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Huge Design Flaw In New $100 Bills

chaoskitty123 2010/12/07 07:43:44
Related Topics: Obama, Bank, Government, Human
Just Another Black Eye For The Obama Administration It Doesn't Need
It's All Bush's Fault
Can Our Government Not Get Anything Right Without Costing Us Billions of Dollars Due To Their Incompetence?
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Of the $110 BILLION dollars in printed bills, over a billion dollars so far reveal damage during the printing process because our "competent" leaders created all these new security features and didn't consider they might need a new system for printing them to create these new bills correctly.

Quote
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.

End Quote


So because $1 Billion are defective all $110 BILLION and we lose $120 MILLION dollars at a time when every dollar counts.

Some pundits are already asking how do we know the $110 BILLION dollars are the only ones damaged considering there's no way a human eye could find all the damaged bills and that the State Dept may be hiding and even greater number of damaged bills that got through the quarantine process.

What does this mean to you? It means if your bank gets defective bills that when you go to spend them that your money could be confiscated as counterfeit and it could take weeks or even months before you get your money back if even then.

Many looking at this fiasco are saying to all Americans that it's time to switch to debit cards and they are warning Americans not to accept any of the new $100 bills because the security features make it very difficult for the average end user to tell what might be seen as counterfeit in a damaged bill.

What's worse... some foreign nations warned the US State Department that our printing processes may be obsolete for printing these new bills and their advice was ignored because printing the new bills was more important than actually testing the equipment to see if it could properly print the bills.

Read More: http://news.yahoo.com/s/yblog_thelookout/20101206/...

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Top Opinion

  • Mississippi lady 2010/12/07 21:18:15 (edited)
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Mississippi lady
    +3
    There is a huge design flaw in the whole Obama administration!

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  • Kalayaan 001 2010/12/09 05:54:38
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Kalayaan 001
    Luckily, it only costs $0.04 to print each bill.
  • Max Nastic 2010/12/09 05:41:02
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Max Nastic
    +1
    Just another reason we should downsize our government - they can't get anything right.
  • busyboots 2010/12/09 04:02:14
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    busyboots
    +1
    And they think they can run our health care system. Only a fool would think they could.
  • Jackie 2010/12/08 17:21:26
    Just Another Black Eye For The Obama Administration It Doesn't Need
    Jackie
    I would assume it is just another way for Obama to waste money. That is his agenda to make our system fail. So he can make us the social democrat (communist) utopia fantasy they want.
  • Kina 2010/12/08 14:56:52
    My Opinion (it cost me two cents to give so use it wisely)
    Kina
    did they really spend $110 bil 2 make a new $100 bill....??
  • NidStyles 2010/12/08 06:50:31
    My Opinion (it cost me two cents to give so use it wisely)
    NidStyles
    +1
    The money is worthless anyway's. It's printed debt.
  • Beccy 2010/12/08 02:55:24
    My Opinion (it cost me two cents to give so use it wisely)
    Beccy
    +1
    Something seems very sinister about this situation
  • Beccy 2010/12/08 02:55:18
    Beccy
    Something seems very sinister about this situation
  • BadDog 2010/12/08 00:38:37
    It's All Bush's Fault
    BadDog
    This $100 bill redesign was started years ago, so of course I blame Darth Cheney!
  • chaoski... BadDog 2010/12/08 04:57:43
    chaoskitty123
    +1
    Unfortunately... even if you are correct, when a king forms a navy and dies before it takes to see, it's not the king who gets the blame when the ships sink... the king who replaces him gets the blame because it wasn't the dead king who sent the navy to sea without seeing if they could float lol.
  • busyboots BadDog 2010/12/09 04:03:03
    busyboots
    +1
    You can blame anyone you want, pooch.
  • IndyLinda 2010/12/07 23:22:44
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    IndyLinda
    +1
    This is what we get from government drones. GIGO
  • Pixi44 2010/12/07 22:55:11
    Just Another Black Eye For The Obama Administration It Doesn't Need
    Pixi44
    Dont you think someone should have noticed before so many got printed? Maybe do a trial one or two or three? Seems like common sense to me but maybe I'm wrong.
  • Rick from Overland Park 2010/12/07 22:20:51
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Rick from Overland Park
    What else can we expect from a 'culture of death' administration?
  • Mississippi lady 2010/12/07 21:18:15 (edited)
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Mississippi lady
    +3
    There is a huge design flaw in the whole Obama administration!
  • ronbo51 2010/12/07 20:24:09 (edited)
    My Opinion (it cost me two cents to give so use it wisely)
    ronbo51
    bill clinton   2 bill bill clinton   2 bill bill clinton   2 bill

    OK! NOW TELL ME~~~~
    BY ANY CHANCE WAS ANY OF THESE THEIR MISTAKE??????




    i betcha it was!!!!!!! chance mistake betcha rotflmao
  • chaoski... ronbo51 2010/12/08 05:10:50
    chaoskitty123
    +1
    Y'know, the two dollar bill wasn't a bad idea because they thought with a two dollar bill they would cut the cost of producing one's in half. Many things cost $1.50 or $1.98 and I supported it. But imagine if these were all $1.00 bills where we would need 100 times as many.

