Posted on 12/07/2010 6:19:29 AM PST by george76
See Post #13.
Thanks!
Gee, now how are we to tell the real US money from the fake North Korean?
What’s the difference? The money the US Government prints is counterfeit, too.
EXACTLY.
This whole story sounds very fishy.
NObama is up to something-—Bad enough that North Korea has been counterfeiting our money for years. Now, apparently, our own administration is doing the same thing!!!
ummm... what about "$100 bills" and "quarantine more than one billion of the notes" and "1.1 billion of the new bills" and, last but certainly not least, "all $110 billion of them."
Damn, now you've let out the dirty little secret!
Hmmm...I re-read the article. Guess you are right. Mind blowing.
The fact that there was 1 billion printed before someone bothered to check does raise questions doesn’t it?
And if it is only 1 biilion dollars of $100 dollar bills...why would it take 20 years to manually count? Give me the job...I’ll get it done in a couple of weeks with a small crew.
That’s what I thought...
I find it hard to believe there is only $10 billion in US currency in circulation on this planet.
That is because $110 Billion / .1 = $1100 billion.
After going to the link, I saw that the printed $110 billion dollars worth of $100 bills.
Math error aside, point noted. Indeed, thanks to fractional-reserve banking, there is about $10 (and rising fast) in claims on every physical dollar. Total US physical currency is about $1.7T. That isn’t much.
What I find startling is 10% of that was printed in the last 2 years, has been deemed “flawed”, and is sitting in a warehouse. Methinks should someone cash in a very large pile of bonds, these bills may be deemed “ok after all” and ready for pickup (inconvenient, like getting your annual salary in pennies). Something is amiss, and we are in for interesting consequences. Stock up.
“Another source claimed that at the height of the problem up to 30 per cent of the bills rolling off the presses included the flaw.”
Interesting. At worst, $70B of this new currency is fine ... and how convenient it is all locked away.
Most of the bills are fine. Up to 30% are flawed, leaving more than 70% in fine shape. You don’t just shred >$70B of perfectly good currency just because it’s hard to discern them from defective bills.
It’s also convenient to have an excuse to keep some $100B cash on hand. Worst case, you hand ‘em out with a disclaimer that any defective bills may be returned for good new ones.
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