261–270 of 578 posts
> 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…
It’s so easy for them to print USD money that they don’t care having 1M wasted like this.
Earlier quoted context omitted.
It's the cost of paper not the dollar value. Also only the outermost bills need be real the rest could just be paper, or voided bills or whatever. But accounting can cover it. It's not gold or pennies where the currency costs what it is worth to make
Coins don’t cost what they are worth to make.
> 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…
~ Vincent LaGuardia Gambini
Jack Binion's sister, Becky Behnen, famously sold million-dollar display of one hundred $10,000 bills in '99 for (a rumored) $4 million to the currency dealer Jay Parrino.
(Supposedly) one of those $10,000 bills was posted on eBay for $160,000.
Earlier quoted context omitted.
> Maybe it's easy for the Fed to acquire more cash as long as it's guaranteed not to be spent. The Fed doesn't acquire cash, it creates it. USD banknotes are liabilities of the Fed, but that concept only makes sense when somebody other than itself owns them.
No. We have a double accounting system. For every $1 it creates, it has to create an equivalent liability. And when something is budgeted for $1 Million, it is $1m nothing more nothing less
Earlier quoted context omitted.
No. We have a double accounting system. For every $1 it creates, it has to create an equivalent liability. And when something is budgeted for $1 Million, it is $1m nothing more nothing less
I mean, that's a very corporate accounting way of looking at it. But countries are not corporations, or even banks, and the abstraction is so leaky it's pretty much never worth using.
I can't help wondering how big a cube you'd need to fill it with 1 million $1 coins. 43x43 piles of 541 coins each make 1000309 coins with a pile height of 541*2mm = 1.082m, while the width would be somewhat less than 43*26.5mm = 1.1395m with a hexagonal packing. So just over 1m cubed, a little smaller than the bill version. But at 8100 kg, tons heavier.
(A party put them in front of the parliament to launch a campaign for universal basic income)
From a 2014 reddit post[0]: > This is actually not a million dollars in singles. It is over $1,000,000. The box was created with the wrong dimensions by the contractor, but they still decided to fill it, display it, and claim it is $1,000,000. > > Source: Tour Guide at the Chicago Fed [0] https://old.reddit.com/r/pics/comments/2f9sp7/one_million_do...
Man how expensive was that contractor when your art installation requires $1M in cash and all the labor to assemble it, but you can't just tell the contractor to do a new box?
