Counterfeiting isn’t free money, it is theft. The money illicitly printed by counterfeiters doesn’t rest on any value produced, and will therefore deplete the value of dollars honestly earned by individuals and businesses. Counterfeiting therefore has a dual cost: a direct cost, with large R&D expenditures to protect the currency, and an indirect cost to the economy, by reducing the value of money.
With the economic interactions of mankind, money came around quickly – 2000 BC, per some historians. And with money, came theft. And with theft came violence, murder, property damage, evidence tampering, increased security costs and, most of all, fake money, which has taken every form, including electronic. It didn’t take long for nefarious individuals in every country to realize that it has more profitable to print fake bills than to earn money.
Every week, in Florida alone (1), approx. 70 000 counterfeit dollars are singled out and taken out of the market. And the number of arrests for banknote-forging has been on a steady rise since the year 2000. Fake money does have a cost, of course. But if it has a cost for central banks and secured printing firms who must always find more advanced ways to safeguard their paper from fraud, it has the same cost for counterfeiters – if not more, since they must operate in clandestine circumstances. It takes a large technical apparatus and top expertise to forge actual bills. It is in fact almost the name of the game to make money counterfeiting as least lucrative as possible, by adding security feature so complex they kill the profitability of the fraud.
Precisely, the first and main cost of fake bills lies in the amount of necessary technology to be injected into the notes. By working every aspect of the banknotes (ink, paper, design, security features), the cost of producing a reliable currency is greatly increased by the central banks who purchase the currency from printers. But there is an additional cost to the citizens who use the currency, and it is doubly insidious. First, their money will be worth less because of fraud. Second, they will be tempted to mover their operations towards electronic currency, which seems more secure but is in fact more liable to fraud. Third, whenever the bill is detected as forged – statistically more often when held by low-wage earners who resort more to cash and less to debit cards – the bill will be deemed worthless and refused. Malcolm Farr, analyzing money counterfeiting in Australia, says (2) “Fake currency is being found in restaurants and supermarkets and often it’s a low income earner — who is less likely to use a credit card — who is the loser.”
To tackle this economic disease, a retaliation triangle was set up: Prevention, detection and repression. Prevention is mostly the printer’s responsibility. Firms, such as Oberthur Fiduciaire (in charge of printing some of the euro banknotes (3)), oversee designing and producing banknotes. But they’re also responsible for creating a banknote nearly impossible to forge, by embedding as many security features within it. Many patents were registered by Oberthur Fiduciaire, for example, to uphold and protect banknote integrity in its finest details: Starsheen® (Security feature based on liquid crystal technology allowing brilliant and easily recognisable colorshifting effects), Labyrinth ® (Security background pattern against copying and scanning) or Diaphan® (New generation see-through public recognition security feature, combining iridescence and offset printing), and many others. Every time a new security feature is produced, money counterfeiters must reverse-engineer it before they can try to produce decent-quality forgeries. If the feature is solid, by the time the forgers crack it, a new feature will be produced. Thomas Savare, Oberthur Fiduciaire CEO, rightly considers that the fight against fake money is therefore an ongoing race.
Detection is made by banks (which scan the bills that come in) and retail (4) shop owners, who sometimes run a UV lamp over the notes they receive, so as to check their authenticity. If a concentration of forged banknotes is found in an area, it will trigger an investigation. Julie Zeveloff, executive editor of Business insider, gives a list of tips (5) to help counterfeit note detection : “Bills are printed with a security thread embedded in the bill rather than printed on it. The threads are clearly visible when the bill is held up to the light […] The threads also glow blue when held under a UV light.”
Finally, repression is made solely by government agencies. Since forging actual banknotes is considered a direct attack on the State, it is punished far more harshly than electronic fraud, which targets only private citizens and can be fragmented into small under-radar-cover misdemeanours, while yielding far more return in the end. Depending on the country and the magnitude of the fraud, sentences can be maximal: forged money can earn its creator 20 years of prison in the United States, a lifetime in Japan, and death in China.
