Federal Reserve, the government agency in control of the dollar fiat standard will roll out the new $100 bill, with an array of high-tech security features designed to purportedly thwart counterfeiters, on Tuesday, despite partial shutdown of the mammoth federal government.
What is stunning about this whole counterfeiting affair is that in reality, the Federal Reserve remains the world’s greatest legalized counterfeiting crime syndicate. It prints trillions of dollars out of thin air, year after year, while the ignorant, impotent and powerless Congress quarrels over bulging budget deficits and spending allocations.
Never in its 99 year history, this opaque agency shrouded in mystery and total secrecy has been audited by third parties, and its activities brought to light in full public view. So in essence while the illegal counterfeiters holed in Latin America, Middle-East and China are busy creating millions in fake dollars, the Federal Reserve is legally permitted to create trillions at the same time.
Gullible America is being presented with such worthless details as “The 3-D security ribbon is magic. It is made up of hundreds of thousands of micro-lenses in each note…This is the most complex note the United States has ever produced,” according to Larry Felix, the director of the Bureau of Engraving and Printing.
If this doesn’t remind you of the proverbial “ignoring the elephant in the room” than America is indeed in deep trouble. What is the point of such dazzling “complexity” when inflation keeps hemorrhaging dollar’s value and a $100 dollar bill from 1913 would be now worth as little as $1? Here is a chart on the dollar’s purchasing power from the horse’s mouth itself
On the other side of the pacific, China, on the strength of its manufacturing output and enormous trade surpluses, is resolutely determined to make Chinese yuan the world’s dominant currency. And by printing untold trillions, the Federal Reserve is surreptitiously aiding and abetting yuan’s growing might.
How big is yuan going to get? And how soon? According to Bank for International Settlements (BIS), the yuan has already vaulted to the 9th position among the most traded currencies on the global markets. It was in 30th place as late as 2004.
The speed and scale of expansion in yuan trading is such that HSBC reckons it is going to be the third most traded currency by 2015, behind dollar and euro.
So how important is a redesigned $100 bill? Not much, considering the harrowing experience of Wiemar Germany, and what hyperinflation can do to a people and civilization.[image from examiner and Federal Reserve]