    Frankly, I think we need to just go with plastic debit cards and use more common sense dropping pennies, nickles and dimes... keep quarters, go back to the fifty cent piece and anything above a twenty is replaced by coins. Let's face facts, if you want $500.00, five $100.00 coins aren't that much bigger than a wad of 20's, 50's and paper hundreds. You just have to slap the US government and tell them to make coins bigger than a quarter by two or even three times. Coins last longer by a great margin so you don't have to produce as many each year and they can become collectibles. I don't even think we need ten dollar bills as it seems like one's fives and twenties are what we use most.
  • ronbo51 chaoski... 2010/12/08 16:46:18 (edited)
    ronbo51
    i still cant understand why they keep messing with our monetary system to "improve it" when all they do is screw it up even more? you have valid point. but its way too obvious we do not have people in place that have a clue.
    or is it just the FED leadership above them,or lack there of.?
  • busyboots ronbo51 2010/12/09 04:05:53
    busyboots
    Nice tractor. Is it an IH?
  • ronbo51 busyboots 2010/12/09 17:18:12
    ronbo51
    Farmall -A type 1947 original.... i just painted it. foundin barn under hay stack. was there since 1967 hidden.
  • K chaoski... 2011/01/21 21:43:20
    K
    Canada had $2 bills for years. We got rid of them to use a two dollar coin similar to the loonie. Toonies:):)

    canada 2 bills years rid dollar coin loonie toonies
  • Lynn 2010/12/07 20:03:50
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Lynn
    +2
    "The more the tech up the plumbing, the easier it is to stop up the drain"
    -- Montgomery "Scotty" Scott, Chief Engineer, USS Enterprise NCC1701.
  • BadDog Lynn 2010/12/08 00:35:47
    BadDog
    +1
    words to live by...
  • Keith 2010/12/07 19:07:16
    My Opinion (it cost me two cents to give so use it wisely)
    Keith
    So, this is a forced, reversed "Quantative Easing"?
  • chaoski... Keith 2010/12/08 05:11:50
    chaoskitty123
    I thought it was stupidity... Quantative Easing I thought was more complicated lol.
  • NidStyles chaoski... 2010/12/08 06:52:02
    NidStyles
    Nope, QE is just more stupidity as well.
  • Don Leuty 2010/12/07 18:46:16
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Don Leuty
    +2
    and now they have our health care? Bet they put a real wrinkle in that, too.
  • Harry 2010/12/07 18:32:19
    Can Our Government Not Get Anything Right Without Costing Us Billions of Doll...
    Harry
    +1
    I can even tell you the last time I even handled a one hundred dollar bill. In any event, I'll stick to twenties.
  • chaoski... Harry 2010/12/08 05:14:07
    chaoskitty123
    Shouldn't we switch tens, fifties, hundreds should be coins and maybe get rid of pennies, nickles and dimes tossing the fifty cent pieces back into circulation? Would save a lot of cash but switching everyone to debit cards would do even better.

    I know... radical idea with no chance in Hell of being accepted "sniff"... but I try lol.
  • Goldie 2010/12/07 17:20:57
    My Opinion (it cost me two cents to give so use it wisely)
    Goldie
    Get ready to receive your numbered implants soon.
  • Dave Sawyer ♥ Child of God ♥ 2010/12/07 16:40:12 (edited)
    My Opinion (it cost me two cents to give so use it wisely)
    Dave Sawyer ♥ Child of God ♥
    +1
    It sounds like a paper flaw, not a printing flaw (having worked in the paper industry as a calender operator, and as a printing press repairman).
  • dlsofsetx 2010/12/07 16:14:36
    My Opinion (it cost me two cents to give so use it wisely)
    dlsofsetx
    +1
    This is typical of our incompetent Government.
  • jubil8 BN-0 PON 2010/12/07 16:08:16
    My Opinion (it cost me two cents to give so use it wisely)
    jubil8 BN-0 PON
    +1
    Just another head-shaking moment. I've got to come up with an alternative reaction to this Administration's incompetence -- I'm getting dizzy.
  • Skater62 2010/12/07 15:48:57
    My Opinion (it cost me two cents to give so use it wisely)
    Skater62
    +3
    Meanwhile we, the people keep on paying for the screwups.
  • swatfrog 2010/12/07 15:39:02
    My Opinion (it cost me two cents to give so use it wisely)
    swatfrog
    +3
    its all Fiat money anyway,its not worth the paper its printed on,so what are we really talking about? Labor,paper and some ink? It only costs $100 to print $1,000,000 and the money is backed by nada,nothing,ziltch. Just burn it all and start over.
  • jubil8 ... swatfrog 2010/12/07 16:10:12
    jubil8 BN-0 PON
    Agreed, but it raises the question of whether there's any other funny money floating around courtesy of the Fed's presses, and it would be both wrong and bad if innocent citizens were to get stuck with problems if it turns out there is.
  • swatfrog jubil8 ... 2010/12/07 16:56:16
    swatfrog
    +2
    It does for me as well. The Fed is a private corporation,so why should we foot the bill? If Ford puts out a bad car,who pays for it,Ford right?
  • jubil8 ... swatfrog 2010/12/07 17:56:56
    jubil8 BN-0 PON
    Absolutely!
  • busyboots swatfrog 2010/12/09 04:07:30
    busyboots
    May be not anymore.
  • UncleKenC 2010/12/07 15:16:56
    My Opinion (it cost me two cents to give so use it wisely)
    UncleKenC
    +1
    Hey! Another collectors item for people who collect such items. So it is worth more then the paper it is printed on for once!

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