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Speaker 1: Hey, there are aud Loots listeners. It's Tracy Alloway and Joe.

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Speaker 2: Why isn't thal.

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Speaker 1: We are very excited to announce that Oddlots is going

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Speaker 1: to Washington That's right.

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Speaker 2: For the first time, we are going to do a

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Speaker 2: live public Odd Lots recording in our nation's capital. That's

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Speaker 2: going to be March twelfth in Washington, DC at the

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Speaker 2: Miracle Theater and guests will be announced in the coming days.

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Speaker 2: But in the meantime you can find a ticket link

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Speaker 2: at Bloomberg dot com slash odd.

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Speaker 3: Lots, Bloomberg Audio Studios, podcasts, radio news.

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Speaker 4: Go flow it until the other door.

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Speaker 5: Shows and there's gonna be one more we got to

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Speaker 5: go through, so come on and.

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Speaker 1: Oh wow, you can definitely get trapped in here.

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Speaker 4: This is the trap and everyone must come in and

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Speaker 4: the door now we can go to the next.

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Speaker 2: Door, deep underground, coming through elevator. The sort of monochrome quietness,

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Speaker 2: the uniforms. This kind of reminds me of severance a

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Speaker 2: little bit. Has anyone made that observation before?

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Speaker 1: Hello, and welcome to another episode of the All Thoughts Podcast.

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Speaker 1: I'm Tracy Alloway.

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Speaker 2: Is this the one where we get severed? Tracy my

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Speaker 2: name is Jill Wisenthal, and I freely consent to being severed. Joe.

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Speaker 1: We are not getting the severance procedure, but we are

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Speaker 1: about to go to a place that not many people

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Speaker 1: get to see. We are going deep into the vaults

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Speaker 1: of the Federal Reserve Bank of Chicago to tour its

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Speaker 1: cash operations and get an inside look at how money

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Speaker 1: is actually distributed.

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Speaker 2: Oh right, yes, okay, welcome to cash. In this episode,

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Speaker 2: we take a walk through the basement of the Chicago

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Speaker 2: FED and we learn all about how the central bank

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Speaker 2: processes and delivers cash. Cash operations will not quote highly

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Speaker 2: classified like in the inner workings of the office and

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Speaker 2: the show Severance. They're well beyond the public eye for

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Speaker 2: obvious reasons. So this is a rare look or listen,

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Speaker 2: I guess at the inside.

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Speaker 1: Yeah, and you're not actually allowed to take any pictures

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Speaker 1: or videos inside the vaults, So an audio format actually

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Speaker 1: does pretty well here. And this is all really interesting

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Speaker 1: because we're used to thinking about the FED in terms

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Speaker 1: of monetary policy, raising or cutting interest rates to try

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Speaker 1: to keep inflation in check and unemployment low, and there's

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Speaker 1: stuff like bank regulation. Of course, we talk a lot

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Speaker 1: about that on the show. All of that can feel

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Speaker 1: very theoretical, but there's this very physical side to the

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Speaker 1: FED as well.

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Speaker 2: That's totally right. The cash in your wallet has got

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Speaker 2: to come from somewhere, right, and a lot of it

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Speaker 2: comes from the FED, or at least it moves through

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Speaker 2: one of the twelve Federal Reserve Banks, the Bureau of

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Speaker 2: Engraving and actually makes the money, and then it gets

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Speaker 2: delivered and processed through the FED banks and the Chicago

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Speaker 2: FED building itself.

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Speaker 1: I mean it kind of looks exactly like how you

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Speaker 1: might picture an old fashioned bank. It has these giant,

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Speaker 1: beautiful neo classical columns on the outside and inside inside

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Speaker 1: is where the magic happens.

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Speaker 4: We set up a system in the United States with

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Speaker 4: twelve reserve banks around the country because in nineteen thirteen,

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Speaker 4: as today, people were deeply uncomfortable with the financial system

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Speaker 4: being run exclusively by New York City and Washington, DC.

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Speaker 4: So they wanted input from all around the country. And

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Speaker 4: one component of the job is monetary policy, like we

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Speaker 4: talk about all the time.

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Speaker 2: That's Austin Gouldsby, President of the Chicago Federal Reserve Bank,

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Speaker 2: and you've probably heard him on the podcast. A couple

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Speaker 2: of times before, very recognizable voice, and he's usually you know,

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Speaker 2: talking about the macro environment, monetary policy, things like that.

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Speaker 1: But now you're going to hear him talk about something

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Speaker 1: very different, being the bank behind the banks, the one

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Speaker 1: that actually provides them with cold, hard cash.

