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  1. #1
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Default The government can't even print money properly

    Not that anyone should find this shocking.

    Government can’t print money properly
    By Zachary Roth zachary Roth Mon Dec 6, 9:36 am ET

    As a metaphor for our troubled economic and financial era -- and the government's stumbling response -- this one's hard to beat. You can't stimulate the economy via the money supply, after all, if you can't print the money correctly.

    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."

    Officials with the Treasury and the Federal Reserve had touted the new bills' sophisticated security features that were 10 years in the making, including a 3-D security strip and a color-shifting image of a bell, designed to foil counterfeiters. But it turns out the bills are so high-tech that the presses can't handle the printing job.

    More than 1 billion unusable bills have been printed. 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.

    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. That, surely, is not the only respect in which the nation's lead economic officials would like to turn back the clock to sometime before the 2008 financial crisis.


    But they can run the health care system!

    http://news.yahoo.com/s/yblog_theloo...properly/print

  2. #2
    Baluchitherium loveevhsince79's Avatar
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    $120 million to print the flawed money which will now be burned!!! Wow, our government definitely has no limits to the money they can waste. I can't believe that they kept printing when they found there was a problem. They must not have any quality control during production.
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  3. #3
    Atomic Punk LLFHS's Avatar
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    If I were a counterfeiter, I don't think I'd be even worrying about how to replicate the new bills seeing as how the older ones are still being accepted and likely will be for many decades to come. Seems like an awfully big waste of time and money to this simple-minded man.
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  4. #4
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    This is what cracks me up. No one will be held accountable, no one will be fired. We think the feds should do all this stuff and they can't even do the enumerated powers correctly. They apparently print money the way they run the post office.

    Well, I guess I should be fair. The can sure borrow the hell out of money on the credit of the US. They regulate the absolute shit out of commerce, too. Oh, and they can write laws like nobodies business. Kudos to Congress for that!
    Last edited by lovemachine97(Version 2); 12.07.10 at 10:46 AM.

  5. #5
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    Well, they ARE in charge of the education system. They can't get rid of sucky teachers (union) so why should they get rid of any other crappy employee?

  6. #6
    Atomic Punk
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    Quote Originally Posted by LLFHS View Post
    If I were a counterfeiter, I don't think I'd be even worrying about how to replicate the new bills seeing as how the older ones are still being accepted and likely will be for many decades to come. Seems like an awfully big waste of time and money to this simple-minded man.
    I've wondered about this ever since they unveiled the new $20 bill back in the 90s.

    I STILL see old 20s all the time. If they are going to introduce a new bill, seems like they should have the banks hold those bills and trade them for new ones to then put into circulation.

    We've got what? Three different 20s floating around right now? A couple different 1s, 5s, and 10s.

    What's the point?
    Stay out of it, dude.


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  7. #7
    Atomic Punk Dave's Dreidel's Avatar
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    Quote Originally Posted by broken9500 View Post
    I've wondered about this ever since they unveiled the new $20 bill back in the 90s.

    I STILL see old 20s all the time. If they are going to introduce a new bill, seems like they should have the banks hold those bills and trade them for new ones to then put into circulation.

    We've got what? Three different 20s floating around right now? A couple different 1s, 5s, and 10s.

    What's the point?
    Yeah, if I was a counterfeiter, why not just keep making the old ones, it is not like they aren't in circulation anymore.

    Maybe in huge quantities they would become noticeable.
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  8. #8
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Again, we want these all-knowing geniuses in charge of more and more of our lives?

  9. #9
    Atomic Punk Dave's Dreidel's Avatar
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    Quote Originally Posted by lovemachine97(Version 2) View Post
    Again, we want these all-knowing geniuses in charge of more and more of our lives?
    We can't even print money correctly, but trust us!!
    Taylor Swift is nice to look at. Adele can sing.

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  10. #10
    Hang 'Em High sickman's Avatar
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    I can't believe there isn't some sort of quality control with this process. An in process inspection procedure, checking a certain amount of bills at even intervals through out the run. I work in manufacturing and even at what we do we check every dimension of each job that is running at a sample rate of 10 pcs. every 30 minutes, and our machines only run about 5000 per hour. Somebody should be losing their job at this and a complete overhaul of their quality procedures is certainly needed.
    I used to jog but the ice cubes kept falling out of my glass.

  11. #11
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Quote Originally Posted by sickman View Post
    I can't believe there isn't some sort of quality control with this process. An in process inspection procedure, checking a certain amount of bills at even intervals through out the run. I work in manufacturing and even at what we do we check every dimension of each job that is running at a sample rate of 10 pcs. every 30 minutes, and our machines only run about 5000 per hour. Somebody should be losing their job at this and a complete overhaul of their quality procedures is certainly needed.
    Won't happen.

  12. #12
    Baluchitherium loveevhsince79's Avatar
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    Quote Originally Posted by sickman View Post
    I can't believe there isn't some sort of quality control with this process. An in process inspection procedure, checking a certain amount of bills at even intervals through out the run. I work in manufacturing and even at what we do we check every dimension of each job that is running at a sample rate of 10 pcs. every 30 minutes, and our machines only run about 5000 per hour. Somebody should be losing their job at this and a complete overhaul of their quality procedures is certainly needed.
    That is exactly what I said. There must not be any quality control during production. Amazing isn't it?
    Life may not be the party we hoped for, but while we are here we might as well dance.

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  13. #13
    Eruption
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    Who knows...if production is so bad, then maybe the "quality control" people on the production line probably don't do much more than stuff the occasional "sample" into their pockets all the time!

    I think Ron Paul is nutty, but on the whole "Fed" issue, he is right on. We need to audit these unaccountable people and find out what is really going on.

  14. #14
    Baluchitherium
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    Quote Originally Posted by broken9500 View Post
    I've wondered about this ever since they unveiled the new $20 bill back in the 90s.

    I STILL see old 20s all the time. If they are going to introduce a new bill, seems like they should have the banks hold those bills and trade them for new ones to then put into circulation.

    We've got what? Three different 20s floating around right now? A couple different 1s, 5s, and 10s.

    What's the point?
    what happens here in England is that we're given a date when new bills come into circulation and a date that the old ones will no longer be legal tender, if you still have the old style bills after the cut off date you have to exchange them at a bank or loose out, that would be a sensible option imo, although i do realise that the U.S. is considerably larger than Britain, but a longer changeover period could solve the issue.
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  15. #15
    Baluchitherium loveevhsince79's Avatar
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    Quote Originally Posted by Duck View Post
    Who knows...if production is so bad, then maybe the "quality control" people on the production line probably don't do much more than stuff the occasional "sample" into their pockets all the time!

    I think Ron Paul is nutty, but on the whole "Fed" issue, he is right on. We need to audit these unaccountable people and find out what is really going on.
    My company does work at the Treasury and I can tell you, security is so tight, no one is stuffing bills in their pockets. I know you're kidding but they allow nothing on the floor when you work there, every day is like you have never been there before as far as scanning and searching, cameras everywhere. I think at least the security part they get right.
    Life may not be the party we hoped for, but while we are here we might as well dance.

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