Thursday, April 22, 2010

Self-defeating behavior

Once again, the Benjamins are getting a makeover:
U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke introduced the latest remake of the $100 bill, featuring advanced security designs and a larger portrait of founding father Benjamin Franklin.

The new look, aimed at thwarting counterfeiters, has several new security features, including a “3-D Security Ribbon” and an image of a bell on the front of the note that, when tilted, changes in color from copper to green. The reverse side of the bill includes a new vignette of Independence Hall in Philadelphia.

“As with previous U.S. currency redesigns, this note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” said Geithner, whose signature appears on the bills.

Now, why is it important to thwart counterfeiting? To keep people from manufacturing money they haven't earned, of course. And to protect the value of dollars in circulation by ensuring there isn't an arbitrary or infinite supply.

So I'm assuming these "technological improvements" also include shutting off the printing press at the Fed. Yeah, I'm not holding my breath, either. After all, what better excuse to print boatloads of C-notes than to roll out yet another new look?

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