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Speaker 4: We're also a real, live, working bank, and we got

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Speaker 4: seventeen eighteen hundred employees. We are a bank two banks,

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Speaker 4: and they have a master account. We pay interest on

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Speaker 4: their deposits into that account, which our bank reserves, and

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Speaker 4: we provide FED wire. We do ach direct deposit, we

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Speaker 4: do FED now and one of the things we do

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Speaker 4: is cash. It's one of the FED financial services. And

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Speaker 4: so if one of our member banks wants cash for

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Speaker 4: their ATMs, they'll send in and say, just like you

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Speaker 4: in your account, you go down the ATM, you take

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Speaker 4: some cash out. They say, we want cash to put

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Speaker 4: in our ATM, so take that out of our master account.

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Speaker 4: They send a brainstruck over here and they place an order.

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Speaker 4: We count it out, we give it to them. If

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Speaker 4: they have too much currency, they send it to us

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Speaker 4: in the same brainstruck. We take it in, we run

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Speaker 4: it through machines, we count it, we pull out anything

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Speaker 4: that's been signed, or somebody spit on it, or you

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Speaker 4: know it's dirty and shred it. We process it, put

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Speaker 4: it in our vaults, send it out the next day,

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Speaker 4: and we get a bunch of shipments of brand new

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Speaker 4: money from the Bureau engraving and printing. So it's a

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Speaker 4: very live operation and you're going to see it. There

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Speaker 4: are a lot of people work there, there's a lot

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Speaker 4: of machinery, and it's pretty neat.

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Speaker 2: Pretty neat is putting it mildly, because it turns out

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Speaker 2: that Austin and Lusts giving the tours of the cash shop,

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Speaker 2: something that was totally evident while we did it. I

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Speaker 2: think most people on finance and economics love money, but

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Speaker 2: Austin really loves money.

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Speaker 1: Yeah, So join me and Joe and Austin on this

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Speaker 1: special edition of odd Blots as we follow how money

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Speaker 1: actually moves through the Federal Reserve system. We are standing

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Speaker 1: in the lobby of the Chicago Fed building. There's a

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Speaker 1: beautiful staircase and a balcony that looks down on this

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Speaker 1: gorgeous atrium. Apparently there used to be machine guns mounted

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Speaker 1: up there, and now there's security guards at the entrance,

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Speaker 1: the Fed's own police force.

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Speaker 2: And as Austin mentioned earlier, the Chicago FED was established

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Speaker 2: in nineteen fourteen, and back then investors didn't have much

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Speaker 2: reassurance that their bank deposits were, you know, actually safe.

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Speaker 2: And after months of back and forth, Congress passed the

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Speaker 2: Federal Reserve Act, establishing the FED Reserve System and the

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Speaker 2: twelve reserve banks that cover the entire.

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Speaker 1: Country, and the Chicago FED covers parts of Illinois, Indiana, Wisconsin, Michigan,

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Speaker 1: and the state of Iowa. And as we've said before,

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Speaker 1: we are used to talking about whether the FED is

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Speaker 1: doing a good job on things like inflation and unemployment,

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Speaker 1: but we don't actually talk that much about its other

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Speaker 1: big job, which is managing the money.

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Speaker 5: We know when we're doing a good job when you

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Speaker 5: can go to an ATM and there's money in it.

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Speaker 5: You can go to a grocery store and you can

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Speaker 5: pay in cash and they have changed to give you

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Speaker 5: in currency.

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Speaker 2: Mike Kepler is an executive vice president of the district's

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Speaker 2: Cash Operation and the Chicago FED Central Bank Service Area.

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Speaker 5: So essentially I oversee the full currency operation between our

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Speaker 5: Chicago and Detroit offices that includes everything from processing the

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Speaker 5: currency on the high speed machines to paying our orders

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Speaker 5: to financial institutions in our district and taking money in.

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Speaker 1: Even though we live in a world that's full of

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Speaker 1: digital payment systems, cash still plays a role in everyday transactions.

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Speaker 2: Cash is Lindy, that's right, Jo.

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Speaker 5: It's extremely important. So you know, think about things like

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Speaker 5: hurricanes or weather related events or power outages where electronic

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Speaker 5: payments don't work. In fact, I was in the store

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Speaker 5: the other day and their credit card system was down,

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Speaker 5: and fortunately I had cash in my pocket, so I

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Speaker 5: was able to jump the line and get my stuff

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Speaker 5: and get out the door while theres were kind of

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Speaker 5: waiting for the credit card machine to pop back up.

