How a Simple Crime Led to Plastic Money
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- Опубліковано 29 вер 2024
- In 1966, Australia switched from pounds to decimal currency. The country’s central bank issued a new range of banknotes with modern safety features - including watermarks, woven metal thread and raised print. But these technologies couldn’t prevent a $900,000 swindle.
Video by Vicky Feng
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3:29 "Cananda"
3:42 Bloomberg talking about spelling mistakes
lol that was quick
i was just about to comment on this but you beat me to it lol
😂😂😂😂😂😂😂😂
What else can you expect from these sloppy counterfeit videos? ;)
@@business amazing spirit of acceptance! Just Loved your response without getting offended!! You got a new fan now:)
I disagree with the last point of going entirely cashless to avoid counterfeiting...I am a law abiding citizen, however, I don't want the government and my bank to be able to track every purshase/transaction I make during my lifetime, it's just scary !
Yes, your scared of them one day finding out you sell drugs.
True, cashless economy feels like the basic privacy violation of a citizen. I get it, it does help with keeping the economy in check but if a country really wants to go cashless, make it mandatory beyond a certain higher transaction amount.
Technically it's possible to make cashless where nobody would be able to track your purchases/money movements or even check your balance (well-known crypto Monero does that successfuly).
But it's unlikely banks would incorporate a system where they have zero control over accounts, lol
Don't fight the system.
Leave it.
₿uy ₿itcoin.
unless we keep our money in our thought waves everything can be counterfeited, cash, cards, chips whatever system we use.
Spelling mistake done on porous to counter, counter-fitters who like to spell things correctly?
aussies cant spell thats why the have a beer with XXXX on the can
No, it was just a mistake in the release of a new $50 note - they fixed it for subsequent production runs.
@@mikes8928 chill, It was a joke.
"Like the euro" Given the size of the UE's economy & population, counterfeiting is more a problem in Australia. You should really compare the percent of GDP it represents instead of raw numbers.
thought the same thing
I worked for a bank that had branches in the Pacific islands. I was told that when the plastic notes came out in Australia AUD's were used in a number of Pacific Islands. Fishermen who were paid with plastic money found the sun, heat, salt and chlorine in the sea water reacted with the notes and sometimes the fishermen returned to port with a pocket of clear plastic. Back to the chem lab!
Because Australia doesn't have heat, humidity or salt or sea water .. have a think about that
Sounds like a scam by some enterprising people to get more money.
It seems to me that gold and silver worked just fine for thousands of years. It's value couldn't be manipulated, and it couldn't be forged. Nobody ever tracked somebody else's spending either.
Even if there's not enough to go around, I think getting back on the gold standard is a great first step. It can keep Ruthless People from creating something from nothing and then charging us for it.
gold and silver plated fake coins
I don't think you're thinking of the downsides with going back to silver and gold.
No forged gold or silver ?!
Think again !
Along come the dollars. Along came the cents. Taking away the pounds and the shillings and the pence. 🎶🎵
CrazyGonzalez and then comes the worthless plastic crap money..🎼lalalalala....
Spelling mistake is deliberately to counter forgery.
Ernest Jay 😂
Going cashless is a far greater risk due to the fact that a hack could rob millions and leave and possibly leave no trace.
blockchain.
delete all money
@@fleshreap blockchain can get hacked as clients are buggy
Money is already 93% virtual and only 7% printed, so...
Does not mean it's safe. With crucial Intel bugs being discovered regularly it's only a matter of time for the next big attack on the world's financial system.
I wish The US had plastic money I hate having wet money when I forget it in the washing machine.
Fascinating video.
Thank you for sharing it with us, and thank you for all of your hard work in producing it!
nepal here.
we stopped using plastic notes, and new ones are made from same old materials
do you know why ?
I'm so proud that in Europe, only the UK and Romania has plastic notes, idk why..
Fairly recent in the UK, possible
You when we had a Canadian head up the bank of England.
I went fully cashless for a few years while living abroad. It really felt like living 5 or 10 years into the future. Sending and receiving money was stupid easy, and the app even had a few financial instruments for sale, turning even the tiniest amount of money in your account into actual capital instead of just cash. That being said, it is true that it records everything you buy and sell, but from a business perspective it made perfect sense (the system played nicely with ERPs and had a proper API, not that unusable SOAP trash banks offer).
