Now we discover they can't even seem to do THAT correctly...
A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, DC, CNBC has learned. 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.I'm starting to think the Federal Government has officially jumped the shark...
A second person familiar with the situation said that at the height of the problem, as many as 30 percent of the bills rolling off the printing press included the flaw, leading to the production shut down.
The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of US currency on the planet, which a government source said is $930 billion in banknotes.
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.
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