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Speaker 5: So it is very important, and not all consumers use

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Speaker 5: just one payment type. So in fact, you can imagine

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Speaker 5: in today's times, electronic payments, debit cards credit cards are

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Speaker 5: the primary two vehicles that folks use for transactions, but

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Speaker 5: cash is a third, very close third for payments.

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Speaker 4: And look, the thing is as the share of payments

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Speaker 4: that are made electronically mobile banking using cards rises, people

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Speaker 4: have this tendency to say, oh, well there is no cash.

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Speaker 4: I don't even see cash. If you go look, you

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Speaker 4: and you can look off fred. It's on there. Currency

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Speaker 4: and circulation as a share of GDP is over ten percent,

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Speaker 4: and that's among the highest percent on record, or at

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Speaker 4: least since the nineteen eighties that you can find on FRED.

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Speaker 4: That's double what it was in two thousand and eight.

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Speaker 4: That's like four times higher as a percent than it

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Speaker 4: was forty years ago. And it's shockingly large per person.

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Speaker 4: It's like forty eight hundred dollars per person on average

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Speaker 4: in money.

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Speaker 1: Joe, I don't know about you, but I always keep

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Speaker 1: four eight hundred dollars in cash just in case I

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Speaker 1: have to spontaneously buy, like I don't know, a MacBook

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Speaker 1: Pro or something.

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Speaker 2: Emergency lumber purchases, maybe a thousand chickens for you.

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Speaker 1: That's sure.

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Speaker 6: Hi, Hi, teat to.

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Speaker 4: The amazing Ami Colorado.

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Speaker 6: Welcome to cash.

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Speaker 1: Getting into the basement where the Chicago Fed's cash ops

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Speaker 1: actually are is a process.

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Speaker 4: There's a lot of cameras, there's a lot of security,

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Speaker 4: and there's a lot of rules. So don't don't go

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Speaker 4: fishing in your pockets, don't pull out your wallet while.

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Speaker 1: We're right So there's no putting your hands in your pockets,

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Speaker 1: and you're not allowed to carry anything with you after

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Speaker 1: going down in the elevator. I'm not even sure what

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Speaker 1: floor we're actually on, and we have to pass through

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Speaker 1: multiple security doors before we get here.

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Speaker 2: But when we do get there, it's pretty cool. We're

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Speaker 2: in the transfer area where money comes in and processing begins.

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Speaker 2: And let me tell you, there's money everywhere.

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Speaker 1: So we're standing next to a big box filled with cash.

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Speaker 1: How much would be in something like that?

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Speaker 6: Twenty is roughly eight and a half million.

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Speaker 1: Wow, Joe, grab it quickly.

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Speaker 3: Now you'll see a lot of money.

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Speaker 6: As we walk around today.

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Speaker 2: That's Amy Elvarado, the bank's vice president of district Cash Operations.

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Speaker 2: She oversees the entire process.

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Speaker 6: Our team will go in the room and check all

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Speaker 6: of the bags as the armored carriers drop them off.

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Speaker 6: We'll make sure all the bags are intact and sealed

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Speaker 6: and everything. We'll count them. We're doing this bag count

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Speaker 6: and then we're signing off on it. That's when we

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Speaker 6: would release the carriers, and that's the transfer process coming in.

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Speaker 1: There's a long hallway stretching out in front of us.

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Speaker 1: The walls are white and there's rooms on either side

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Speaker 1: that have large windows and glass doors. In fact, one

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Speaker 1: of the most striking things about this place is just

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Speaker 1: how much you can see.

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Speaker 2: Everything is seen through, even the doors. Amy and Austin

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Speaker 2: tell us that transparency is paramount to the security of

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Speaker 2: the whole operation, giving that they're dealing with, you know, cash.

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Speaker 6: A reason why these doors are clear is because we

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Speaker 6: are never in the room with these carriers. At the

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Speaker 6: same time. The carriers will come in onto the concourse,

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Speaker 6: they will unload their currency bags onto rolling screens, as

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Speaker 6: we call them, They will put them in the room,

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Speaker 6: they will go back out the other side of the room.

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Speaker 6: When our team comes in the room, they're supposed to

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Speaker 6: watch us flip all those bags because it's still theirs

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Speaker 6: at this point. And once we do that, we'll bring

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Speaker 6: the work in. But when we transfer work back out

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Speaker 6: to them, same process happens. We go in the room,

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Speaker 6: we drop off the currency, we come out. They come in,

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Speaker 6: so we all need to be able to see through

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Speaker 6: the glass of the transfer process happening.

