Money Crisis: New $100 Bills Flawed, Misprinted, & Will Have to Be Destroyed… First Currency with Obama’s Treas. Tim “Tax-Dodging” Geithner’s Signature (video)
Posted By Vicki McClure Davidson on December 7, 2010
Close-up of a portion of the new $100 bill, high-tech features to prevent counterfeiting
The bumbling, funnier-than-a-barrel-of-monkeys Team Obama strikes again.
This time, it’s a catastrophic screw-up with the printing of US currency. The new, high-tech security $100 bills, which I wrote about in April, will have to be trashed because of misprints and creases.
It’s the first time that the signature of Secretary of the Treasury, Timothy “Tax Cheat” Geithner, will be imprinted on American money. Coincidence here? Hmm…
So NO ONE at the federal level thought that, because of the new security features, that it would be a dandy idea to maybe conduct a quality control check at some point, any point, before more than a bloody billion dollars’ worth of these new defective bills were printed.
That’s how it appears, buckeroos. Geez… and the left-wing media crucified W over so much less than this.
From The Blaze, Fed ‘Quarantines’ Over 1 Billion $100 Bills After Misprint:
The Federal Reserve is scrambling for answers after it was discovered that it misprinted over 1 billion new, high-tech $100 bills, rendering the the bills unusable and costing taxpayers about $120 million.
[...]
At one point as much as 30 percent of the new bills rolling of the presses were flawed and carried a crease that when stretched out revealed a blank piece of the bill.
“There is something drastically wrong here,” a person familiar with the situation told CNBC. “The frustration level is off the charts.”
Since officials do not know what caused the problem, all the new bills have had to be quarantined. Sorting through them by hand could take “20 and 30 years,” says CNBC, leaving the government trying to develop a mechanized sorting system. Once the defective bills are discovered they will be shredded.
The bills reportedly cost 12 cents a piece to produce, meaning the government now has about $120 million worth of bills it cant use — $110 billion if one counts the face value.
From Seattle Pi, CNBC: Printing flaw means 10% of U.S. currency may be unusable:
More than 10 percent of all U.S. currency on the planet — about 1.1 billion freshly printed $100 bills — is potentially unusable, CNBC reports.
The suspect bills were the first to incorporate new, anti-counterfeiting measures including a 3-D security ribbon woven into the paper and color-shifting images. However, a creasing problem sometimes caused the paper to fold over while rolling through the printing presses. Although the bills may look fine at first, they reveal a blank stripe running from top to bottom when stretched out and uncreased.
At the height of the problem, an unnamed official told CNBC, as many as 30 percent of new $100 bills rolling off the presses had the creasing problem.
From Catholic Online, Crisis Brewing? Treasury misprints $110 Billion of U.S. Currency:
More than 1 billion unusable bills were printed. Some of the bills creased during production, creating a blank space on the paper. 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. A mechanized system is expected to get the job done in about a year.
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.
The new bills are the first to include Treasury Secretary Tim Geithner’s signature. In order to prevent a shortfall, the government has ordered production of the old design, which includes the signature of Bush administration Treasury Secretary Henry Paulson.
Pres. Obama attempts to fist-bump a turkey... apparently, government turkeys VP Biden and Treas. Sec. Geithner weren't available for the POTUS fist-bumping
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does this administration do anything right???
this is so stupid but the lamestream media won’t report it or won’t point out how stupid and wasteful Obummer and his idiot crew is.
if Bush did this…