Digital is more convenient, but I will always prefer cash for privacy reasons
They compare Australia’s counterfeiting rate to other countries that use plastic money. What point are they trying to prove?
Switzerland and the EU have plastic money too.. Why are they not on the map?🤔
why arent we making money using recycled plastics
With dollars, I feel happier !
I love little money, but I respect them for the salvation of decent independence....!
Thanks dear Bloomberg for Your rare information and for delightful video !
Hey u forgot Switzerland 3:21
I don't think the Swiss franc is polymer.
@@federicobertagna5210 but it is plastic so it has to be a polimer
I hate plastic money I am from Canada I like the USA money the most I am also a coin and bill collecter
For educational purposes.
Nepal currently don't have plastic notes but it did have NRs.10 plastic notes and you could see those notes everywhere but maybe bad printing or what those notes used to fade out so easily and later there would be only transparent plastic 🤣
we need diffrent sized money for blind people to be able to be able to count their money easily
Think what would happen if we made it digital money people would be hacking money
2001-Ti crime victim in ms-will a lawyer please tell me do a crime victim pay for a prosecutor attorney
I would disagree that there more durable, they break easily compared to paper bills, for them lasting longer I don't believe it, I have a Malaysian Ringgit, Mexican pesos, Canadian dollar to name a few including a 50 baht plastic money from Thailand dated 1997 they all get brittle and they break.
No plastic money in Nepal any more.
Go cashless.....yeah that's a great idea. That way they can delete all your accounts with a single keypad stroke.
So do you keep all your money in cash and not have a bank account?
The average person would only have a tiny percent of their money in cash at any given time. Where do you think the vat majority of their money is? A bank account. Digits on a screen.
You know, when I read youtube comments I lose faith in humanity and realise 99.99% of the people in the world are idiots.
You can believe that if you wish?
Nepal doesn’t have plastic notes 3:22
3:39 cashless enterly you meant Crypto Currency then? ???
No, he means government backed currency that no longer has any material substance to it, but rather is represented electronically.
You don't want a cashless society.
responsibility
totuși noi de ce avem?
Well, English isn't their first language.
Welll Euros and US Dollars are still paper
Come on lets talk about bitcoins!!
Here comes crypto....
Bitcoin nnnnnnnnnnnnnn yeah
It makes no sense for all English speaking countries to have different money, all English speaking countries should use the same money. England, Scotland Ireland, Wales, USA, Canada and Australia, New Zealand. This should be the base of United Kingdom. And all other regions of the world what speak the same language should use the same money, like Spanish speaking country's and Portuguese speaking country they should all use the same money based on the spoken language. Why are the most obvious things so difficult. If the world is based on freedom of choice then it would start with freedom of movement, Obviously. 😐 And another thing is pass port's if you are a English speaking person going to a English speaking country why would you need a passport to travel. This system should be insentive to change things to make life easier in the 21 century around the world. If confused people don't like this language approach the it should be based on the continents, if there's 5 continents then there should be five types of money. So weather you live in usa, virgin Island or Argentina you use the same money. Weather you live in China, Korea or Singapore you use the same money. South Africa, senegal or ethiopia, same money. And the same with the Arab continent. For example, again 😐 Iran, Saudi or Yemen, same money. And one of these approaches should be intergrated based on language, continent or race majority. And the same consideration should be with the passport. No matter where you live your passports should be your international identity card and that should starts with a name and age picture and finger prints on the card, for finger and face scan. We live in the 21 century not the 18 hundred. 🤒
This is dumb idea
And there I was thinking Australia had plastic money because they get to swim a lot. 🤦♀️
Such huge changes are often about money. 😁
Other problem with paper was the number of insects that consider paper money a treat. Bury it in a bickie tin under the floorboards and come back to find dust. So far none of them have developed a taste for the plastic. Not yet, anyway.
But then this is Australia, where evolution has never stopped. Something will come along eventually to fill the niche.
That si just silly, we have water proof wallets!
you are an idiot
Aaaaaaaahhhhhaaaaaa!
Busted. Your a troll. Why would you use a non ethnic emoji???? I finally caught one red handed!
Cashless means the gubmint can track your every purchase, and with the coming social credit system, it will be used against you.
What's your source for the "coming social credit system"?. Every Australian Politician knows that the public won't support anything like China's system, if they tried to pass anything they'd face mass outrage and be voted out for sure.
