Posted on 12/06/2010 11:22:01 AM PST by Attention Surplus Disorder
A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, DC, CNBC has learned.
Initially scheduled for release in February of 2011, the new bills were announced with great fanfare by officials at the Treasury Department and the Federal Reserve in April.
At the time, officials announced the new bills would incorporate sophisticated high-tech security features, including a 3-D security strip and a color-shifting image of a bell designed to foil counterfeiters.
But the production process is so complex, it has instead foiled the government printers tasked with producing billions of the new notes.
An official familiar with the situation told CNBC that 1.1 billion of the new bills have been printed, but they are unusable because of a creasing problem in which paper folds over during production, revealing a blank unlinked portion of the bill face.
(Excerpt) Read more at finance.yahoo.com ...
Your government at work! Even when printing money they can't get it right. Fortunately, only $1.1 billion was mis-printed. And it only cost $110 million. Fortunately we have acountability.
The only humorous part about this is that these $100 bills would bear the signature of the tax-cheating Sec. of the Treasury.
Even when they’re printing money they can’t quite get it right!
Instead of a $110 million mistake, why not just call the white stripe an “easily visible verification indicator” and start printing again?
Until I read the entire article, I thought you were just being sarcastic by saying that 1.1 billion dollars mis-printed only cost $110 billion, but OMG, that is what the article says!
UN-FREAKING-BELIEVABLE!
OOPS!
I now realize my slow thinking process!
1.1 billion Benjamins.
My bad.
Still, I could see the government spending $110 billion dollars to print currency which values only 1.1 billion.
Every Democrat administration since Carter has introduced specie of questionable value.
From the Susan B. Anthony quarter sized “dollar”, to the “subway token” Sacajawea “dollar”. Now, they’re getting into paper currency and screwing that up too.
Kudos for consistency...
I like your thinking! Alternatively, perhaps we could call it a “domestic contingency operation, or, an “equal opportunity outcome diversity operation”. I’m sure there are a few czars sitting around who could figure prominently in getting the public behind these efforts.
I’m not seeing a problem. Since the Federal Reserve is simply ginning up fiat money then, logically, any money they print is therefore counterfeit. Given that the security measures of the new bills are intended to foil counterfeiters then I’d say that they’re working.
A billion of the things? ... If the crease ins uniform leave it there as another means to check the validity of the printing!
So, these bills will be released when the Democrat politicians need some “walking around” money in 2012? $110 Billion is a lot to buy Obama a second term — I wonder if it will be enough.
The kenyan: “Phooey! Billions?! Chicken feed! Don’t ever talk money to me unless you’re talking trillions plus”!
How the heck do you produce a billion of something before you notice there’s a serious flaw ?
Idiocracy
Not only that, but the article suggests that they designed the bills without knowing if printing the bills was possible.
Sounds alot like the governments CAFE standards. lol
Seems like they’d print a test run of maybe, 100 bills, then 200, then 400 to check out their PROCESS BEFORE printing 120,000 useless 100.00 bills.
Or maybe, perhaps, just INSPECT the first 100 bills that were misprinted BEFORE finishing the run of the first 120,000 bills that were mis-printed.
Maybe? Perhaps? .
Collector’s items! Yeah! The gov’t can sell these to collectors and balance the whole freakin’ budget! Damned right! ;’)
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