This triple-set for fighting counterfeit money seems to work quite well, as counterfeit money circulating in the world is estimated to be under 0.1%, a rate far too low to incur economic danger for economies. But fraud has incurred defiance towards hard currency: “demand for banknotes is found to decline following a counterfeiting shock, consistent with a loss of confidence in the currency”, explains a study (6) from Reserve Bank of Australia, written by Nathan Viles, Alexandra Rush and Thomas Rohling, and entitled “The Social Costs of Currency Counterfeiting”. And vacuum was quickly filled by the emergence and generalization of electronic payment. The enormous surge in online fraud has now made electronic payments less safe than actual currency in bills or coins. It might seem at first glance it’s part of a general plan among thieves: to coax the public towards more electronic payments, where fraud is easier.
So, the expenses committed to protecting hard currency will make even more sense, if economies revert slowly back to hard cash, in the face of mounting online fraud. The securing of cash is therefore as vital as ever. Ewan Ogilvie, MD of Your Cash Europe Ltd, a European ATM provider, insists (7) upon it: “For small businesses, independent retailers and micro-businesses, cash is an absolute necessity for customer transactions, paying bills and employees”. It is vital for these companies that cash be protected, or the cost will be even higher than the price of protecting it today.
Experiencing Success After You Graduate
The university and college experience can be so long and complex that you get completely caught up in it. It’s fully immersive. So, when you graduate, you can easily feel completely disoriented and lost. Very few people walk straight out of their graduation and immediately into their first job. Instead, you’re going to have to find your feet and put a whole lot of effort into your own success. The steps you’ll need to take will vary depending on where you want to go and what you want to do. But the following pieces of advice can help you to get started out on the right track, regardless of what you want to do. Hopefully, they’ll come in useful for you!
Research Success Stories in Your Chosen Field
Whatever field you’re interested in entering, chances are, there are some pretty big success stories. Take a look at people who inspire you within your area of specialism. Who are they? How did they get to where they are now? What did they do after they graduated? This can help to inspire you and to give you some key tips that could really help you to follow in their footsteps. Remember that you are standing on the shoulders of giants. You can learn from the greats that came before you to further excel in the role or industry you’re determined to experience success in. If you’re interested in starting a business, take a look at Phillip Kingstons journey at phillipkingston.com. If you’re interested in politics, read the biographies of great political leaders. If you’re interested in art, read the life stories and approaches of some of the greats. There’s all sorts of guidance and inspiration out there.
Use Your College’s Resources
Just because you’ve graduated doesn’t mean you’re immediately cut off from all of the resources that have been available to you at your college or university. Make sure to use the resources available to you for as long as they’re available to you. Many colleges offer training and classes on job hunting. This can include finding positions that suit your skills and experience, CV writing skills, interview skills and much more. These resources may seem basic and common sense, but you can actually learn a whole lot more than you’d imagine from them. You never know what tiny piece of advice could make all the difference to your entire career path.
When you start applying for jobs, you need to develop a tough skin. Few people land the first job they apply for. Even fewer will be offered every position they apply for. You need to be prepared for some level of rejection and you need to make sure that you are persistent when faced with disappointment. Keep going and you’ll eventually land the kind of position you have your sights set on.
Of course, different areas of specialism will require different steps in the process. But the above advice should help regardless of what you plan to do. Keep it in mind and you should do well!
Careers An MBA Can Open Up For Engineers
If you are an engineer wondering what your next career step should be, it can seem as though the opportunities are almost endless!
On the one hand, you could continue to improve on your technical abilities and become a specialist in one particular area. This can be a highly lucrative strategy, and one that appeals to people who know which work they love to do and just want to learn more about it.
On the other hand, you could broaden your skill base and give yourself a wider range of career opportunities by undertaking an MBA. This is a great option for people who are looking to diversify their skills and introduce some new kinds of work into their day, and give themselves a great career outlook into the bargain.
MBAs can provide you with a huge number of skills that are applicable in multiple industries.
An MBA will teach you about things like budgeting, strategising, accounting, financial management, system models, people management, marketing and business structures. These are all skills which can be highly beneficial in a number of industries or even for starting a business of your own!
Another great benefit of an MBA is that you will get to study alongside people who are also looking to accelerate their own careers. This means that you will make contacts who will not only become useful friends and a useful support network as you embark on the next stage of your career, but you will meet a huge array of people who you can learn from in unexpected ways.
