Huge Design Flaw In New $100 Bills
More than 1 billion unusable bills have been printed. Some of the bills creased during production, creating a blank space on the paper, one official told CNBC. 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. It would take an estimated 20 to 30 years to weed out the defective bills by hand, but a mechanized system is expected to get the job done in about a year
Combined, the quarantined bills add up to $110 billion -- more than
10 percent of the entire U.S. cash supply, which now stands at around
The flawed bills, which cost around $120 million to print, will have to be burned.
So because $1 Billion are defective all $110 BILLION and we lose $120 MILLION dollars at a time when every dollar counts.
Some pundits are already asking how do we know the $110 BILLION dollars are the only ones damaged considering there's no way a human eye could find all the damaged bills and that the State Dept may be hiding and even greater number of damaged bills that got through the quarantine process.
What does this mean to you? It means if your bank gets defective bills that when you go to spend them that your money could be confiscated as counterfeit and it could take weeks or even months before you get your money back if even then.
Many looking at this fiasco are saying to all Americans that it's time to switch to debit cards and they are warning Americans not to accept any of the new $100 bills because the security features make it very difficult for the average end user to tell what might be seen as counterfeit in a damaged bill.
What's worse... some foreign nations warned the US State Department that our printing processes may be obsolete for printing these new bills and their advice was ignored because printing the new bills was more important than actually testing the equipment to see if it could properly print the bills.
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