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Here Is The Real Reason Why The Fed Is Delaying The New $100 Bill
A few weeks ago, the Fed announced that the new $100 dollar note has been delayed, and will not make broad circulation by the February 2011 scheduled date. Contrary to prior rumors that either the Fed's printer had finally broken, or that all the ink had been used up, courtesy of William Banzai we now know the true reason. Over the past several months, using the smokescreen of QE 2, the Fed has been secretly contemplating two completely different monetary concepts, both very much appropriate for our Keynesian end-times. Since the Fed will shortly request public commentary on which of the two alternatives should be implemented, we present them to Zero Hedge readers first.
Concept #1 - the "use by" bills. If one wants to accelerate the velocity of the dollar (to infinity, at least in theory), with the multiplier currently stuck well below 1, all one needs is to add an expiration date on every single piece of linen. Below is an artist's rendering of the circulating specimen.
Concept #2 - the "fill it in yourself" bill. This one is pretty self explanatory.
We are confident that the final solution (with respect to the dollar) will incorporate the best of all worlds.
h/t William Banzai
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I don't get it. Wipe your butt with it before 12/31/10?
reliably awesome and simply said! thanks for the laughs MsCreant!!!
no, no. that's real money there. just "write your own amount"!
can you eat it?
Not after proper use. Unless you are some kinda fecal freak.
I want to know if they burn well, perhaps make them from good hickory chips for a nice autumn smell, and good for smoking meats as well.
Are they flushable?
Two ply, with multiple raised areas, with just a hint of aloe vera and safe for all septic systems.
Of course it will have to compete with California's new CA-IOU script which will be produced by the Zig Zag Co. The "Terminators" will have a unique glue strip on each side of the bill allowing for multiple ways to secure the notes once they are rolled. Snoop Dog has agreed to allow his picture on the $1,000 note, beating out Cheech and Chong for the top spot.
No. Wipe your butt AFTER 12/31/10!
probably could replace that American Eagle with an inverted pentagram.
No MsCreant, use it to wipe someone else's butt.
I did have an insider at the treasury send me a sample. It was pre-moistened, great for baby wipes, and quick clean-up after getting a royal reaming from BenB himself.
"They should put Bernie Madoff's picture on the dollar bills." / Peter Schiff
Is that note ready to be issued in 01/01/11? Worthless at issue!
WAD-Working as designed
More! More!
http://www.youtube.com/watch?v=qQ1hMrm7mVE
hehehehehe
It's funny... and the sad thing is that it's #uckin true.
This is not going to end well.
Cynicism , the new humor . Good stuff ! Great comments !!
hilarious but
it could be true
+1
I laughed out loud -- but then I came to the same conclusion you did.
The scary thing is it has been proposed. Some Harvard egghead proposed it like 18 months ago IIRC. He wanted money to randomly expire worthless every year depending on the last digit it ended with.
- it really has been happening, try travelling abroad with some of these in yo pocket.
effing good point Rusty.
I'll bet you he could get a PhD or Nobel prize for that idea as being a brilliant new epiphany in the world of economics (judged by our dumbed down education system.)
Except, it is a fairly standard thing the old timers around here have been doing in reverse for decades. When they break a bill if the last few numbers in the change match the denomination, they take it home and stuff it in their mattress.
I believe you are referring to Gregory Mankiw - he raised the notion of demurrage to make the point that monetary policy can indeed raise the velocity of money and break a liquidity trap. He also raised the idea of the Fed embracing inflation. Prescient, that Professor Mankiw...
Mankiw explained: http://www.standupeconomist.com/videos-public/
nice
Nice avatar. RIP Benoit Mandelbrot.
So, we've gotta ask, how's the great beyond? Tunnels and white light?
I'd say you could've ended up in hell working on the Riemann hypothesis, but that wouldn't really be hell for you would it?
LMAO! Great work! Very flattering photographs to boot!
the use before bills would have time strips, already discussed, and of course banks can simply turn over their records, but then clients could remove the cash and just redeposit it later in another bank. by analogy a property title document with no mortgage, or a mortgage originated before 2003? is worth a hell of a lot more than anything since then, and currency paper issued before the crap you see listed above is worth more. if the bastards want me to turn that in, they will get the full value at the exchange rate for lead, spot price, contract on delivery.
:)
...anyone attempting to confiscate my physical gold will get a delivery of hot physical lead.
Sure thing, Mr. Koresh!
