

Posted by: absent observer on April 16, 2007 at 5:02 PM | PERMALINK

I'm very pro-pie myself. Who doesn't like pie?
Posted by: absent observer o

I'm partial to pecan pie myself.

Posted by: MsNThrope on April 16, 2007 at 5:06 PM | PERMALINK

"You deposit your counterfeit into a bank."

MsNThrope, you've basically restated what fostert already said about how money-laundering works, but completely ignored his point: the cash being deposited by NK was *not* counterfeit. It was, according to the report, genuine minted US currency. Your definition does not apply, because its first step, depositing counterfeit currency, did not occur.

All the accounting degrees in the world don't help you if you can't support your claim, or refute someone else's, in a logical and sensible way.

Posted by: Wyzard on April 16, 2007 at 5:11 PM | PERMALINK

Kevin (quoting E&Y): "From our investigations it is apparent that ... the Bank did not introduce counterfeit U.S. currency notes into circulation," the Ernst & Young audit said.

Of course, the final version, when released by whatever executive agency commissioned it, will read: "There is considerable debate as to whether the Bank introduced counterfiet U.S. notes into circulation ..."

Posted by: JRP on April 16, 2007 at 5:14 PM | PERMALINK

Uh, MsNtrhope, I wasn't looking for a definition of money laundering; I was looking for some evidence from you that E&Y is incorrect in their audit, that the bank in question is laundering money, and that NKor is indeed counterfeiting US$. Also, some info that HK isn't actually checking for counterfeits would help your case.

Posted by: Disputo on April 16, 2007 at 5:16 PM | PERMALINK

If I may jump in - I don't have a degree in Accounting, but I do have several years' experience working in financial institutions - money laundering has nothing to do with whether the money is counterfeit or not.

In fact, most money laundering uses legitimate currency. It's the source and the purpose of the money that determines if it's being laundered. If I sell $50,000 worth of cocaine, receive real American cash for it, and then deposit that money in the bank, I'm money laundering. (Of course, depositing that much at once will trigger reporting requirements for the bank.)

I'd suspect that organized crime deals mainly in legitimate cash - too much trouble to create funny money. They simply pass it through phony holding companies, etc., to disguise its source and purpose. That's money laundering.

Posted by: Alek Hidell on April 16, 2007 at 5:30 PM | PERMALINK

I was at a meeting and missed all the fun. It seems some people have defended me in my absence. Thanks. MsNthrope seems to miss the point. The definition of currency laudering is accurate, but assumes that the original deposit was in fraudulent currency, which is precisely what didn't happen here. It may be the case that North Korea does engage in such practices, but this case of the Macau bank is not one of them.

Alek Hidell- you are correct about money laundering, but this case was about the laundering of counterfeit currency, which is a diffenert issue. MsNthrope has explained the concept of counterfeit laundering well. It's just that what he/she explained was not actually what happened in this case.

Posted by: fostert on April 16, 2007 at 6:58 PM | PERMALINK

Hate to even raise it, but haven't there been some allegations that Iran and Syria were engaged in counterfieting? Plates and things the Shah had, as I recall ...

Posted by: Pat on April 16, 2007 at 7:33 PM | PERMALINK

fostert: enlighten the rest of us as to why depositing genuine currency into a bank is money laundering.

Alek Hidell: If I sell $50,000 worth of cocaine, receive real American cash for it, and then deposit that money in the bank, I'm money laundering.

No, money laundering is when you take illegally obtained money and make it seem legally obtained. If, for example, you sold $50,000 worth of cocaine, you might deposit it into a bank account of a company you own that takes in lots of cash, such as a laundromat or a bar, as normal receipts from the laundromat or bar. Just depositing the cash into an account doesn't make it laundering, and in the US you would still have to explain where it came from. Money laundering is making it seem as though it comes from a legitimate source. This is one reason organized crime likes laundromats, bars, and casinos: it's easy to launder illegally obtained money.

As fostert said, MsNtrhope's claim that DPRK put counterfeit money into a bank and was credited with real dollars may be an accurate description of Bush's claim about wht DPRK was doing or may not be, but it is not within the usual meaning of money laundring.

Posted by: anandine on April 16, 2007 at 7:38 PM | PERMALINK

Oh, yes. The ordinary Joe in the street hears the U.S. dishonours its own currency. What then is it worth as an instrument of deposit ? Swift understates the reasoning abilities of the 'authorities' representing the nation running current account overdrafts to other nations that will never be resolved ! The U.S. $ should already be trundled about in wheelbarrows.

