U.S. STOPS PRODUCTION OF HIGH-TECH 100-DOLLAR-BILL

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U.S. STOPS PRODUCTION OF HIGH-TECH 100-DOLLAR-BILL

 user 2010-12-14 at 8:16:47 am Views: 58
  • #24320

    http://www.advisorone.com/article/feds-report-major-problems-money-supply

    U.S. STOPS PRODUCTION OF HIGH-TECH 100-DOLLAR-BILL
    As
    a metaphor for our troubled economic and financial era — and the
    government’s stumbling response — this one’s hard to beat. You can’t
    stimulate the economy via the money supply, after all, if you can’t
    print the money correctly.

    Because of a problem with the presses,
    the federal government has shut down production of its flashy new $100
    bills, and has quarantined more than 1 billion of them — more than 10
    percent of all existing U.S. cash — in a vault in Fort Worth, Texas,
    reports CNBC.”There is something drastically wrong here,” one source
    told CNBC. “The frustration level is off the charts.”

    Officials
    with the Treasury and the Federal Reserve had touted the new bills’
    sophisticated security features that were 10 years in the making,
    including a 3-D security strip and a color-shifting image of a bell,
    designed to foil counterfeiters. But it turns out the bills are so
    high-tech that the presses can’t handle the printing job.

    More
    than 1 billion unusable bills have been printed. Some of the bills
    creased during production, creating a blank space on the paper, one
    official told CNBC. Because correctly printed bills are mixed in with
    the flawed ones, even the ones printed to the correct design specs can’t
    be used until they ‘re sorted. It would take an estimated 20 to 30
    years to weed out the defective bills by hand, but a mechanized system
    is expected to get the job done in about a year.

    Combined, the
    quarantined bills add up to $110 billion — more than 10 percent of the
    entire U.S. cash supply, which now stands at around $930 billion.The
    flawed bills, which cost around $120 million to print, will have to be
    burned.

    The new bills are the first to include Treasury Secretary
    Tim Geithner’s signature.  In order to prevent a shortfall,the
    government has ordered production of the old design, which includes the
    signature of Bush administration Treasury Secretary Henry Paulson. That,
    surely, is not the only respect in which the nation’s lead economic
    officials would like to turn back the clock to sometime before the 2008
    financial crisis.

    http://www.advisorone.com/article/feds-report-major-problems-money-supply