Skip to comments.Government canít print money properly
Posted on 12/06/2010 1:54:07 PM PST by hattend
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
(Excerpt) Read more at news.yahoo.com ...
Be sure to check out the comments after the article. Some are funny.
The North Koreans seem to be pretty good at printing Benjamins. Why not pay them to do it for us? (Has anyone in Washington ever heard of a pilot run?)
They can’t spend it properly either................
now that’s funny :-)
Did anyone notice that they were attempting to print ONE BILLION $100 bills?
The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens...and does it in a manner which not one man in a million is able to diagnose.
Only a government agency is allowed to do full production run without running a test batch for Q/C.
If a fiat currency note is not in circulation, is it actual money?
Out of purely altruistic, patriotic motives, I volunteer to begin this horrendous task. I'll even work out of my own home.
Why would you want 1.1 billion $100 bills at Fort Knox?
That’s a good question. How about to stave off runs on local banks? This is just a contingency plan, but it makes me a bit uncomfortable. What do THEY think the probability is?
Turn the mis-printed money into ethanol! LOL.
Call North Korea, they have been doing a great job of copying the current $100.00 Bill. In fact so good that we had to go back to the drawing board, and come up with this new one.Go ahead and turn them loose, the blank ones will make great collectors items, and Korea won’t want to copy them... Start the presses.
Maybe we can subcontract printing to North Korea?
Hell, put him on the trillion dollar bill. You’ll need a wheel barrow full of them to get a loaf of bread.
He’s the American Mugabe... well, if he is American...uh...
Since nobody would know the difference between a fiat $20 dollar note in circulation and one of these fiat $20 dollar notes held in the warehouse, I would say they would have identical value.
The real question is: is a federal reserve note (ie fiat money, backed by nothing), the same as a real US dollar? It’s considered “legal tender”, an instrument of monetary value. It used to be like a government-backed, standardized check, that you could turn in and get a real silver dollar or real gold dollar. Now you can’t.
I think the answer is that once we went off the gold standard, what “the US dollar” actually was, really became nothing. It became this thing hazy, nebulous thing called “confidence”. We had a defined standard but we dropped that standard. Now we have no standard. We kind of developed a petrodollar standard, where we sort of derived it’s value from how much oil it could buy us (ie dollars per barrel) but that is not a set standard. It made the dollar a global currency of choice but again, it’s still based in ‘confidence’ and not anything of tangible, intrinsic worth. And now most places want to use a different standard than petrodollars. And probably will. Which will (and is) affecting the nebulous “confidence” the dollar’s worth is now based on.
So, let me try to understand. In tough times, the government decides to “print more money”. The order goes out, and the print shop gears up and runs off the bills, then stacks them on palettes ready to ship.....and then what happens?
I'd rather not, it would mean looking at his mug every minute of the day if his likeness were on the most common trillion dollar bill, rather than what will become the forgotten single dollar bill.
The machine must be getting extremely worn out.
On 60 Minutes last night, Bernanke swore that the USA is NOT printing more money.
The 1st bills with TurboTax Timmy’s name on them ,too.
Timmy is deeply saddened.
What would Willie Sutton do?
O is making it rain... he must have learned from Pac Man Jones.
Yes, but did anyone notice that they are REPRINTING the old bills with HENRY PAULSON’S SIGNATURE???
Seriously, would Obama’s eligibility have anything to do with that not being “legal tender?”