Posted by: opit on April 16, 2007 at 7:44 PM | PERMALINK

Does "Saddam most definitely has WMDs", sound familiar?

I don't believe anything the filthy liars in this Administration say about anything.

Posted by: The Conservative Deflator on April 16, 2007 at 8:02 PM | PERMALINK

Someone hire the accountant, quick, before the IRS hires her.

Posted by: Chui on April 16, 2007 at 8:09 PM | PERMALINK

"Just another example of the Bush administration doing its best to bring our credibility down to the level of the most batshit insane regime on earth."

Isn't that redundant?

Posted by: scarshapedstar on April 17, 2007 at 12:08 AM | PERMALINK

Question for all Virginians, etc.:

Where was God Monday morning at Virginia Tech?

Posted by: Old Tiger on April 17, 2007 at 1:09 AM | PERMALINK

Answer for Old Tiger:

Praying for the immortal souls of Dick Cheney and George W. Bush.

Posted by: The Grim Reaper on April 17, 2007 at 5:41 AM | PERMALINK

I guess they had to find Neil a job somewhere.

Posted by: vampire77666 on April 17, 2007 at 8:20 AM | PERMALINK

'According to a Tax Justice Network report quoted by the Senate investigation and based on statistics from Merrill Lynch/Cap Gemini's "World Wealth Report" and the Boston Consulting Group's "Global Wealth Report," 16.2 percent of the private wealth of North Americans, $1.6 trillion, is held offshore. The overwhelming reason for that is tax evasion.' - How Tax Cheats Are Using Your Money to Fund Republicans/By Lucy Komisar, AlterNet.
http://www.alternet.org/story/50645/

Wherein you will find the peddler of a vast illegal tax shelter to defraud the United States Treasury was none other than Bank of America.


'The list of credits, deductions and "income exclusions" stands at 146, up from 67 in 1974. The cost of these breaks have tripled over the period, from $240 billion to $730 billion after adjusting for inflation, a 2005 study by the Government Accountability Office showed.'
- Fewer keeping the nation afloat, Kathy M. Kristof and Jonathan Peterson, http://www.latimes.com/business
/la-fi-tax15apr15,0,5799211.story?page=1&track=ntottext

Posted by: MsNThrope on April 17, 2007 at 10:28 AM | PERMALINK

MsNThrope: Wherein you will find the peddler of a vast illegal tax shelter to defraud the United States Treasury was none other than Bank of America.

Very interesting, but still nothing to do with evidence that NK was printing funny money.

Posted by: alex on April 17, 2007 at 11:31 AM | PERMALINK

Pat is a coward. Pat is an anonymous coward like the DLC organization Americans for Jobs, who smeared Dean. DLC illiterates like Pat have no difficulty harrassing Nader voters and anti-war advocates, but love Murtha while he jets around in a defense contractor's plane on his way to a beach house vacation paid for by another defense contractor. Pat you are a DLC Freeper. Pat you are a DLC stalker. Pat is such a coward he cannot comment about what he thinks.

Posted by: Brojo on April 17, 2007 at 11:39 AM | PERMALINK

There's a an interesting and rather alarming pdf from the US Treasury web site:

the use and counterfeiting of u.s. currency abroad part 3 september2006.pdf

Wherein you will find that somewhere in the range of 70% of US currency is held abroad. Particularly $100 bills.

But what you're also going to find is that Treasury has no real idea how much of that circulation is counterfeit since much of the activity stems from illegal transactions and so much of it never actually has to enter the US.

That may be changing however as the dollar continues its long slide and the various reasons those abroad have tended to hoard US dollar as a hedge against local inflation, as one example, are also eroding.

You'll probably see more stuff like this:

'March 7, 2007
HP-300

Treasury Designates Two U.S. Companies Acting as Fronts for Colombia’s North Valle Drug Cartel

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today added two U.S. companies to its list of Specially Designated Narcotics Traffickers (SDNTs) for their ties to Colombia's North Valle drug cartel.

"This is the latest in a series of OFAC actions targeted at the financial underbelly of the North Valle cartel," said Adam Szubin, Director of the Office of Foreign Assets Control. "We have designated the cartel's companies in Colombia, the Caribbean, and elsewhere, and today we have frozen the assets of two front companies here in the United States."