The exact modules that you study will of course be dependent on which MBA course you choose to take up. If you are considering taking up an MBA in order to further your engineering career, then it’s worth researching MBA courses that are designed with engineers in mind. You can find out more here if this is something that appeals to you.
Read on to find out what careers an MBA could open up for you.
Engineering operations director
The three main skills that you’ll need to work as an engineering operations director are:
- Analytical skills. The ability to gather and interpret data.
- Math skills. The ability to perform addition and subtraction but also to visualise data.
- Communication skills. The ability to clearly communicate your thoughts, opinions and ideas to those around you using a variety of methods, including presentations, via email and in person.
The average salary for an engineering operations director is $129,001 so it’s definitely a well paid position!
The main purpose of the role is to lead a cross-functional team to achieve the objectives that your department has been set. To succeed in this role it’s important that you have a good knowledge of engineering processes and engineering equipment, as you will be the one providing the overall strategy to your team on what needs to be done.
You will be responsible for the budget of your department and you will need to report regularly to your management on expenditure and progress. You will also devise and implement strategy for improving the performance of your department, as well as having an overall understanding of all the projects that are happening within it and ensuring that they are completed on time.
Vice president of engineering
A VP of engineering is part of the management team. As such you won’t get too involved with engineering, but you will get involved with solving logistical problems, dealing with personnel and working out budgets.
It’s an incredibly well paid job. The average salary is $170,000 per year, and at the higher end of the spectrum some VP’s of engineering are paid $270,000.
Your actual duties will vary significantly depending on the company you are working for. Engineering is a field that is hugely diverse, so the nature of the projects that you are overseeing will differ between companies. Whatever the company you are working for, you will be working in upper management. You will work alongside the president, product managers and other management staff in order to plan and oversee all aspects of engineering goals and operations within your company. You will ensure that the appropriate planning and testing procedures are in place to ensure that you deliver quality projects on time.
Generally you will spend a lot of your time in meetings, liaising with staff and ensuring that deliverables are met. You’ll also use your engineering knowledge to carry out site inspections, to ensure that everything is working as it should be and that everyone is working safely.
Engineering project manager
If you’ve worked in engineering you’ve no doubt come across your share of project managers! A project manager is used every time an engineering project is embarked on, it will be up to them to gather the requirements, see what is feasible and then plan out the project. They will then keep a continuous eye on the project to ensure that it is being delivered on time and within budget.
Having an engineering background is helpful if you want to work in engineering project management, because it means you will have a good instinct for what is possible within certain timeframes and budgets. However, collaboration with others will be a key part of your job. It’s essential that you have excellent communication and organization skills, so that you can keep the project team working together effectively.
The average salary for an engineering project manager is $140,760, although this varies hugely depending on the company you are working for.
Project managers have a varied and fulfilling career because they will spend their time working on a lot of different projects, meaning that they are always solving new problems and learning new things! In addition to this, project management is a field that can work really well as a freelance career. Many businesses prefer to bring in highly experienced contract project managers if they have a requirement for a fixed amount of time, as it means that they can more easily budget for the project in question. If you choose to work in this way the rewards can be even greater than the already generous salaries available to salaried engineering project managers.
The budgeting, forecasting, analytical and communications skills that are a key part of an MBA will give you the skills you need to complement your engineering background and create a fulfilling career as an engineering project manager.
CEO of your own company
As well as allowing you to work in a high level management or project position, obtaining your MBA could be your next step in becoming CEO of your own company!
Engineers are naturally analytical and great at making predictions and solving complex problems. These are all qualities that are highly valuable in a CEO. Combine the advanced business and strategic knowledge that can be gained from an MBA and you’ve got a pretty unstoppable combination.
A great example of an engineer who studied for his MBA and used this advanced knowledge to allow him to chase his dreams of being an entrepreneur is Rob Deering, founder of Australia’s Meet Billy.
Meet Billy is an app that allows older people to continue to live in their homes for longer. The basic idea is that the users daily activities are logged into an app. If they miss an expected activity then their family or carer can see this and be notified more quickly if something has happened.
The app works by using a series of internet of things (IoT) sensors to find patterns of behaviors. Smart analytics can then read the expected versus the actual behaviors and identify any changes before they become serious or result in a medical emergency. The app is already proving to be highly popular amongst users.
