As a metaphor for our troubled economic and financial era — and the government’s stumbling response — this one’s hard to beat. You can’t stimulate the economy via the money supply, after all, if you can’t print the money correctly.
Because of a problem with the presses, the federal government has shut down production of its flashy new $100 bills, and has quarantined more than 1 billion of them — more than 10 percent of all existing U.S. cash — in a vault in Fort Worth, Texas, reports CNBC.
“There is something drastically wrong here,” one source told CNBC. “The frustration level is off the charts.”
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Relations between North and South deteriorated to their worst point in many years, as the South Korean president, Lee Myung-Bak, recast North Korea as its “principal enemy” – a designation dropped during inter-Korean detente in 2004 – and the North retaliated by severing its few remaining ties with the South. In July, the Obama administration announced that it would impose further economic sanctions against North Korea.