@@liamwatts7105 Oh, it is coming to every developed nation. It is already being discussed in the US. Don't be naive.
Heard of bitcoin?
@@liamwatts7105 Who cares what the people think? They left does it for the government anyway.
raedwulf61 one word “bitcoin”
Banks charge a fee for many eftpos (electronic fund transfer point of sale) transactions in Australia, costing consumers up to 30 cents per transaction. This needs to be outlawed. Especially if society is cash less.
A cashless society is very dangerous.
christdragon - how?
@@danidejaneiro8378 This is just one scenario among a few others am just to lazy to point out they can actually monitor your every movement and at any time if they see it fit they can take advantage of your digital currency and lock you out of their currency system if you have been accused of a crime, identity stolen and have been framed and now the suspect of a major crime or if the world is completely cash less you better prepare for the mark of the beast, again there is still more but I aint going to say .
@@CreamOfEcstast. - wow, I'd never thought of it like that. Fuck that shitz.
I use also plastic money, is called credit card, and is always original.
Haha that means you have to pay to use your own money! And if they get rid of cash they will charge you as much as they can!
@@canofpulp what?
@@dimatha7 you have to pay fees to use your money through your credit card and the fee is going to be much higher when cash disappears. I'm not telling my opinion I'm just telling you what he's trying to say
@@canofpulp Thats true
Dimitrios Athanasiou So long for reducing plastic waste..
Brazil is not using plastic money anymore. It didn't worked out well due to poor quality paint used. They are not in use for more than 10 years if I'm not wrong.
Indonesia previously used polymer notes during the 90s but they have been phased out during the 2000s. Currently, our currency has no OVD and is all paper (well, cotton, if you want to be picky about it).
Yeah, Indonesian current bank notes are rubbish, it so thin, lack of durability, lack of waterproofing, and the color is not vivid enough, make it hard to distinguish the nominals by colors. I hate it.
Yeah cashless👍🏽👍🏽 so they cant steal from the government just your personal bank account
They will argue that eliminating cash will prevent counterfeiting, the black economy and increase tax but as you say it increases the governments ability to heavy citizens into being placid and compliant.
Also as many economies are moving to negative interest rates, if their is no cash you have to keep your money in the bank. Negative rates mean you pay the bank to keep your money. If you were able to withdraw it, you would keep its value as its untaxed. Credit card companies also make out like bandits in a cashless society and sell the idea to the slaves as being so convenient.
yeah cashless so we can guarantee credit card companies and banks profits on 100% of all transactions globally while also giving them unlimited authority to track us. That doesn't sound like some dystopian nightmare, nope.
Cash is ridiculous. Unless you are a tax evader or a criminal paying for everything with a card should not be an issue.
@@TheNothingYours Cash is vital to poor people who don't have access to credit cards. There's 7% of the population of America that doesn't have a bank account because they cant get qualified because they are too poor. So those people are all tax evaders or criminals? Just because you're too fucking stupid to think of another reason besides those two doesn't mean they don't exist.
@@wetokebitcoins1769 I replied to your original argument which was that the "banks will track us and will have full authority over us". Obviously if we were to go cashless everyone would have the opportunity to get a bank account. I'm not familiar with the qualification issue because that's not a thing where I live. It's hard to believe that there is a single bank on this planet that wouldn't make you a bank account if you are going to have transactions. Not talking about CREDIT but DEBIT.
@@TheNothingYours you say obviously but you don't know, you assume. If you assume that in the end they would give people an account, why not now? what kind of loony tunes logic will make you think they will do it down the road? The most logical would be that the banks keep on doing what they are doing. Banking is a business and if they are not making money off of you in fees or investments then you're useless, and why would you provide service to someone who's not befitting you even if they need it for their survival? It's not like they care about your survival even today.
@@TheNothingYours disgusting bootlicker
America should have plastic money 💰
In Brazil there is no plastic money anymore. We used to have a 10 reais bill but it out of circulation.
yeah because they break easily.
What denomination notes do Brazil use now ?
@@CreamOfEcstast. we still have the 10 reais bill, but now it's made with paper
SpeedWolf no they don’t, they last twice as long as paper money
Brazil money is trash. They fall apart in your pocket and tear easily. worst money i've ever used
Most everyday small transactions need to be cash transactions to avoid the unnecessary fees attached to every transaction. Cashless future is a bit of a double edge sword when it comes to security.
