Posted on 12/06/2010 3:16:06 PM PST by MamaDearest
A new headache may have been created for US and international currency use as it has been determined that a flaw was created in the printing of up to 30% of all new $100.00 bills scheduled for distribution in 2011.
In a new report by CNBC today, an official familiar with the problem reported that the new $100 bills are so complex that the printers at the mint have experienced massive problems in the creation of the notes.
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.
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.
A second person familiar with the situation said that at the height of the problem, as many as 30 percent of the bills rolling off the printing press included the flaw, leading to the production shut down.
The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of US currency on the planet, which a government source said is $930 billion in banknotes. For now, the unusable bills are stored in the vaults in "cash packs" of four bundles of 4,000 each, with each pack containing 16,000 bills.
Every few years, the Treasury department spends billions of dollars ensuring against the counterfeiting measures criminals have at their disposal to debase our currency. This new bill for the $100 denomination is expected to be more like Europe in its composition and color scheme, and as such, the complexity for even the mint gets tested with the new model notes.
Assuredly, there is time to address the issue, and for the Treasury to have enough bills to satisfy the markets when 2011 rolls around. But even a slight error such as this one has the capacity to hinder our money supply, especially since the $100 denomination is the most used federal reserve note for national and international transactions.
New
I wish. No, I use my Credit/Debit card. Thats how I purchased my motorcycles, my snowblower, my rifles/pistols/ammo and almost everything else I possess.
Of course I have no hangups about the G-men tracking me
since I live a disgustingly boring life.
Even in the casinos, you don’t necessarily have to deal
with 100’s. If you win big you get a cashier’s check (along with your 1099), or, if you win like I do, you take your
ticket from the slot to the validator and get your pocket change (describes what I typically win).
The ATMs are aligned to the price of a small bag of Crack. $$$ Depends where you live.
look in the paper for a good used flatbed trailer and go try to buy it with a credit card.
These new C notes could be unhealthy when used snorting cocaine. It’s a public health issue and the government is taking care of its own.
Make the deal, then go to the post office for a MO. They
take debit cards. I buy stuff on Gunbroker that way when
they want to charge extra for CC.
I wonder who debases our currency more...conterfeiters or Ben Bernanke? My guess, Ben B. by a wide margin!!
Since when? Cash only for money orders for as long as I can remember. Not that it matters. Most deals are struck on the weekend. Post office aint open then.
I bet you’re right. counterfeit money gets confiscated sooner or later. Ben’s crap just keeps on going and going.
Amen, and the world is watching.
“Every few years, the Treasury department spends billions of dollars ensuring against the counterfeiting measures criminals have at their disposal to debase our currency.”
“I wonder who debases our currency more...conterfeiters or Ben Bernanke? My guess, Ben B. by a wide margin!!”
Ha! I almost spilled my drink!! LOL!
I do. I keep one or two in a compartment of my wallet, in case my credit card ever gets declined for whatever reason.
forever called the Gietners Bills
Just wondering, will this new note be made from paper or a polymer plastic? Check out Australia’s currency, best design imho, durable polymer, different size and color with tonnes of security features
Long time goal to destablize the US by knocking out trust in US currency. No longer do we have greenbacks (let alone gold and silver certificates). Now we have monopoly money. “Don’t worry, we’ll print more”.
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