The U.S. has (our) Money to Burn — Literally!

Posted: December 7, 2010 in Idiots, Politics

Yes, the new $100 bill had an oops! moment. As CNBC reported:

The defective bills—which could number into the tens of millions, potentially representing billions of dollars in face value—will have to be shredded. American taxpayers have already spent an enormous amount of money to print the bills.

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. On top of that, it is not yet clear how much more it will cost to sort the existing horde of hundred dollar bills

and yahoo reported

“The flawed bills, which cost around $120 million to print, will have to be burned.”

 

Leave it to the federal government to spend money to print money and then spend that money again to burn that money before spending more money to print that money again!

Burn Baby Burn!

 

 

As yahoo news reported here  and CNBC here

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