...murdered in cold blood, along with men, women, and children, by the BATF.
http://www.youtube.com/watch?v=HQT-0umIo6Y
The second one is more to my liking.
I advocate tax reform, too. Dump the IRS and simplify the forms. I propose the new 1040WTF for all future tax filers.
1) How much money did you earn last year? __________
2) How much in taxes would you like to pay? __________
I like it.
The Pres is already written that his father believed the government could take it all as long as they gave you something in return (welfare); and since he wants to redistribute here is the revised CY11 tax form with the Bush tax cuts expiring and new Obama care taxes (four yrs of tax collection before paying out benefits ( and not counting hte increased insurance cost:
A. How much did you make: _____
B. How much did you spend: _____
C. Difference: ____
D. Send A ________
The Pres is already written that his father believed the government could take it all as long as they gave you something in return (welfare); and since he wants to redistribute here is the revised CY11 tax form with the Bush tax cuts expiring and new Obama care taxes (four yrs of tax collection before paying out benefits ( and not counting hte increased insurance cost:
A. How much did you make: _____
B. How much did you spend: _____
C. Difference: ____
D. Send A ________
laughed a lot . Thank you. Better than a pill,tote or sip.
LOL - awesome! I was wondering if there are helicopter(s) or a printing press on the back :-)
we dont need government or Central banks in the age of computer. We need and should hire a manager for the country.
And keep it simple. But before that can happen , mankind needs to change the individuals world view and expectations. Humans still see themselves as people who have souls. reality is we , the spirit individualized, inhabit a temporary body and ought to live that way. The point of view makes a profound difference.
Funny, but the Gesellian economics theory does posit something similar to option #1.
Henceforth all serfs shall be paid in expiring credits. They shall have a period of exactly 90 days to use said credit before it self destructs.
The Mismanagement.
PS. Imagine the financial products we can construct.
talk about "back to school." and you thought the names attached to trades vis a vis Greece were scary. Does that seem like 20 years ago now?
Expiring fiat currency hey? So currency as a call option on a promise to work... op ex week would be terrifying.
Riverdale-on-the-Hudson, OCTOBER 15, 1902.
THE HON. THE SECRETARY OF THE TREASURY, WASHINGTON, D. C.:
Sir,--Prices for the customary kinds of winter fuel having reached an altitude which puts them out of the reach of literary persons in straitened circumstances, I desire to place with you the following order:
Forty-five tons best old dry government bonds, suitable for furnace, gold 7 per cents., 1864, preferred.
Twelve tons early greenbacks, range size, suitable for cooking.
Eight barrels seasoned 25 and 50 cent postal currency, vintage of 1866, eligible for kindlings.
Please deliver with all convenient despatch at my house in Riverdale at lowest rates for spot cash, and send bill to
Your obliged servant,
Mark Twain, Who will be very grateful, and will vote right.
John Wagner, the oldest man in Buffalo--one hundred and four years old --recently walked a mile and a half in two weeks.
He is as cheerful and bright as any of these other old men that charge around so persistently and tiresomely in the newspapers, and in every way as remarkable.
Last November he walked five blocks in a rainstorm, without any shelter but an umbrella, and cast his vote for Grant, remarking that he had voted for forty-seven presidents--which was a lie.
His "second crop" of rich brown hair arrived from New York yesterday, and he has a new set of teeth coming from Philadelphia.
He is to be married next week to a girl one hundred and two years old, who still takes in washing.
They have been engaged eighty years, but their parents persistently refused their consent until three days ago.
John Wagner is two years older than the Rhode Island veteran, and yet has never tasted a drop of liquor in his life--unless-unless you count whisky.
- Mark Twain
Tyler, you had me at Final Solution ;)
I still have a dark hope that when Zimbabwe Ben destroys the dollar that he will grace us with the trillion dollar bill, with Dick Nixon on it. I want him in all his peace sign giving glory, full color. I want to go to a fast food place and order off the Tricky Dick value menu. Reach into my pocket and pull out a fat wad of Dicks and pay for my meal. If he is going to inflict horror on us it's only fair he gives us a little comedy. Maybe I need to start an email campaign to plant the idea with Ben early.
With the motto "In Crooks We Trusted". I like it.
For a real comedic touch, a $100 trillion dollar FRN with a picture of Louie De Palma would clinch it.
At last call you could order a "Tricky Dicky Screwdriver"
"One part Jack Daniels, Two parts purple koolaide, and a shaker of formaldehyde from the jarred Hitler's brain we got in the back storeroom... Happy Trails" -Jello Biafra
I saw a Zimbabwe bill which actually had an expiration date on it.
