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The Fed says this is a cube of $1M. They're off by half a million

calvin.sh

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Re: The Fed says this is a cube of $1M. They're off by half a million

#161
post #81
post #30

Earlier quoted context omitted.

Just for fun, the maximum sized cube you could make with a single layer of them facing flat and then entirely hollow on the inside would be about 41 meters or so on a side. https://www.wolframalpha.com/input?i=sqrt%28%28area+of+a+uni...

I can't argue with the math, but intuitively that just seems really small? It means that you can lay down 166,000 $1 bills on the floor of a very small flat?

The square side would be 41 m meaning ~1600 square meters per face, if I read correctly. So quite a large flat.

Re: The Fed says this is a cube of $1M. They're off by half a million

#162
post #95

Meanwhile I'm in a debate about the effectiveness/competence of government workers on another post. I realize the fed is not technically a government agency.

I do not understand the claim the Fed is not a government agency?

https://en.wikipedia.org/wiki/Federal_Reserve

Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms."[11]

Re: The Fed says this is a cube of $1M. They're off by half a million

#163

The economist's answer would be to offer to buy the cube for $1.1M. Tell them the extra $100k will fund building another cube plus expenses with spare cash left over. If you're right, pass GO and collect the payout.

Making 1.1 million into about 550 k? It is less by nearly 50 percent, not more.

Re: The Fed says this is a cube of $1M. They're off by half a million

#164

It's funny how all the comments seem to assume the conclusion is correct. I think it is far more likely that it is exactly $1M (plus or minus a couple of percent margin of error), and that the packing isn't uniform. It seems extremely unlikely to me that they would fuck it up so bad as to have $500k more in the box than claimed.

I also think it’s funny that so many comments assume they would have lax accounting for the extra $500K, or that the artists could have casually asked for another $500K of old bills to use as filler and the request would have been granted.

The Fed is extremely rigorous in tracking these things. It isn’t a couple guys in a room playing casually with millions of dollars. Even the retired bills are thoroughly monitored and tracked through their destruction.

Re: The Fed says this is a cube of $1M. They're off by half a million

#165

The economist's answer would be to offer to buy the cube for $1.1M. Tell them the extra $100k will fund building another cube plus expenses with spare cash left over. If you're right, pass GO and collect the payout.

Except that whoever built the cube obviously knows how much money they put in. There is an answer out there.

Re: The Fed says this is a cube of $1M. They're off by half a million

#166
post #81

Earlier quoted context omitted.

I can't argue with the math, but intuitively that just seems really small? It means that you can lay down 166,000 $1 bills on the floor of a very small flat?

The square side would be 41 m meaning ~1600 square meters per face, if I read correctly. So quite a large flat.

Oh, the side? That makes sense, I thought 41 sqm.

Re: The Fed says this is a cube of $1M. They're off by half a million

#167
post #141

> For all we know, the middle is just air and crumpled-up old newspaper. I think this is the answer. I suspect the exhibit designers had a cool idea for a display, did a rough estimate of the area needed and then commissioned the exhibit builders to make the big metal-framed cube. Either they made an error in their calculation or the innate variability in the size of stacks of used bills threw it off. It's also possi…

> The folks responsible for collecting and destroying used bills tend to be exacting in their auditing for obvious reasons. So when the exhibit designers got $1M in used bills approved and released, that's exactly how much they got. But who says that they didn't actually request $1.5M in used bills after doing the math of what it would take to make a cube. Or fill it up with $1M in used bills, and come back and make…

Because going >50% over-budget isn't a good way to further anyone's career in exhibit design, engineering and construction.

I have a friend who works at a firm which specializes in engineering and constructing exhibits for museums and all kinds of public spaces. There's a whole industry ecosystem around doing this. They get brought in on contracts by design firms which specialize in permanent installation exhibits who get hired by the person responsible for exhibits at a museum or exhibit space. It's no different than most niche specialty industries. Even though it's comparatively small, there are still thousands of sites and hundreds of firms. People who do this specialize in it, develop long-term careers and have resumes they care about. Jobs for firms and people come by reputation and word of mouth. Delivering on time, on spec and on budget is crucial for survival. The facilities manager for this Fed building hired an exhibit space manager who developed a budget for this public tour project and then put it out to exhibit design firms for bids. The project was approved on a fixed budget and time frame. The overall budget the exhibit space manager submitted to the facilities manager certainly included the cost of the cash in the cube.

But the bigger reason no one was cavalier about just filling it up with $100 bills is that this exhibit is different because the exhibited artifact is of uniquely high-value (and unlike a Rembrandt, immediately spendable), so it probably had to have a security assessment and is very likely insured against loss (not just theft but fire/water damage etc). The cost of insuring and securing the exhibit was calculated before the budget was ever approved. Adding another 50% in cash would increase the insurance premium.

Re: The Fed says this is a cube of $1M. They're off by half a million

#168
post #138

Do we truly know if the Middle is all dollar bills and not filler?

This felt like the most obvious explanation to me as well. Maybe the artist's vision for it was a solid cube of cash, but it ended up needing a structure inside to support the thing. So many reasons this might be exactly $1,000,000 but not sum up on the outside. That said, this is also something I would have spent way too much time overthinking, so I thoroughly enjoyed reading the blog post.

Agree, I loved the post, but I also wonder if there's more nuance to it that we're unaware of.

Re: The Fed says this is a cube of $1M. They're off by half a million

#169

Maybe just my biased brain, but the title made it sound like they were half a million under, not over. In some way, this is how 1000 piece jigsaw puzzles will never be exactly 1000 pieces. As long as there's at least 1000, I think most people are fine, especially as an art piece. And of course as mentioned, there's the possibility that there's filler inside. It would've been much worse if it was under though.

The ones that are 25 pieces x 40 pieces are really 1000 pieces. But some puzzles are 27x38 or other more square form factors.

Re: The Fed says this is a cube of $1M. They're off by half a million

#170

It's funny how all the comments seem to assume the conclusion is correct. I think it is far more likely that it is exactly $1M (plus or minus a couple of percent margin of error), and that the packing isn't uniform. It seems extremely unlikely to me that they would fuck it up so bad as to have $500k more in the box than claimed.

[flagged]

The Fed keeps rigorous track of every bill. They have a database with the serial number of every live bill. The money isn't valid until the serial is put into the database, and any time a bank gets a bill, they have to verify the serial number is in the database. And if it's not they have to turn it in for a replacement that is.
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