National / International News

Woman thought dumped dog was stolen

BBC - Fri, 2015-01-09 13:00
A woman says she left a dog tied up at a railway station with its belongings in a suitcase because she believed it had been stolen.

In pictures: London Boat Show

BBC - Fri, 2015-01-09 12:55
The 61st London Boat Show sets sail

New York Police Commissioner Confirms Work Slowdown By Officers

NPR News - Fri, 2015-01-09 12:54

But William Bratton tells NPR the issue was being corrected. The death of Eric Garner in police custody and the subsequent slaying of two New York City police officers has created a tense atmosphere.

» E-Mail This

Brothers charged with woman's murder

BBC - Fri, 2015-01-09 12:52
Police charge two brothers with the murder of a woman, who disappeared on Christmas Eve.

US bishop to face hit-and-run charge

BBC - Fri, 2015-01-09 12:40
Maryland's first female Episcopal bishop will face charges over a hit-and-run crash that killed a bicyclist in Baltimore, prosecutors say.

VIDEO: Paris attacks: Local residents react

BBC - Fri, 2015-01-09 12:36
Local residents from Porte de Vincennes in Paris - where an armed man held a number of people in a kosher supermarket - gave their reaction as the siege ended.

Congressional Budget Watchdogs Change The Way They Keep Score

NPR News - Fri, 2015-01-09 12:36

House Republicans voted this week to change the way Congress measures the effects of tax and spending bills.

» E-Mail This

Former 'Onion' Editor On Why We Need Satire

NPR News - Fri, 2015-01-09 12:36

Former Onion editor Joe Randazzo reacts to the attack of the French satirical magazine Charlie Hebdo this week.

» E-Mail This

Future Of Keystone XL Pipeline Back In Obama's Hands

NPR News - Fri, 2015-01-09 12:36

The U.S. House passed legislation to approve the pipeline on Friday and the Senate is expected to take up the issue in coming weeks. President Obama has threatened a veto. In the meantime, a legal challenge over the route the pipeline would take through Nebraska has been resolved — for now.

» E-Mail This

France Hostage Crises End After Chaotic Day

NPR News - Fri, 2015-01-09 12:36

A Paris neighborhood found itself at the center of a violent stand-off on Friday, with shoppers taken hostage at a local supermarket

» E-Mail This

First Amendment Arguments Overshadow Sterling Espionage Case

NPR News - Fri, 2015-01-09 12:36

Former CIA employee Jeffrey Sterling goes to trial next week on charges he violated his oath and leaked confidential information to reporter James Risen. But Sterling's legal plight is largely overshadowed by Risen's First Amendment arguments and media backlash to the Justice Department decision to subpoena him.

» E-Mail This

Los Angeles May Have Been A Safer Bet Than Boston For Olympics Bid

NPR News - Fri, 2015-01-09 12:36

The U.S. Olympic Committee surprised everyone by tabbing Boston as its bid to host the 2024 Summer Olympics. Robert Siegel talks with expert on all things Olympics, David Wallechinsky for some answers.

» E-Mail This

Week In Politics: New Congress, Keystone XL Pipeline, Paris Attack

NPR News - Fri, 2015-01-09 12:36

Melissa Block speaks with our regular political commentators, E.J. Dionne, of the Washington Post and Brookings Institution and David Brooks, of the New York Times. They discuss the new Congress, Keystone XL Pipeline votes and terror in Paris.

» E-Mail This

Hostage Sieges End In France, With Seven People Dead

NPR News - Fri, 2015-01-09 12:36

Police in France have ended both of the hostage sieges they were facing in and near Paris. Three gunmen are dead, along with four of the hostages.

» E-Mail This

As Rumors Spread, More Cubans Try To Reach The U.S. By Sea

NPR News - Fri, 2015-01-09 12:36

The Coast Guard has seen a spike in the number of Cubans trying to sail to Florida. The cause, it says, is a false rumor that the U.S. will soon change its policy toward Cubans who reach U.S. shores.

» E-Mail This

Aer Lingus rebuffs higher offer

BBC - Fri, 2015-01-09 12:30
Ireland's flagship carrier, Aer Lingus, has rejected a revised offer from British Airways owner IAG.

Glasgow Warriors 22-7 Scarlets

BBC - Fri, 2015-01-09 12:26
Glasgow Warriors go top of the Pro12 after a bruising win over Scarlets in driving wind and rain at Scotstoun.

Why are there so few $2 bills?

Marketplace - American Public Media - Fri, 2015-01-09 12:10

THE QUESTION:

Patricia Anita young of Minneapolis to ask, in essence, "What's the deal with $2 bills?" She wanted to know why they're so rare, if they are worth more than $2 and if the government will ever stop printing them.

WHY THE TWO IS SO RARE:

It wasn’t too hard to find the definitive expert on Toms — that's the nickname of the $2 bill thanks to the portrait of Thomas Jefferson that adorns them. John Bennardo, producer and director of an upcoming film called, "The $2 Bill Documentary," has done hours of interviews and gathered tons of research, so we took Patricia's question to him.

John says Tom's story starts in 1862, when the federal government printed its first nationalized paper bills. The $2 was in that first printing, along with the $1 bill, but it took a while for paper money to catch on.

That's because a lot of folks made less than $15 a month before the turn of the century. Inflation slowly brought the value of paper money down, but then the Great Depression hit. "This was a time when our country did not have much wealth and a lot of things cost less than a dollar," Bennardo says. "So the $2 bill really didn’t have much of a practical use."

