“The best way to destroy the capitalist system is to debauch the currency”*…
In a world full of smartphone payments and cryptocurrency, 85% of all transactions are still done in cash. Australia actually sees cash demand rising at a steady 6% to 7% per year with no decline on the horizon.
As printers and scanners become more sophisticated, the government has moved to ensure that its currency is safe. “What we noticed in recent years, with the availability of technology—particularly around reproduction technology like scanners and printers—counterfeiting in Australia had started to increase. We’re in the fortunate position where it’s still pretty low but it is rising,” says James Holloway, deputy head of note issue at Reserve Bank of Australia. “We thought we just don’t want it to keep rising in a sustained fashion, so the time had come around upgrading security”…
How Australia means to frustrate counterfeiters: “The Painstaking, Secretive Process Of Designing New Money.”
* Vladimir Lenin
As we bite our coins, we might recall that it was on this date in 1789 that President George Washington named Alexander Hamilton as the first U.S. Secretary of the Treasury. A founding Father, Hamilton created the Federalist Party, the world’s first voter-based political party, the the United States Coast Guard, and the The New York Post newspaper. As Treasury Secretary Hamilton stabilized the nation’s economy and paid back the mountainous debt resulting from the Revolutionary War. He established the first national bank and created the U.S. Mint in (the precursor of) the form in which we know it today.