dufus Posted March 6, 2020 Share Posted March 6, 2020 WASHINGTON, March 6 (Reuters) - The greenback faces the same fate as many travelers returning home from China and other coronavirus hot spots. The U.S. Federal Reserve has begun quarantining physical dollars that it repatriates from Asia before recirculating them in the U.S. financial system as a precautionary measure against spreading the virus, a Fed spokesperson told Reuters. She said regional Fed banks that help manage the money supply will set aside shipments of dollars from Asia for seven to 10 days before processing and redistributing them to financial institutions. The policy, first reported by Reuters, was implemented on Feb. 21, the official said. The outbreak originated in China and more than 100,000 people have been infected in over 85 countries, according to a Reuters tally based on statements from health ministries and government officials. According to the CDC, it “may be possible” to transmit the virus through objects that have had direct contact with it, but person-to-person contact is the main means of spreading the disease. The CDC recommends U.S. residents returning from China and other high-risk countries stay home for 14 days. The World Health Organization, however, has been much more cautious on risks posed by currency notes, advising consumers to use contactless payments whenever possible, according to several British media reports. As the global reserve currency, U.S. dollars are the most widely distributed notes in the world with around $1.75 trillion worth of cash in circulation globally, according to the Fed. Much that is circulated overseas, particularly in Asia where the dollar is often stronger than local currencies. It is also filthy. A 2014 study by researchers at New York University identified 3,000 types of bacteria on dollar bills due to how widely and frequently they change hands. The U.S. central bank has not gone as far as its counterparts in China and Korea, which have ordered local currency notes to be disinfected with ultraviolet light or destroyed altogether. But Fed officials are in regular contact with the CDC and State Department regarding the spread of the virus and are prepared to add other regions to its quarantine list, the spokesperson said. The 12 Fed banks from Richmond, Virginia to San Francisco are responsible for managing the supply of dollars and coins, accepting deposits of excess cash from banks across the world while doling out currency to institutions that request it. Some overseas banks ship their excess dollars back to the United States on commercial flights. The reserve banks process the currency they receive, including removing damaged notes from circulation and identifying counterfeit bills. It takes between five and 60 days for the Fed to process currency, with higher value notes being processed most quickly, the San Francisco Fed says on its website. On average, the Fed distributes $34 billion in paper notes every year, according to the San Francisco Fed. (Reporting by Pete Schroeder and Anna Irrera: editing by Michelle Price and David Gregorio) sauce Link to comment Share on other sites More sharing options...
humble3d Posted March 7, 2020 Share Posted March 7, 2020 This could be the beginning of a global cash recall... This could really be very bad... Link to comment Share on other sites More sharing options...
Karlston Posted March 7, 2020 Share Posted March 7, 2020 7 hours ago, humble3d said: This could be the beginning of a global cash recall... This could really be very bad... The virus will, depending on who you believe, only survive on things for a couple of days to a couple of weeks. The cash just needs to self-isolate for a period, like we have to do. Link to comment Share on other sites More sharing options...
dufus Posted March 8, 2020 Author Share Posted March 8, 2020 no cash no bank run Link to comment Share on other sites More sharing options...
humble3d Posted March 9, 2020 Share Posted March 9, 2020 ULTRA VIOLET LIGHT COULD BE HELPFUL TO WARD OFF THE VIRUS...😎 FROM THE FAR SIDE: Stephen says hello and: What You Can Do Right Now About the Coronavirus...MAYBE... ASIDE READER COMMENT I USUALLY AND CONSISTENTLY USE ZINC ACETATE LOZENGES WHENEVER I SUSPECT I'VE BEEN EXPOSED TO ANY HUMAN PATHOGENS... THIS WEEK I'VE RE ADDED COLLOIDAL SILVER LIQUID.... I ALSO USE A SPRAY BOTTLE FILLED WITH ISO PROPEL ALCOHOL TO WASH MY HANDS AND CLEAN SURFACES... THERE IS NO ABSOLUTE INTELLECTUAL CERTAINTY THESE HOME REMEDIES REALLY WORK; HOWEVER, EVEN EXPERTS MAY BE GUILTY OF NEGLIGENCE IN DOING WHAT AT THE TIME THEIR FLAWED JUDGEMENT APPROVES .. . 😎 Link to comment Share on other sites More sharing options...
Arachnoid Posted March 10, 2020 Share Posted March 10, 2020 On 3/7/2020 at 3:37 PM, humble3d said: This could be the beginning of a global cash recall... This could really be very bad... It could be a way of removing illicit funds from the system Link to comment Share on other sites More sharing options...
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