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.
The incompetence continues to astound. It’s beginning to reach ‘Shock and Awe’ status. I can’t wait to see what these clowns are going to pull out of their designer hats for Christmas. Those Mao ornaments are soooo last year.
UPDATE: It gets better. The new bills are the first signed by that captain of industry, Timothy Geithner.
The defective bills—which could number into the tens of millions, potentially representing billions of dollars in face value—will have to be shredded. American taxpayers have already spent an enormous amount of money to print the bills.
According to a person familiar with the matter, the bills are the most costly ever produced, with a per-note cost of about 12 cents—twice the cost of a conventional bill. That means the government spent about $120 million to produce bills it can’t use. On top of that, it is not yet clear how much more it will cost to sort the existing horde of hundred dollar bills.
More stimulus waste. I’m shocked! But here’s the, ahem, money shot –
Officials don’t know exactly what caused the problem. “There is something drastically wrong here,” a person familiar with the situation said. “The frustration level is off the charts.”
Really? Welcome to our national nightmare, dude.