In places that are already mostly cashless there are no fees for small transactions
@@ylhajee Every transaction has a very small fee, usually the merchant bears it.
@@ylhajee They may not charge the customer a fee, but us business owners still get charged a fee for using the banks service. That fee is of course added to the purchase price, so ultimately the consumer is paying the banks!
@@v1d300 Yes you're right, I was thinking of the direct customerside fees. Does it matter if transactions are small of big though, for business-side fees? It is my understanding that these fees are a percentage of the transaction, not a flat rate. (?)
@@ylhajee depends on the payment processor but it's usually a percentage of the total amount as of now. But some debit payment processors are working on a structure for no fee on smaller payments but higher on bigger transactions to promote cashless. Not a fan of that.
It always struck me as bizarre that Australia developed this technology in the eighties, yet it took other countries literally decades to catch on. We're already onto our second generation of the notes, yet other countries are only just adopting it. When I was young Australia also phased out one and two cent coins because they were just a hassle, and when I go overseas I just seem to end up with a wallet full of tiny change that's of no use to anyone.
But your money is also worthless
@@Toast0808 how is it worthless when i use it everyday?
When one country adopts a new tech for something like a banknote other countries see how it develops before putting up the expense of adoption.
Going cashless means that you can never pay for anything without leaving a digital footprint. No thank you
You have a lot of secrets to hide Mr. Bond?
Shall we send a pretty lady to seduce you?
@@shachar2 I dont think you understand the basic concept of "privacy". If one needs to purchase something, he/she should be able to do it without feeling hesitant or fearful that someone is monitoring them
@@alterego9791I know what privacy means. I just don't understand some people who for example don't want their pictures uploaded to facebook or people who are overly "jealous" about their privacy like anyone cares that you like to buy lots of pastas or chocolates or something.
Someone once explained it as a leftover from the 70ies when citizens in USA suddenly discovered that their government can lie to them, and that started people believing in conspiracy theories to this day.
so no, I don't get it.
@@shachar2 no one is "jealous" of his/her personal space. If you don't like someone knowing something about you, it's totally a given right to either hate it or go against it. Opinions are important.
@@alterego9791 so I understand from you not answering my unasked question that you don't know either
That's right only banks are allowed to create currency out of nothing!
And then loan it out at interest
going cashless is really smart....then every single transaction you make is monitored....clever idea
The scammers have already proved it is easier to steal from cashless transactions. I have an uncle in Nigerian needing to buy a car but he needs to change US dollars if you can help.
Fuck cars get a bike
Was the spelling error maybe a security feature rather than just a mistake?
@3:18 Indonesia used to have 100k rupiah in plastic, but had been stopped from circulation in around 2004.
peninsular malaysia doesnt exist :(
Goddammit someone snap West Malaysia and Singapore out of existent 3:16
1:39 That "Chinese envoy sees more turmoil" snippet was an interesting read.
Cashless society? No thnx.
Here in Macedonia we do have plastic notes, but only the 10 and 50 denari notes. Dunno how you did the statistics but there's a partial use so I assume it should've been colored.
Same thing in UK
I'm from Bulgaria, we think that Macedonia is a small country.
@@fortnitegamer-ph5jg thanks for the info
the irony is our latest $50 Australian note has a spelling mistake in the micro printed text.
👏
@Victor Murat Australia invented polymer note technology to prevent crooks from making exact copies of the authentic specimen.
the irony is; the Experts can't even make an exact copy as well as the crooks.
@Victor Murat maybe 'perfected' is more accurate.
@Victor Murat that's the irony!
you must be fun at parties 😆
@Victor Murat go debate elsewhere pls
@Victor Murat go away...
get a life.
3:19 Bloomberg removed (peninsula) Malaysia out of existence.
Ken Yap bc nobody cares about you
Ahahahaaaa.
@@iheartlreoy8134 Says the moron who replied to my comment.
And now plastic money leads to complex crimes.
And there's the propaganda... you see? Cashless will solve all our problems!
With new technology thats available now, it could stamp out a multitude of crimes, theft, drug sales, tax evasion and money laundering if everyone went cashless with fingerprint id apart from those with no hands, they would need a special card
@@debeeriz It would also stamp out freedom.
