The trip was well worth the cost especially since I was not responsible for anyone or anything but me. I got to appreciate sights on the trip that I've overlooked countless times because of my need to pay attention to the road. Another wonderful aspect of this trip was having the ability to interact with other adults who took a day off to learn something new. Because of this experience, I fully intend to participate in as many day trips that interest me as I can; and I wholeheartedly encourage everyone who reads this blog to try at least one.
The Detroit Branch of the Federal Reserve Bank of Chicago is a huge structure that is nestled in Detroit's near east side not far from the Eastern Market. It is super fortified yet beautiful. The inside is modern and tastefully adorned with several incredible works of art that were specifically commissioned for this facility. It also had a nice array of stylish yet practical furnishings. I saw two patios on the property and lots of windows.
We were told that this bank is the only Federal Reserve Branch that has been built since 9/11 so far. This bank was created to replace their former home on Fort Street. It is a three year old building and is in full compliance with every regulatory body that effects its operation. The Vault at this bank is four stories high (Think the Detroit Public Library), is completely automated, and normally holds more than a trillion dollars in cash (coins are counted separately) at any given time. Following are more interesting facts that I learned:
- Employees (save those who were appointed) of any Federal Reserve Bank are NOT employed by the U.S. Government.
- Federal police officers endure a more stringent application to hire procedure than an average State Police Officers.
- The Federal Government has their own SWAT team; and their team makes other special operations officers look like wussies (OK, that last part is my interpretation) for example:
- They have to be able to shoot anything smaller than a machine gun with both hands with equal precision,
- They have to be certifiably skilled in a grappling art.
- The 1,5, 10 and 20 dollar bills have an average life expectancy of 12 - 18 months. 2 dollar bills have an average life expectancy of 37 years - because people do not normally spend them. (I don't remember what the life expectancy of the 50 or 100 dollar bill is.)
- The 100 dollar bill is the largest denomination of money currently in print in the United States. If you find old money of a larger denomination, it may take four or more months to be authenticated. (You may fare better attempting to sell it to a numismatist.)
- The vast majority of counterfeit U.S. money is made outside of the U.S.
- Every dollar that you deposit into any U.S. Bank can be traced back to you; so if you are unwittingly the depositor of any counterfeit money; you will ultimately have to bare the economic loss.
- Only one company supplies the paper that all legal tender is printed on.(I did not hear an explanation of where the term "Dollar Bills" came from.)
(YEAH - I'm talkin bout the D baby! )
I'm sure that I have not adequately conveyed to you my awe with the Federal Reserve System, her employees, or our money. Nor have I the ability to describe to you in this short blog the depth of insights and information I acquired from this visit. If you're interested in seeing what the inside of the Federal Reserve Bank looks like but don't have one near you so you can take a tour - watch the movie "Mad Money" It provides an amazingly precise representation of how old money is processed. Which is only one of the many functions of the Federal Reserve Bank of Chicago, Detroit Branch.. That's it for now.Money, money, money, money - sing it with me,
= ) Andrea
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