Good news, we're getting more efficient at sending out stimulus payments.

"As of January 15, the Bureau of Financial Services had disbursed over 133 million payments, ~90% of the total. Under the CARES Act, it took almost four months to distribute 90% of total payments."
I get this from a great paper by @_MurphysLaw_ that breaks down the data from last year's $1200 stimulus check blitz: brookings.edu/wp-content/upl…

Unfortunately, 9 million Americans still haven't received the $1200 stimulus they are entitled to. ⬇️

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More from @jp_koning

20 Oct 19
Nick has an interesting theory about why banknotes replaced coins. Technology made coin counterfeiting easier, he says, so people fled into banknotes. Otherwise they would have stuck with coins.

But it's wrong. 1/4
Government policies—not innovations in counterfeiting—explain the prevalence of fakes. In the UK the Royal Mint refused to coin copper, so the supply of change was worn-out & easily counterfeited. It didn't hire foreigners or adopt new technology, so its work was shoddy. 2/4
Once it was adopted, technology cut down on fakes by providing mints with a new set of defences:

-patterned edges
-elaborate engravings
-crucible steel
-striking in collar
-steam striking
-high reliefs
-die hubbing

I get this from @GeorgeSelgin's excellent book, Good Money 3/4
Read 4 tweets

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