@@brianlanning836 we have already lost most of that, with ctv, hate speech, prism and cell phone tracking
Im so proud that I'm a Canandian that uses planstinc moneny
Ya me too. First country in the world to use planstinc money.
Cashless -> $$hacker$$
I don't why but the indian govt should also make plastic money for more security reasons
Actually that spelling mistake could be something you use to detect fakes. I know with military security badges such as Air Force line badges, you need to enter security areas such as flight line, they intentionally put errors for security forces to look for.
That's interesting, thank you for sharing
Cashless means that the banks can charge for EVERY SINGLE TRANSACTION that takes place within the economy. They would charge all parties involved, and the charges would creep up over time to reach 'what the market will bare' conditions. Only a fool would welcome being bound to a system that will put them under maximum duress for minimum value. And if the power goes out...
Indonesia doesn't have a plastics money, we use cotton because it's more heat resistant. You wrong Bloomberg,after 1999 we used cotton
We had 100.000 rupiahs plastic bill in the past tho. It was issued in 1999.
Paper money and plastic money has no value at all. Money should be express in precious metal like gold and silver.
PAPER OR PLASTIC Isaiah 9:7, Luke 1:33
It used to be that when a store clerk checkout counter person asked you “Paper or plastic?” they meant paper or plastic bag; and of course plastic money was credit card and or debit cards. Paper notes are becoming obsolete for technological, cost, security, and environmental reasons, and are being replaced by polymer notes - Jamaica goes polymer in 2023. Polymer banknotes are banknotes made from a synthetic polymer using security not possible on paper, eg. metameric inks. They last much longer, decreasing carbon footprints, reducing production and replacement costs. It’s still all just a necessary con game. We need a medium of exchange we are confident in, backed by a sound financial system. CHRIST’s Kingdom is no con game. It is safe, secure, and as sure as the KING in charge. His resources can never run out or fail, or go bankrupt. No paper, plastic, crypto or con; just JESUS strong.
No to cashless!!!
The friday joly point because volleyball tentatively support a a last justice. plausible, grubby gruesome driving
Never make bank notes of higher denominations. Make it less economical to counterfeit and promote digital currency.
Noice!
Only 3 % use plastic monies....i wonder why?
Maybe because it only lasts 2.5x
No to Plastic straws no to plastic monies! =j
Better yet! if they are banning plastic straws and plastic bags why not just ban all plastics!? (Cars are made of plastics nowadays as well as gun parts!) Lets go back to the bronze age! woohoo =j
In all seriousness...did not know plastic monies originated from Australia and being swindled was the cause....
I wonder why the US hasn't adopted this practice?
The US actually benefits from counterfeit money and other criminal activity with their currency.
What are you talking about counterfeighting enjoying your new jobs printing to replace the ones i burned its only thermosofting plastic making jobs printing more you know human life is the importantant thing, might want to ask whats motivating them to counterfieght it got ah 100 seagulls their and only throwing em 20 chips maybe?
If it EXISTS, it can be counterfeited. It's as simple as that.
And now the New line of Banknotes are being introduced. They are now officially impossible to properly counterfeit. Microprint, reflective, transparent, different textures, fluorescent, moving features and a tactile function for the blind. It'll now cost thousands of dollars to make a counterfeit note that comes close to looking real.
3:21 * indonesia colored in blue *
i dont fucking remember if my country had any plastic money
0:35 - 0:41: That is the cutest retro song that I have ever heard talking about money.
I.have oldest Australians puond from 1931 for sale
The Polymer Banknote is also coming to the Philippines
Criminals catching up is the reason we are currently redesigning the bank notes here in Australia. They are now even harder to forge
I hate the plastic notes 📝, they are slippery and fly away out my pocket
You mean how Australia and Britain got plastic money
Funny times when the Aussies made RM5 plastic note for Malaysia with bribes involved and tried to cover it up. lol
Plastic money helps to save our planet, as people need to cut fewer trees
Yep, cashless is the future. Bitcoin is the way to go.
Why isnt the euro plastic if it's so widely used!
nepal doesn't use plastic money they are made from paper
Loose change tor money don't fold
50 euro banknotes are from plastic
Or just use gold coins like in ancient times?
A true example of "modern problems require modern solutions"!
At 3:18 peninsular malaysia doesnt exist
Cashare pop up ads scam..???