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Speaker 2: All of these security rules apply to employees too.

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Speaker 4: People wear smocks, there are no pockets when they go in.

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Speaker 4: The colors indicate who's doing what role. And we have

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Speaker 4: very very good hygiene in an accounting.

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Speaker 1: Sense, and it's a tough job. Cash, as it turns out,

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Speaker 1: is pretty we have you when you're piling up millions

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Speaker 1: of bills, millions of physical bills. The Chicago FED process

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Speaker 1: is something like five point five million pieces a day,

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Speaker 1: and the actual currency value of that can be higher

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Speaker 1: depending on the denomination of the notes.

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Speaker 2: Once the money comes into the FED, the cash is

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Speaker 2: brought into a receiving room, which is down another floor

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Speaker 2: of the basement. This room looks very similar to the

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Speaker 2: transfer room.

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Speaker 1: And getting cash into the FED is just the first

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Speaker 1: part of this process.

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Speaker 6: We would now open the bags and make sure we

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Speaker 6: have the correct amount of bundles in each bag. And

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Speaker 6: a bundle, as I'll point out, is what you see

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Speaker 6: in these containers. They look like little bricks.

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Speaker 2: It like a brick of cash, like a brick of.

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Speaker 6: Cash, and it is ten straps of one hundred notes,

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Speaker 6: so one thousand notes per bundle or brick as it

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Speaker 6: looks like. And so we open those deposits up, we

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Speaker 6: make sure we have the correct number of bundles, and

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Speaker 6: this is where we're entering in the deposit ticket, and

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Speaker 6: we're making sure that all of the account is correct

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Speaker 6: at the bundle level and then all of the work

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Speaker 6: out of these rooms gets stored by denomination into containers

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Speaker 6: where they will be stored in vaults until it's time

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Speaker 6: for their piece count verification.

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Speaker 2: We make our way through more long, stretching hallways until

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Speaker 2: we get to a room where there are a couple

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Speaker 2: of workers sorting through a bunch of cash, and most strikingly,

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Speaker 2: a big machine that takes up most of the room

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Speaker 2: with a computer on the left side and stacks of

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Speaker 2: money neatly sitting on top of the tables. They call

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Speaker 2: this a high speed room.

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Speaker 4: And what's specifically and.

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Speaker 2: That's the sound of cash being that is hard measured.

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Speaker 6: That is the sound of the currency going into the machine,

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Speaker 6: and it's singling those notes. So there's stacks of hundreds, right,

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Speaker 6: they're going into that machine and they're kind of getting

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Speaker 6: stacked on a rake, and it is really pulling those

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Speaker 6: notes at rapid pace and then sending them singly one

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Speaker 6: by one through the machines.

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Speaker 1: So it's not quite fed money intergo burr, but it

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Speaker 1: is a high speed money processor go burr.

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Speaker 2: Some people are going to be disappointed that the FED

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Speaker 2: is not literally printing the cash.

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Speaker 6: Certainly, we're imaging every strap that comes in here on

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Speaker 6: the currency, so that information relates back to the banks

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Speaker 6: that's sent it in, so we have that information. If

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Speaker 6: there's any disputes, we certainly send that out to our

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Speaker 6: financial institutions. The machine will cut the straps off and

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Speaker 6: then take each individual note, run it through our sensors,

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Speaker 6: and it will make rapid decisions on whether it is

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Speaker 6: fit for circulation or it would be shred or if

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Speaker 6: it needs to have another look.

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Speaker 1: So the sensors would be looking for things like if

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Speaker 1: there's a mark on it, or a terror or that

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Speaker 1: sort of thing.

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Speaker 6: Correct, it's checking the fitness level, so is it clean,

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Speaker 6: is it soiled. It's checking the authenticity of it. It

286
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Speaker 6: is checking that it's the correct denomination. So it's looking

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Speaker 6: at all of those things very rapidly.

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Speaker 2: Does human judgment ever come into this or can it

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Speaker 2: just be one hundred percent determined?

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Speaker 6: So any items that are rejected on the machine will

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Speaker 6: go to a secondary process where the operators will handle

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Speaker 6: notes by hand. They will feed them again through another

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Speaker 6: set of sensors and it'll take that read. But the

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Speaker 6: end determination on things like counterfeits are our staff are

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Speaker 6: trained on counterfeits, they're tested on counterfeits, and they do

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Speaker 6: make those decisions as they're looking at those notes. So

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Speaker 6: as you can see the large machine we talked about

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Speaker 6: here at the end of the machine, and this tube

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Speaker 6: that's going up into the ceiling, you can see the

300
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Speaker 6: fluttering in that clear window looks like a bank drive

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Speaker 6: up tu more pharmacy tube. That's where the shreds are

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Speaker 6: exiting our floor to go to our bricketder. That's what

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Speaker 6: it sounds like when they don't roll straight.