The economy recovered, but the $2 eventually found itself in a strange price point. It became the the perfect note for some rather nefarious purposes. "Politicians used to be known for bribing people for votes and they would give them a $2 bill, so if you had one it meant that perhaps you’d been bribed by a politician," Bennardo says. "Prostitution back in the day was $2 for a trick so if you were spending two-dollar bills it might get you into trouble with your wife. $2 is the standard bet at a race track, so if you were betting $2 and you won, you might get a bunch of $2 bills back and that would show that you were gambling."

The 'Tom' got kind of a dirty rep, and over the years as inflation brought the value of the single and the two closer and closer together it became even less necessary. "Imagine if we had a $25 bill," Bennardo says. "Which one would you use the 20 or the 25? You probably wouldn’t use both."

Folks didn't see much use for poor ol' 'Tom,' and in 1966 the government decided to stop making it. Ten years went by with no twos.

But here's the thing, the $2 bill saved the government a bunch of money. "It’s more cost-efficient to print twos instead of ones," Bennardo says. "You can print half as many twos and get the same dollar amount."

Today, for example, it costs about 5 cents to make a dollar … and it costs the same amount to make a 2. Since the U.S. Bureau of Engraving and Printing presses upwards of 4 billion $1 bills a year, that adds up to a lot of ... coin.

In 1976, the Treasury decided it would take another shot at the $2 bill. It would order the Bureau to print a special bill for the country's bicentennial, with a big picture of the signing of the Declaration of Independence on the back. "They made 400 million of them and half as many ones," Bennardo says. "They saved themselves a lot of money."

The bicentennial bills turned out really nice. A little too nice, actually, "The way it looked, it was just so beautiful that people said this is a collector’s item, this is worth something more than $2. I’m going to save this," Bennardo says.

Much to the government’s chagrin, people put the fancy new 'Toms' in drawers and keepsake boxes, and passed them down to loved ones. Again, 'Toms' didn't catch on, and they've been a cherished rarity since.

BUT ARE $2 BILLS ACTUALLY RARE?

The answer depends on what you consider rare.

There are roughly 1.2 billion $2 bills in circulation right now, and they are still being printed. 75 million came off the press in the last 18 months, but in that same time, around 3 billion new 'Georges' have come into the world. Out of the $1.2 trillion worth of coins and bills in circulation right now, less than 0.001% are Toms. 

"When you compare that to other notes that’s rare," Bennardo says. But you can get twos at almost any bank, you just have to ask. 

And there’s a small subculture of $2 ambassadors who do just that. In his film, Bennardo interviews several people who get stacks of bills at a time and spend them, trying to keep the two alive. They keep up demand enough for the Federal Reserve to keep ordering them more, even if the number is small.

John says 'Toms' always get a reaction. Some people think they're fake, but usually they bring a smile. In fact, he says, sometimes a Tom will get you more than that. 

"If you start tipping waiters and waitresses and valets, they’re going to remember who you are and the next time you come in if you keep doing it, you’re going to get better service. This has been proven to me several times when I use them. It’s a way to get remembered, it’s a way to stand out.”

SO, HOW DOES THE GOVERNMENT DECIDE HOW MUCH OF A DENOMINATION TO PRINT?

“The Secretary of the Treasury can say, at any time, ‘I want a hundred million more $2 bills in circulation,” Bennardo says. “That can happen, but generally, it doesn’t work that way.”

Instead, most printing is based on a calculation of supply and demand. “The Federal Reserve has all kinds of tracking data they accumulate, he says. “They put together their print order annually and they put that through to the Bureau of Engraving and Printing who makes the money.”

One of the main bits of tracking data the Federal Reserve relies on to determine demand is called “destruction.” “Whenever you spend any cash and deposit it at the bank, the bank looks at it to determine whether it’s fit to return to circulation or not,” Bennardo says. “If you’ve folded up the bill or crumbled it or written on it or if it’s worn out, they’ll replace it.”

John says the banks then send the bills to the Federal Reserve where special equipment is used to test them. “They have a machine that checks them for fitness,” Bennardo says. “Just like a vending machine can check to see if a bill is real, they have more advanced machines that can tell you if a bill is fit or not fit to return to circulation.”

These days, the lifespan of a $1 bill is approximately 18 months, but because people generally put them away and don’t spend them, a $2 bill lasts around six years.

Since less 'Toms' need to be destroyed, less 'Toms' are made. 

THE BEST $2 BILL STORY WE COULD FIND

Originally Printed in the New York Times:

Myrta Gschaar recalls her parents’ saving $2 bills and half-dollar coins in a drawer at her childhood home; her mother earned many of them as a seamstress at a women’s underwear factory on Spring Street.

When her husband, Robert Gschaar, proposed to her at a restaurant on Wall Street in the late 1980s, he did not have an engagement ring to offer. He was a history devotee, and this would be the second marriage for them both. That night he pulled a pair of twos from his wallet, giving one to her. He explained that as long as they carried these twos, they would be united.

Four years after the Sept. 11 attacks, her husband’s remains had yet to be found. A special property recovery unit at the Police Department notified Mrs. Gschaar that it had recovered personal items of Mr. Gschaar’s at ground zero. The items were a wedding ring and a wallet containing a neatly folded $2 bill.

Continue reading...

Dozens of Cuban activists released

BBC - Fri, 2015-01-09 12:02
The Cuban government releases more opposition activists, in what is believed to be part of an agreement with the US to have diplomatic links restored.

US House passes Keystone pipeline bill

BBC - Fri, 2015-01-09 11:56
The US House has passed a bill approving the construction of the controversial Keystone XL pipeline.

Pages