These U.S. companies are owned by individuals who act as front persons for North Valle drug cartel leaders Raul Alberto Grajales Lemos (Raul Grajales) and Carlos Alberto Renteria Mantilla (Beto Renteria). This action is the seventh designation against the financial network of Raul Grajales and Beto Renteria, who have both been indicted on narcotics trafficking charges in the United States.

Today's action named two Florida partnerships, C.W. Salman Partners and Salman Coral Way Partners, as SDNTs. These two partnerships, which were created to hold real estate and other assets in the United States, are owned by previously-named SDNT individuals, Abdala Saieh Jassir, Moises Abdal Saieh Muvdi, and Carlos Ernesto Saieh Jamis. Each of these Colombian individuals has been a front person for Raul Grajales and Beto Renteria for over ten years. Moises Abdal Saieh Muvdi and Carlos Ernesto Saieh Jamis are in the custody of Colombian authorities on money laundering charges.'


'The US central bank has yet to develop an exit strategy from the multi-bubble syndrome that the Fed, in its zeal for inflation targeting, has spawned. Moreover, as one bubble begets another, excess asset appreciation has become a substitute for income-based saving — forcing the US to import surplus saving from abroad in order to sustain economic growth. And, of course, the only way America can attract that capital is by running a massive current-account deficit. In other words, not only has the Fed’s approach given rise to a seemingly endless string of asset bubbles, but it has also played a major role in fostering global imbalances.' - Stephen Roach, Economist at Morgan Stanley, May 23, 2006:

Posted by: MsNThrope on April 17, 2007 at 1:25 PM | PERMALINK

Money laundering and counterfeiting are not the same thing. Money laundering is the art of making it look as though the proceeds of a criminal enterprise were earned legally.

Posted by: URNutz on April 17, 2007 at 1:32 PM | PERMALINK

Money laundering and counterfeiting are interconnected. Two sides of the same coin, if you will.

'We believe this reflects the fact that increased trade, just as economic theory predicts, has slightly boosted growth, but has also generated greater inequality. It's the obvious outcome of expanding trade with countries whose wages are a lot lower than our own. Further, as technology and the huge expansion of the global labor pool makes a much wider range of jobs contestable by workers much poorer than those in the US, trade's negative influence on wage growth here could balloon in the near future.' - Jared Bernstein and Josh Bivens

Posted by: MsNThrope on April 17, 2007 at 1:42 PM | PERMALINK

Here's the GAO:

Counterfeit U.S. Currency Abroad:
Issues and U.S. Deterrence Efforts
(Letter Report, 02/26/96, GAO/GGD-96-11)

Pursuant to a congressional request, GAO provided information on
counterfeiting of U.S. currency abroad and U.S. efforts to deter these
activities.

GAO found that: (1) counterfeit U.S. currency is used for economic gain and illegal activities, such as drug trafficking, arms sales, and
terrorist activity; (2) there are several techniques used to counterfeit U.S currency, including photocopying, the raised note technique,
computer assisted printing, bleaching and reprinting, and photomechanics; (3) the offset printing method offers the highest
quality of counterfeit notes and can only be detected by experienced bank tellers; (4) it is difficult to determine the extent of
counterfeiting abroad because of the lack of accurate counterfeitdetection data and foreign officials reluctance to view counterfeiting
as a serious problem; (5) of the $380 billion in U.S. currency circulated in fiscal year 1994, $208.7 million was counterfeit, which
represented less than one one-thousandth of U.S. currency in circulation at that time; and (6) the U.S. government is involved in various
counterfeit deterrence activities, including redesigning U.S. currency, increasing the presence of the Secret Service and the exchange of
information abroad, and seizing the production and distribution capabilities used in counterfeiting of U.S. currency.

[snip]

5) is unclear but apparently refers to domestic circulation since 4) makes clear that they don't know how much counterfeit currency circulated outside the US. Now since most of our real actual dollars are abroad (up to 70%) it might be reasonable to speculate that the most of the counterfeit money is in circulation outside the country and that it's far in excess of $208.7 million.

Posted by: MsNThrope on April 17, 2007 at 1:58 PM | PERMALINK

Here's the link to the GAO report

http://www.fas.org/irp/gao/ggd96011.htm

Posted by: MsNThrope on April 17, 2007 at 2:18 PM | PERMALINK




 

 

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