In Fraud We Bust
Asphincter say what?
The Assphincter of Asserica
beautiful
Isn't it amazing you can still exchange these government issued pieces of paper for gold and silver still? Man silver is heavy.
enjoy it while you can.
Ahhh, no comment needed. lolol
biodegradable paper that disintegrates in a couple months...problem solved...certainly take it out of circulation
Two suggestions:
1. Edibility. Rice paper and/or fruit leather would be good.
2. Sell the space to advertisers instead of dishonoring past patriots or glorifying recent traitors by placing them on these MIUs (monetary insanity units). Possible slogans include:
iOU
Got Debt?
Just Print It
Yahooooooomyasshurts
<shaking my head>
CFTC judge admits case rigging
CFTC CONSPIRACY WHISTLE BLOWER
Bix Weir
OCTOBER 18, 2010
U.S. Commodity Futures Trading Commissioners
3 Lafayette Centre
1155 21st St. NW
Washington, DC 20581
RE: CFTC CONSPIRACY WHISTLE BLOWER
CFTC Commissioners:
For years I have been writing your organization and protesting the obvious manipulation of both gold and silver on the COMEX. Time and time again you stated and/or implied that I didn’t know what I was talking about and I was just another “conspiracy nut”. I finally came to the conclusion that your organization was either Incompetent or Corrupt but I had always given you the benefit of the doubt and settled on incompetence.
NEW DEVELOPMENTS IN THE CFTC SCANDAL:
On September 17, 2010, CFTC Administrative Law Judge George H Painter issued a “Notice and Order” announcing his retirement from his position. In this notice Judge Painter wrote of a conspiracy at the highest levels of the CFTC (within the ENFORCEMENT DIVISION) where a long time judge of 20 years has been conspiring with past CFTC Chairs to RIG THE ENFORCEMENT OF THE LAW by NOT finding ANYONE guilty of market manipulation. Here are Judge Painter’s own words:
“There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine’s first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant’s favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case”
The full text of the Letter can be found at this link:
www.futuresmag.com/SiteCollectionDocuments/Guides_PDFs/Judge%20Painter%20Notice%20and%20Order.DCpdf.pdf
Needless to say I was shocked at this revelation even though I knew it was always one of either two choices: Incompetent or Corrupt. Here we have not ONE but THREE senior people at the CFTC who had knowledge of a gigantic miscarriage of justice and cover-up that is still going on. Although Judge Painter should be commended for blowing the whistle WHAT TOOK HIM SO LONG?! I am truly disgusted at the corruption at the heart of the CFTC. Judge Levine should be tried for TREASON for his involvement in this scandal.
I DEMAND a full investigation into the allegations and complete disclosure of ALL PARTIES involved. I also DEMAND that you STOP delaying the Silver Investigation that has been hung up in the ENFORCEMENT DIVISION for for two years now!
We have waited far too long for justice.
It is high time that HEADS ROLL AT THE CFTC!
I await an immediate reply to this letter.
Bix Weir
RoadtoRoota.com
good stuff, Swamp! thanks for posting.
Another golden nugget on ZH. Thanks for posting. If it's true it deserves to be a headliner in its own right. Hard-copied.
Best Regards
Good stuff not covered in MSM.
(I almost junked your comment for being off-topic (which it is) - I guess I'm not principled enough to do that!)
I propose a metro-Yuppie $150 dollar bill with a picture of Giorgio Armani. :-)
Fuck'em up Baby!
Ponzi man!
in-and-out
Bravo William, bravo.
WB7
It looks like you pulled out an actual Bernanke Buck and used some whiteout. Shame on you. Don't you know it's a Federal Crime to deface the legal fecal matter. Thank God you're in HK, the land of opportunity and not in Fascist America.
And that wasn't sarcasm folks.
For the dollar it's Groundhog Day meets Weekend at Bermonkey's until the resolution of Zeno's Paradox. Get gold or get gutted.
So its biodegradable after all!
They will then issue 'anytime money' like the Post Office and charge a premium.
Why not make the $ out of plastic, like in Oz, http://en.wikipedia.org/wiki/Australian_dollar
"Polymer seriesThe first polymer banknotes were issued in 1988 by the Reserve Bank of Australia, specifically polypropylene polymer banknotes (produced by Note Printing Australia), to commemorate the bicentenary of European settlement in Australia. All Australian notes are now made of polymer."END
The when the melt down comes, ..... have a melt down, extrude and reprint with a few more 000 s added in? Of course anti money laundering legislation would have to be amended to include anti extrusion counterfeiting.