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Speaker 4: Notice the wall guards.

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Speaker 6: We have our bumpers for a reason.

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Speaker 1: What happens to all the shredded money? I know you

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Speaker 1: sell some in like the gift shops.

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Speaker 4: Well we give it a well give it away, Well.

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Speaker 1: We definitely want some. But like what happens to the

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Speaker 1: majority of it Here.

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Speaker 6: It's sent out for recycling. Most FED offices send it

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Speaker 6: out to be recycled.

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Speaker 2: Recycled back into future bills.

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Speaker 6: No, here it's turned into some sort of fuel. We

315
00:17:15,960 --> 00:17:19,080
Speaker 6: send it out and at other feds it's different to

316
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Speaker 6: know one of the fed's condos.

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Speaker 2: Once the cash is all processed and sorted, it gets

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Speaker 2: stored in the bank's vaults.

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Speaker 1: And these vaults are huge. They look straight out of

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Speaker 1: a movie, think Ocean's Eleven, but bigger.

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Speaker 4: So as we locked it in, you got to lower

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Speaker 4: the floor or the door cannot shut.

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Speaker 2: Each door weighs like eighty thousand pounds and you have

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Speaker 2: to drop the floor to actually be able to open

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Speaker 2: and shut them. So you just sort of have envision that.

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Speaker 4: If they tell you to keep your hands and arms

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Speaker 4: inside the car at all times, you do it.

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Speaker 7: In this one, the vaults are over one hundred years

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Speaker 7: old now, and it took over two hundred and twenty

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Speaker 7: trips to transfer the Chicago Fed's entire cash holdings from

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Speaker 7: their previous location to this new site.

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Speaker 2: You know, the wheel gets turning, relaxing in place.

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Speaker 4: Yeah, it's got kind of a master and commander's ship

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Speaker 4: wheel field to it.

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Speaker 2: And what's the combination to a man, there's multiple. Now

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Speaker 2: we turn the dials on the combination so that way

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Speaker 2: it sets it back for the next business day, so

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Speaker 2: no one could just come.

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Speaker 7: In and open it.

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Speaker 2: As we walk around these halls. Down deep in the basement,

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Speaker 2: they're screens showing live streams of outside of the FED.

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Speaker 2: Bill You could see the streets and sidewalks outside the bank.

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Speaker 1: Why is that showing a video of the outside.

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Speaker 6: So that is what we call the windows to the world, because,

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Speaker 6: as Austin mentioned, we are in the basement and we

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Speaker 6: want to know if it's raining, and instead of calling

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Speaker 6: Austin to ask him if it's raining, we have our

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Speaker 6: own windows.

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Speaker 4: We don't have windows. We got a second basement, a

350
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Speaker 4: third basement, and you want to know is it's sunny.

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Speaker 6: Or Okay, So we're gonna come around the corner here

352
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Speaker 6: and then we're gonna step inside. This is considered a

353
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Speaker 6: working vault, so you follow me in.

354
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Speaker 1: It's the vaults, oh my gosh.

355
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Speaker 6: And so what we have in here are two more

356
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Speaker 6: paying rooms, just like we talked about outside, and then

357
00:19:49,560 --> 00:19:52,840
Speaker 6: this vault it has these working rooms and then we

358
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Speaker 6: have inventory storage. You can see some of our leadership

359
00:19:56,480 --> 00:19:59,560
Speaker 6: is in here doing some work right now. But this

360
00:19:59,680 --> 00:20:02,960
Speaker 6: is where we have the new inventory stored, as well

361
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Speaker 6: as some fit inventory and some of the orders that

362
00:20:07,160 --> 00:20:09,679
Speaker 6: will go out tomorrow. Where the smell is.

363
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Speaker 4: The strongest, right, Yeah, you just smell that smell.

364
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Speaker 3: This is a fresh money.

365
00:20:14,560 --> 00:20:15,920
Speaker 4: That's fresh money.

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Speaker 1: The smell fresh money in the morning.

367
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Speaker 2: This is probably what I remember most about the experience,

368
00:20:22,440 --> 00:20:25,040
Speaker 2: the smell of new money. This is where the FED

369
00:20:25,160 --> 00:20:27,399
Speaker 2: keeps bills ready for distribution to banks.

