The Fed Has a $110 Billion Problem with New Benjamins

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Johnny Oxygen
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The Fed Has a $110 Billion Problem with New Benjamins

The Fed Has a $110 Billion Problem with New Benjamins

http://www.cnbc.com/id/40521684

An official familiar with the situation told CNBC that 1.1 billion of the new bills have been printed, but they are unusable because of a creasing problem in which paper folds over during production, revealing a blank unlinked portion of the bill face.

Although I am no longer in the printing industry I do have over 15 years experience in it. I guarantee you that the above statement is a lie.
You never spool up a press and start printing until several eyes have checked every single detail. It's just way too costly to make those types of errors.
I imagine that printing something like $100 dollar bills carries with it an incredible amount of procedures and expertise. To believe that somehow they ran 1.1 billion of these bills and no one caught is absurd. There has to be much much more to this story. 
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nickbert
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Re: The Fed Has a $110 Billion Problem with New Benjamins

Maybe the Fed printers in question took the phrase "good enough for government work" too close to heart?  Laughing

- Nickbert

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Johnny Oxygen
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Re: The Fed Has a $110 Billion Problem with New Benjamins
nickbert wrote:

Maybe the Fed printers in question took the phrase "good enough for government work" too close to heart?  Laughing

- Nickbert

LoL

Hmmm...maybe you got something there.

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Re: The Fed Has a $110 Billion Problem with New Benjamins
nickbert wrote:

Maybe the Fed printers in question took the phrase "good enough for government work" too close to heart?  Laughing

- Nickbert

How's that work with rockets?  Cool

Travlin 

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Johnny Oxygen
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Travlin wrote:
nickbert wrote:

Maybe the Fed printers in question took the phrase "good enough for government work" too close to heart?  Laughing

- Nickbert

How's that work with rockets?  Cool

Travlin 

 

I'll bet we find out.

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nickbert
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Travlin wrote:
nickbert wrote:

Maybe the Fed printers in question took the phrase "good enough for government work" too close to heart?  Laughing

- Nickbert

How's that work with rockets?  Cool

Travlin 

I will let you know as soon as the burns heal and my hair and eyebrows grow back  Wink

(and FYI, Quality Assurance tend to overreact when they hear the engineer say:  "Oops.... Mulligan!".  No freaking sense of humor...)

- Nickbert

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SteveW
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Johnny Oxygen wrote:
Although I am no longer in the printing industry I do have over 15 years experience in it. I guarantee you that the above statement is a lie.
You never spool up a press and start printing until several eyes have checked every single detail. It's just way too costly to make those types of errors.
I imagine that printing something like $100 dollar bills carries with it an incredible amount of procedures and expertise. To believe that somehow they ran 1.1 billion of these bills and no one caught is absurd. There has to be much much more to this story. 

The answer comes from the UK Independent report. It is part of the stimulus, a government make work project, the new Keynesian response, the 21st century equivalent of digging holes and then filling them in.

Quote:

They are now trying to design and build a machine that can identify the faulty $100 bills and separate them from the correctly-printed ones. Sorting them by hand would take workers between 20 and 30 years, they estimate, whereas a mechanical system would complete the task by 2012.

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Johnny Oxygen
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Re: The Fed Has a $110 Billion Problem with New Benjamins

They are now trying to design and build a machine that can identify the faulty $100 bills and separate them from the correctly-printed ones. Sorting them by hand would take workers between 20 and 30 years, they estimate, whereas a mechanical system would complete the task by 2012.

OMG

Anybody else think this is crazy? How about just burning them and starting over?

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rhare
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Johnny Oxygen wrote:

Anybody else think this is crazy? How about just burning them and starting over?

It also seems really stupid, why they wouldn't just go ahead and ship them out to the banks and let them check them before use and return any that are faulty.  I can't imagine that banks don't actually count and validate any they receive from the reserve banks. If you wank into any bank and ask for 10K they count them all out in front of you, is there any situation even with businesses that they don't go through that procedure?

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Johnny Oxygen
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Re: The Fed Has a $110 Billion Problem with New Benjamins

...wank into any bank...

LoL

That cracks me up.

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Aaron M
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Quote:

How's that work with rockets?  Cool

Travlin

Here ya go ;)

Quote:

The Pentagon is unable to explain images of what witnesses took to be a high-altitude rocket launched off the coast of southern California at sunset Monday, officials said.

But John Pike, a defense expert who is director of GlobalSecurity.org, said he believes he has solved the mystery.

"It's clearly an airplane contrail," Pike said Tuesday afternoon. "It's an optical illusion that looks like it's going up, whereas in reality it's going towards the camera. The tip of the contrail is moving far too slowly to be a rocket. When it's illuminated by the sunset, you can see hundreds of miles of it ... all the way to the horizon.

http://articles.cnn.com/2010-11-09/us/california.contrails_1_contrail-rocket-california-coast?_s=PM:US

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rhare
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Re: The Fed Has a $110 Billion Problem with New Benjamins
Johnny Oxygen wrote:

LoL

That cracks me up.

Surprised

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