Ever wiped your butt with plastic?
butt wiping is a very curious habit.
Not wiping even more so.
print dollars with
disappearing ink ...
spend it before it's gone ....
vanishing point velocity
Ben sure does look good on a dollar bill. It's like he's been on those like forever.
Actually, the real reason the 100 dollar bill is being delayed is because of a creasing problem. The manufacturer puts in the security features, the long strip and other agents. It arrives at the treasury in pre-cut sheets. Unfortunately, they decided to be all gung-ho and keep printing even after the flaw was known.
Now, the printing presses are quiet, but they have to go through an entire warehouse of inventory to weed out the faulty product.
Just thought you'd like to know.
"The-Good-Shepherd"
No, no, no! I know the REAL reason they delayed it!
It's because it won't be a$100 bill. It is going to have to be a $100,000,000 bill. Inflaiton, you know!
The expire by bills will give a real boost to PMs. The idiots that conceived this idea probably did not consider that the bills nearing expiry date and owned by savers will be used to purchase gold, silver, farm land, and other commodities.
Ben's education evidently didn't include 'you can lead a horse to water but you can't make it drink'.
Think how much more light nite clubs everywhere will have to add so customers can inspect their change. Think how many pole dancers will be getting wads of expired bills. Consider how long one will sit in a fast food line of autos while each customer inspects their change.
I'm already stockpiling thousands of rolls of quarters to avoid expire by bills.
Roll the presses, Ben. We have a plan of our own.
television stations, paper money, home ownership, advertising everywhere - how arcane
- profd
"Funny Money" - How does it look like? (Didn't know how to embed - sorry)
http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/InObamaWeTrust_Yes_We_Cant_resize.jpghttp://img.photobucket.com/albums/v393/youricarma/Miscellaneous/InObamaWeTrust_Jolly_Good_Laugh_resize.jpg
http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/InObamaWeTrust_Obamaa_resize.jpg
http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/InObamaWeTrust_Snoot_resize.jpg
http://i362.photobucket.com/albums/oo64/Nailer45/image007.jpg http://img.photobucket.com/albums/v393/youricarma/Miscellaneous/THEKOELEEDRINKERS.jpg
Where's the 100 trillion note?
Was this article a joke?
Why the slow news format at ZH over the last month? Is Team Tyler getting burnt out?
Ty China raise 1yr dep rate 25 bips - buy em!
"IN KEYNES WE TRUST" LOL!!!!
I laugh when people say they are going to need a wheel barrow of money to go to the store to buy groceries. Sorry guys, if you tried to go to the bank and fill up your wheel barrows in mass, not only would they not fill your wheel barrow... they would throw you out and lock the door on you and the horde.
AMERO $ coming your way soon. Canada and Mexico taken over by the FED. Will negate imigration problems with Mexico and will stop emigration from the US to Canada. This was the end game for NAFTA. Reduce the standard of living for Americans to that of Mexico, rape US citizens of their remaining wealth, and combine currencies to be controlled by the FED. Coversion rate based on resources:
US - 10 FED dollars = 1 AMERO
Canada - 2 CAD = 1 AMERO
Mexico - 50 PESO = 1 AMERO
Just thinkin.
The real reason the new bill is delayed is because the had trouble with the new two-ply paper that all currency will be required to be printed on.
Lower denominations were printed and currently circulate. Didn't hear about wrinkle problems with those. "we have a minor problem with new $100.00 bills" Do you actually beleive this?
That's some quality satire right there.
great post. both together should be the preferred outcome.
Do they start turning red as they approach expiration?
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Really innovative - I think a nice variant on concept # 2 would be to have a side view of Bernokio's head and have his nose grow in proportion to the amount of dollars your write in.
dup
IT WOULD HAVE BEEN CHEAPER FOR US ALL IF THEY JUST SENT EVERY "TAX PAYING" AMERICAN A DEBTI CARD FOR $50,000. tHEY COULD HAVE FORCED US TO SPEND IT AND NOT SAVE IT BY MAKING IT EXPIRE WORTHLESS AT THE END OF THE YEAR. SURE WOULD HAVE SAVED CHRISTMAS.
Whatever keeps me printing is what I support!
who says it's worth nothing?
a few big stacks might get you a mile down the road.
http://en.wikipedia.org/wiki/Wood_gas_generator
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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