370
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Speaker 1: Yeah, in a room with millions of dollars in it,

371
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Speaker 1: that smell is strong. This is the room where you

372
00:20:33,680 --> 00:20:37,600
Speaker 1: really get to appreciate the physical aspects of money, because,

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00:20:37,840 --> 00:20:40,800
Speaker 1: as it turns out, dollars aren't just green. When they're

374
00:20:40,840 --> 00:20:43,439
Speaker 1: all stacked up, you start to see there's a whole

375
00:20:43,560 --> 00:20:47,320
Speaker 1: range of colors in there. And of course there's that smell.

376
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Speaker 4: It's a good smell.

377
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Speaker 6: Yeah, And it's funny for the longer you work here,

378
00:20:51,800 --> 00:20:54,680
Speaker 6: there is a thing really about nose blind because oh,

379
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Speaker 6: I've heard you. You don't really pick it up as

380
00:20:56,800 --> 00:20:59,200
Speaker 6: much anymore as our visitors are always like, what is

381
00:20:59,280 --> 00:20:59,680
Speaker 6: that smell?

382
00:21:00,880 --> 00:21:01,080
Speaker 1: Yeah.

383
00:21:01,800 --> 00:21:05,280
Speaker 4: I went to the bureau engraving and printing. One of

384
00:21:05,400 --> 00:21:08,879
Speaker 4: my quests was where does this smell? Command is it?

385
00:21:08,960 --> 00:21:12,359
Speaker 4: The paper is in the wood and there are big

386
00:21:12,520 --> 00:21:14,000
Speaker 4: buckets of the green ink, and.

387
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Speaker 3: I to go.

388
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Speaker 4: I was like, that's it.

389
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Speaker 2: That's the smell.

390
00:21:17,600 --> 00:21:20,080
Speaker 1: And this room is where the fit money, All the

391
00:21:20,119 --> 00:21:23,040
Speaker 1: stuff that's been processed by the high speed machine gets

392
00:21:23,040 --> 00:21:23,840
Speaker 1: paid out chines.

393
00:21:23,920 --> 00:21:27,600
Speaker 6: That machine creates fit inventory, and that's on the right

394
00:21:27,640 --> 00:21:28,920
Speaker 6: side of the room. Here on the left side of

395
00:21:28,960 --> 00:21:31,800
Speaker 6: the room. Are there orders that they're going to be

396
00:21:31,880 --> 00:21:36,679
Speaker 6: paying out tomorrow, So our allocator will pull the orders

397
00:21:36,960 --> 00:21:40,240
Speaker 6: like a grocery list. Those orders get downloaded. We have

398
00:21:40,320 --> 00:21:43,000
Speaker 6: a list of how many bundles they want of each denomination.

399
00:21:43,359 --> 00:21:45,119
Speaker 6: We'll fill it like a grocery list. They'll put the

400
00:21:45,119 --> 00:21:48,720
Speaker 6: inventory on the table and then the verifier will confirm

401
00:21:49,200 --> 00:21:53,199
Speaker 6: blindly that count will enter that work in. Once that

402
00:21:53,320 --> 00:21:56,040
Speaker 6: count is balanced, they will bag it and tag it,

403
00:21:56,119 --> 00:21:59,560
Speaker 6: put into their containers by armored carrier, and then that

404
00:21:59,640 --> 00:22:02,720
Speaker 6: work get stored in the vaults overnight and tomorrow will

405
00:22:02,840 --> 00:22:05,240
Speaker 6: be taking it up to where we do our transfer process.

406
00:22:05,840 --> 00:22:08,240
Speaker 4: Mike will have the exact numbers. But we pay out

407
00:22:08,320 --> 00:22:10,480
Speaker 4: probably one hundred forty million.

408
00:22:10,200 --> 00:22:12,440
Speaker 5: A day, hundred thirty five million a day, one hundred.

409
00:22:12,240 --> 00:22:15,639
Speaker 4: Thirty five million a day, and we take in one

410
00:22:15,720 --> 00:22:18,680
Speaker 4: hundred million or nineteen one hundred nineteen million a day.

411
00:22:19,240 --> 00:22:21,360
Speaker 4: And then you say, wait a minute, how how can

412
00:22:21,400 --> 00:22:23,000
Speaker 4: you pay out more than Again, it is because we

413
00:22:23,040 --> 00:22:26,560
Speaker 4: get new money shipped in from Bureau of Graving and Printing.

