Here's a metaphor for the ages
First, the quote of the day:
"There is something drastically wrong here," a person familiar with the situation said. "The frustration level is off the charts."
Frustration about what? What on earth could have gone drastically wrong? 10% nominal (20% real) DISemployment, as far as the eye can see? Banksters getting away with the world's largest swindle, and then paying themselves fat bonuses with our money? Banksters stealing our homes with fraudulent foreclosures? No.
You'll never guess.
Never. Follow me beneath the fold...
A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, DC, CNBC has learned.
After they were printed, officials discovered that some of the new bills have a vertical crease that, when the sides of the bill are pulled, unfolds and reveals a blank space on the face of the bill. At first glance, the bills appear completely printed, but they are not.
The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of US currency on the planet, which a government source said is $930 billion in banknotes.
So, our rentier state, "the government," can't even print currency (not money, that's on the Fed's ginormous spreadsheet, but currency, the paper that peasants use to buy food, 'n' stuff. And banksters use to buy other things).* As Atrios remarks: Oops.
Anybody here ever bought printing or done production management? If so, you understand the colossal scale of this clusterfuck immediately and completely.** Twelve cents a pop for high-tech paper you can't even wipe yourself with.
I mean, who did the quality assurance? Was there anybody checking the press runs? Did anybody, like, hold one of these bills up to the light? How does a "crease" in a hundred dollar bill get missed? And how did the bad bills get shrinkwrapped and loaded onto the pallets without anybody checking that?
And who wrote the spec? Reading between the lines, maybe the job just wasn't do-able. Is Treasury a client from hell, the kind who won't take no for an answer, and then blames the printer for something that couldn't be done?
And, sweet Jeebus, it really looks like we don't make anything in this country any more. We can't even print our own currency! WTF? Maybe we should outsource that to the Chinese, too?
The bottom line is that the country is run by and for the financial class, the rent-seekers, the banksters. They are in charge. They are the ruling class. They were in charge of this process: Treasury chose the printer, commissioned the job, and the Fed was to distribute the product. And what do we get?
The greatest printing disaster in the history of the world, brought to you by the same power- and money-addled greedheads who brought you the world's biggest banks, the worst economy since the 1930s, and the most corrupt political economy since the Emperor Caligula turned his palace into a brothel and made his horse consul.
Can there be any doubt that our ruling class has lost the mandate of heaven? That they no longer deserve to rule?
Oh, I forgot the beauty part: This was to be the first run with Tim Geither's signature.
NOTE * Like hookers and blow. And... $100 dollar bills... Hmm.... How will the drug lords launder their money? That's going to cause big problems for our Afghan policy, no? Oh, the humanity!
NOTE ** Of course, you're probably out of a job. Just think: If Timmy had hired you, this would never have happened!
NOTE I can think of two ways this Versailles will spin this: For the tediously literal minded: (1) "See? We can no longer print money!" (which confuses money and currency). For the more strategically minded: (2) "We need to abolish cash and legally mandate plastic." Just you watch.