FED's $100 Billion Problem - Bernanke's Bad Benjamins

Video - Bernanke's Bad Benjamins

They can't even run the printing presses correctly.

---

A printing problem with the new high-tech $100 bills has forced government printers to shut down production - and to quarantine more than one billion of the notes.  The flawed notes represent more than ten per cent of the U.S. currently on the entire planet.  They are being stored in giant vaults at Fort Worth in Texas and in Washington, DC, as the Federal Reserve desperately tries to resolve the problem.

Meanwhile printers have begun reprinting the old $100 notes - without the high-tech security features and still bearing the signature of George W Bush's treasury secretary, Hank Paulson - in order to prevent a cash flow crisis.  With the holiday shopping season in full swing, authorities are scrambling to do everything they can to keep U.S. cash flowing.  'There is something drastically wrong here,' one source told CNBC. 'The frustration level is off the charts.'

• Read more here...

Comments

[DailyBail]

Bank of America Promises to Meet Bailout Requirement, But Challenges Remain

http://www.huffingtonpost.com/2010/12/06/bank-of-america-bailout_n_792438.html

[DailyBail]

At a news conference headlined by Attorney General Eric H. Holder, authorities unveiled "Operation Broken Trust," a collection of unrelated criminal and civil cases involving Ponzi schemes, foreign currency frauds, investment scams and other market cons.

Authorities said the operation involved 343 defendants facing criminal charges and 189 facing civil charges, though some will be counted in both categories. The cases represent more than $8.3 billion in investor losses and 120,000 victims.

http://www.washingtonpost.com/wp-dyn/content/article/2010/12/06/AR2010120603152.html?hpid=topnews

[DailyBail]

Mirabile Dictu: The Treasury Flexes Some Muscle on the Volcker Rule?

http://www.nakedcapitalism.com/2010/12/mirabile-dictu-the-treasury-flexes-some-muscle-on-the-volcker-rule.html

[DailyBail]

Exclusive: The unseen photographs that throw new light on the First World War

A treasure trove of First World War photographs was discovered recently in France. Published here for the first time, they show British soldiers on their way to the Somme. But who took them? And who were these Tommies marching off to die?

http://www.independent.co.uk/news/world/europe/exclusive-the-unseen-photographs-that-throw-new-light-on-the-first-world-war-1688443.html