414
00:22:27,440 --> 00:22:30,640
Speaker 1: And it all comes full circle. The Bureau of Engraving

415
00:22:30,720 --> 00:22:33,480
Speaker 1: and Printing, which has facilities in Washington, d c and

416
00:22:33,520 --> 00:22:36,359
Speaker 1: fort Worth prints the money. They ship it to the

417
00:22:36,359 --> 00:22:39,440
Speaker 1: reserve banks, where this whole process takes place, and then

418
00:22:39,440 --> 00:22:42,920
Speaker 1: those bills go out to banks ATMs or wherever you're

419
00:22:42,920 --> 00:22:43,960
Speaker 1: getting your cash money.

420
00:22:44,400 --> 00:22:46,600
Speaker 2: The life cycle of a bill is pretty interesting.

421
00:22:47,160 --> 00:22:51,000
Speaker 4: That's where the money is printed. They put it on pallets,

422
00:22:51,359 --> 00:22:56,760
Speaker 4: They ship it to the reserve banks, and we receive

423
00:22:56,840 --> 00:23:00,600
Speaker 4: it and you'll see it. It'll circulate for a few times.

424
00:23:00,960 --> 00:23:06,640
Speaker 4: It will come back to the FED for processing. As

425
00:23:06,680 --> 00:23:09,919
Speaker 4: it gets spent. They it goes to a bank. The

426
00:23:09,960 --> 00:23:12,159
Speaker 4: bank puts it in the positi. They'll send it to

427
00:23:12,200 --> 00:23:14,680
Speaker 4: us and say we got too much currency credit. Our

428
00:23:14,840 --> 00:23:18,280
Speaker 4: deposit account. Will count it, run it through the high

429
00:23:18,320 --> 00:23:23,760
Speaker 4: speed machine. If it's too dirty, will shred it. If

430
00:23:23,800 --> 00:23:27,440
Speaker 4: it's fine, we'll bundle it up, put it in a package,

431
00:23:27,440 --> 00:23:29,480
Speaker 4: and send it out to the next bank that needs

432
00:23:29,520 --> 00:23:33,040
Speaker 4: more cash for their ATM. And that's kind of the cycle.

433
00:23:33,080 --> 00:23:37,080
Speaker 4: The money comes in, gets stuck in the vault, goes

434
00:23:37,119 --> 00:23:40,320
Speaker 4: out the next day or whenever people want it, and

435
00:23:40,359 --> 00:23:44,040
Speaker 4: it's supplemented by the new money that comes from bureau

436
00:23:44,040 --> 00:23:44,960
Speaker 4: engraving and printing.

437
00:23:45,280 --> 00:23:47,600
Speaker 5: In terms of a life span of a dollar bill

438
00:23:47,680 --> 00:23:50,960
Speaker 5: or currency, it ranges somewhere from the one dollar bill.

439
00:23:51,000 --> 00:23:53,720
Speaker 5: I think last an average is six point six years

440
00:23:53,720 --> 00:23:56,199
Speaker 5: out in circulation versus as you can imagine, the one

441
00:23:56,240 --> 00:24:00,280
Speaker 5: hundred dollar bill less used probably more of those people

442
00:24:00,280 --> 00:24:02,479
Speaker 5: to keep it in their homes under mattresses or whatever.

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00:24:02,960 --> 00:24:06,400
Speaker 5: That circulates every twenty two point nine years, So quite

444
00:24:06,400 --> 00:24:08,560
Speaker 5: a bit of difference, but it varies based on the denomination.

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00:24:14,800 --> 00:24:18,840
Speaker 2: There's supposed to be a strip. Yeah, you can.

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00:24:18,720 --> 00:24:23,360
Speaker 4: Say it's green. If you put the UV light right

447
00:24:23,440 --> 00:24:26,800
Speaker 4: up against it, it gets brighter. But there's a green strip.

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00:24:27,080 --> 00:24:27,600
Speaker 2: I don't know.

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00:24:28,080 --> 00:24:30,800
Speaker 1: I hope. We end our tour at the Chicago Fed's

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00:24:30,960 --> 00:24:34,040
Speaker 1: Money Museum, which is both fun and even though it's

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00:24:34,080 --> 00:24:36,719
Speaker 1: about money, it's actually free to enter and you can

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00:24:36,800 --> 00:24:38,600
Speaker 1: learn even more about cash.

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00:24:38,760 --> 00:24:39,040
Speaker 6: Yeah.