Rob started his career with a degree in mechanical engineering. He then worked as a consultant for five years, before embarking on his MBA. He credits his MBA for opening his eyes to new pathways, especially those that combined his skills in engineering and in business.
If you are thinking of using an MBA to open up opportunities of starting your own business, it’s a good idea to have in mind the type of business that you would like to start before you begin researching MBA programs.
By doing this you can approach your chosen institutions with your idea and they can let you know how best they can serve you. It’s a good idea to find a programme where the modules on offer will directly benefit your future plans, so that you can apply them to your business idea as you learn.
If possible it’s also a good idea to find an MBA course where there are links to the industry in which you would like to work. This will mean that you can meet people who will be helpful to you, either as business contacts or as people who you can learn from.
Government Changing Syllabus to Include Sikh History in India
Chief Minister of Uttar Pradesh, most populous state in India, has announced inclusion of Sikh history in the state syllabus. Students of all schools under UP State Board will see the new chapters. The announcement came when Chief Minister Yogi Adityanath (BJP) was observing Sahibzada Diwas.
Why do we Observe Sahibzada Diwas?
Sahibzada Diwas marks the martyrdom of four ‘sahibzada’ (or sons) of Guru Gobind Singh (10th Sikh Guru) and his mother Mata Gujri. In the year 1705, Mughal Emperor Aurangzeb had ordered torturing of youngest sons of Guru Gobind Singh aged 5 and 8. He later executed the little sons by burying them alive into a wall. The reason for this act was that they refused to convert to Islam. Soon after this event Guru Gobind Singh’s mother, Mata Gujri also martyred her life under Aurangzeb’s captivity. The cause of her death is still unclear. Guru Gobind Singh’s other two sons martyred their life in the Battle of Chamkaur Sahib. Thus the 10th Sikh Guru, Guru Gobind Singh had lost his whole family by 27th December. This is an important event in the Sikh history in India and UP Government is finally keen on observing Sahibzada Diwas every year.
Why UP Government is Changing the Syllabus?
Soon after the independence of India in 1947, the school education came under tight grip of far left and communists. Most of the Indian history in the recent past has been written by Romila Thapar and Irfan Habib. They have close ties with left wing ideology and Irfan Habib has delcared himself as Marxist. They wrote history text books by either phasing out sections of Indian history or diluting certain events. The motivation to soft alter the history has been to propagate left-wing/communist ideology. Historian Koenraad Elst once highlighted that Romila Thapar is comfortable neither in Sanskrit nor in Farsi language. The knowledge of these two languages is a must to understand India’s history.
In the recent years, various public opinions have gained momentum to rewrite Indian text books to include more content on Indian rulers and native ideas. Currently, Indian text books mainly teaches about foreign rulers of India such as Mughals and British.
With this announcement of inclusion of Sikh history in history text books, the government is bringing historical facts in mainstream.
27th December as Real Children’s Day
Chief Minister Yogi Adityanath has also reached out to the Education Minister to declare Sahibzada Diwas as Children’s day. He further added that “The history of Sikh gurus will be a part of the syllabus. Apart from this, we should observe December 27 every year as Sahibzada Diwas in all schools. Today is the day to pay gratitude to the sons of the Guru and mother who martyred their lives for the motherland, country and religion.” Yogi Adityanath also said that “No society can move ahead if it forgets history. The Sikh society is known for its hard work. The Sikh gurus sacrificed their lives to defend the Hindu religion. The country will always remember this.”
Yogi Adityanath added that learning about the sacrifices by Sikh Gurus would inspire future generations to dedicate themselves into nation-building. He emphasized that we should make future generations realize that India and Indian culture was safe because of sacrifices of Sikhs.
What Should We Do On Sahibzada Diwas?
Sahibzada Diwas should be an important day for every Indian regardless of their region, culture or religion. On this day, we are in the Holiday mood as it falls right between Christmas and New Year’s eve. However, we should remember that a Guru and his entire family sacrificed their life for the well being of India and the idea of India.
On this day we can fast, do sewa (service), visit a nearby Gurudwara and sleep on the floor at night.
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