econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 28 January 2017

Historical Echoes: Tracking Money

from Liberty Street Economics

-- this post authored by Hayley Mink

Have you ever wondered where your dollars go when you spend them? Not in financial terms, but their physical location? Well, there's an app and a website for that.

Where's George? was created on December 23, 1998, by a Wharton MBA and database consultant named Hank Eskin, who created the site just “for fun and because it had not been done yet." In 1998 (historical for the internet), this was indeed new and original.

The site works two ways: You can register your $1 bill with the website, spend it, and then wait and see where it travels once another person enters its current location; Alternately, if you find a “Where’s George?" $1 bill, you can enter it into the website and see where it has traveled before you received it.

Perhaps what make these $1 bill entries so fascinating are the user’s comments. Users frequently mention the condition of the bill in addition to the type of transaction which resulted in their possession.

For the past eighteen years, this interest in tracking the journey of a dollar bill has remained steady. Thousands of bills are still entered daily and over 265 million entries have been logged to date. In addition to online tracking, “Georgers" are their own community and coordinate to meet each other at various national events or scheduled outings to socialize and spend their stamped “track my journey" dollars.

With this many entries, the project has quite a data set. In fact, these data drew the attention of researchers from Northwestern University when they noted some deficiencies in their own research which tracked movements of individuals on a global level. The George data had potential to shed light on local travel and bring in an interaction component that was missing in other data sets. Further research drawn from “Where’s George?" resulted in the researchers discovering “the scaling laws of human travel" and the ability to map movement within the United States.

The New York Times describes how Northwestern researchers furthered this work, using the data set in 2009 to track and predict outbreaks of the swine flu. An advantage of the “Where’s George?" data is that it represents actual face-to-face interactions which are ideal for the mapping of how influenza is transmitted.

One might wonder, if these dollars can tell us so much about migration and flu estimates, how long are they in circulation? The average lifespan varies by denomination, with a $1 bill lasting approximately 5.8 years and $100 bills hanging around for about fifteen years. Now that is a lot of hands touching that money!

From here, we can leap to a germaphobe’s nightmare. If there are that many people handling currency of a period of six years or so, can you imagine the amount of germs that might be on them? Approximately 3,000 types of bacteria, according to a Wall Street Journal article (subscription required) which quotes the New York University Dirty Money Project. If you thought those that had chrometophobia (fear of money) were irrational, perhaps you might reconsider. Researchers analyzed the genetic material on $1 bills and found:

the most abundant species … is one that causes acne. Others were linked to gastric ulcers, pneumonia, food poisoning, and staph infections, the scientists said. Some carried genes responsible for antibiotic resistance.

Other studies reinforce that money is quite dirty, but there’s not a whole lot you can do about it. Frequent hand washing after touching money is recommended and new payment alternatives come up every year such as debit cards, Apple Pay, Google Wallet, and Bitcoin. Still, it’s not quite as interesting as knowing where your $1 bill has been before.

Disclaimer

The views expressed in this post are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author.

Source

http://libertystreeteconomics.newyorkfed.org/2017/01/historical-echoes-tracking-money.html


About the Author

Hailey_minkHayley Mink is a research librarian in the Federal Reserve Bank of New York’s Research and Statistics Group.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.





Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Democratic Development Lowers the Cost of Credit
Is Growing Household Debt An Economic Counter-Dynamic?
News Blog
China's Continuing Credit Boom
Infographic Of The Day: Ten Interview Questions That Make You Sound Dumb
Early Headlines: Asia Stocks Down, Oil Up, Dollar And Gold Steady, UK Inflation, 'Moonlight' Wins Oscar, LSE Merger May Be Off, Greek Banks, India Going Green And More
Most Read Articles Last Week Ending 25 February
How British Businesses Helped The Confederacy Fight The American Civil War
Where You Can Surf A Lot For A Little In The EU
'I Can Live With Either One': Palestine, Israel And The Two-state Solution
Where Snapchat's Users Come From
What We Read Today 26 February 2017
INAUGURATION DAY: A Bad Lip Reading Of Donald Trump's Inauguration
Did The Dodd-Frank Act Make The Financial System Safer?
A Close Look At The Decline Of Homeownership - Part Five Of Five
Do Institutional Investors Chase Returns?
Investing Blog
The Week Ahead: Reality And Stock Prices
Snapchat Still Has Some Growing Up To Do
Opinion Blog
What Do You Call A Lie Constructed From Other Lies?
Why Winning The French Presidential Election Could Be A Poisoned Chalice
Precious Metals Blog
Deflation And Gold: A Contrarian View
Live Markets
24Feb2017 Market Close: Wall Street Rose From Session Lows To Close In The Green Near The Unchanged Line, Short-Term Indicators And Analysts Questioning Continuing Bull Run
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved