by Dave Blount | December 7, 2010 1:57 pm
Big Government may have settled on printing money as a solution to all problems because that’s one thing that falls within its tiny realm of competence — or does it?
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.”
That would explain the Tea Party movement.
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.
How’s this for fitting:
The new bills are the first to include Treasury Secretary Tim Geithner’s signature.
Collectors will be eager to get their hands on these mementos of the incompetent tax cheat who runs the Treasury Department before they disappear along with the wealth US currency once represented.
On tips from Lyle and Muddypaw. Cross-posted at Moonbattery.
Source URL: https://rightwingnews.com/economy/government-wastes-fortune-printing-defective-money/
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