Modern History Project

"A little learning is a
dangerous thing"

Money to burn

Financial
2010-12-07

"Because of a problem with the presses, the federal government has shut down production of its flashy new $100 bills, and has quarantined more than 1 billion of them... 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... The flawed bills, which cost around $120 million to print, will have to be burned."

-- Yahoo News

Perhaps Geithner and Bernanke should consider this a bad omen for inflating the money supply.

"The new bills are the first to include Treasury Secretary Tim Geithner's signature. In order to prevent a shortfall, the government has ordered production of the old design, which includes the signature of Bush administration [former] Treasury Secretary Henry Paulson."

Since Paulson is no longer in office, any newly printed notes with his signature on them as "Secretary of the Treasury" should be considered null and void. They might as well print them with Bernie Madoff's signature instead.