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00:24:39,119 --> 00:24:41,760
Speaker 2: So if you're ever wondering which of the twelve Fed

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00:24:41,800 --> 00:24:44,320
Speaker 2: banks your money comes from, if you look at the bill,

456
00:24:44,400 --> 00:24:47,240
Speaker 2: you see a big letter printed on each note on

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00:24:47,280 --> 00:24:49,080
Speaker 2: a one dollar bill, it's just to the left of

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00:24:49,119 --> 00:24:50,400
Speaker 2: George Washington.

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00:24:50,560 --> 00:24:54,680
Speaker 4: F Who's f that's Atlanta. This is Atlanta money. No wonder,

460
00:24:54,720 --> 00:24:59,320
Speaker 4: it's not no wonder, it's not there. So you can

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00:24:59,359 --> 00:25:03,280
Speaker 4: see the in the corner that's the equivalent of the G.

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00:25:04,160 --> 00:25:06,840
Speaker 4: They don't want to. So B would be the second district,

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00:25:06,880 --> 00:25:09,760
Speaker 4: that'd be in New York. C C would be third district.

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00:25:09,840 --> 00:25:14,119
Speaker 4: So is that Philadelphia? I think it might be Philadelphia.

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00:25:14,200 --> 00:25:17,320
Speaker 2: Each letter corresponds to the regional Fed that it passed through.

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00:25:17,440 --> 00:25:19,880
Speaker 2: So if you're wondering what the Chicago Fed is, that's

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00:25:20,000 --> 00:25:23,280
Speaker 2: G that's Chicago money. So the Chicago Fed will put

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00:25:23,320 --> 00:25:25,639
Speaker 2: in an order with the Bureau of Engraving and Printing

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00:25:25,680 --> 00:25:28,000
Speaker 2: for new cash, and that money will be made and

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00:25:28,040 --> 00:25:29,160
Speaker 2: sent to the Chicago Fed.

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00:25:29,520 --> 00:25:31,600
Speaker 1: And let me tell you, Joe, I will never look

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00:25:31,600 --> 00:25:34,800
Speaker 1: at cash the same way again. I will annoy everyone

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00:25:34,920 --> 00:25:37,159
Speaker 1: that I know by telling them which Fed, bank or

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00:25:37,240 --> 00:25:38,280
Speaker 1: money came from.

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00:25:38,600 --> 00:25:40,679
Speaker 2: And with that, our tour comes to an end and

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00:25:40,720 --> 00:25:44,080
Speaker 2: we're thrown back out into the real cashless world and

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00:25:44,119 --> 00:25:45,440
Speaker 2: we are blinded by the sun.

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00:25:45,880 --> 00:25:48,959
Speaker 1: Yeah, but we learned a lot. And how many people

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00:25:49,080 --> 00:25:52,080
Speaker 1: actually get to say they've seen billions of dollars in

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00:25:52,160 --> 00:25:55,160
Speaker 1: cash without doing something illegal?

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00:25:55,400 --> 00:25:57,639
Speaker 2: All right, Tracy, I am ready for my waffles and

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00:25:57,720 --> 00:25:59,400
Speaker 2: dance party that let's go.

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00:26:07,600 --> 00:26:12,560
Speaker 1: Special Thanks to Austin Goolsby, Mike Kepler, Amy Alvarado, Mark Peters,

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00:26:12,640 --> 00:26:15,560
Speaker 1: and the staff at the Cash Operations Department of the

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00:26:15,680 --> 00:26:16,480
Speaker 1: Chicago Fed.

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00:26:17,440 --> 00:26:20,359
Speaker 2: This special look aside How the fit Stash is Cash

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00:26:20,480 --> 00:26:23,960
Speaker 2: was written by Tracy Alloway and Carmen Rodriguez. I'm Jill

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00:26:24,000 --> 00:26:27,879
Speaker 2: Wisenthal and together with Tracy, we co host the Odlots podcast.

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00:26:28,160 --> 00:26:30,679
Speaker 2: Carmen produced this episode with the help of dash El

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00:26:30,680 --> 00:26:34,160
Speaker 2: Bennett and Cal Brooks. Blake Maples is our sound engineer.

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00:26:34,400 --> 00:26:37,760
Speaker 2: Brendan Newnam is our executive producer. Sage Bauman is the

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00:26:37,760 --> 00:26:39,120
Speaker 2: head of Bloomberg Podcasts.

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00:26:39,640 --> 00:26:42,920
Speaker 1: If you enjoyed this special Odlots episode, then please leave

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00:26:43,000 --> 00:26:46,800
Speaker 1: us a positive review on your favorite podcast platform. Thanks

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00:26:46,800 --> 00:27:04,720
Speaker 1: for listening. Not in Ins