Thursday, April 22, 2010

The New $100 Bill, er, Note

In checking out the new $100 bill, I am not so inconspicously reminded that what we call the $100 bill is more correctly called a $100 note. That's what the government calls it and that's what is printed on the money. That piece of paper in your pocket is a debt obligation of the Federal Reserve and it is only as good as the Federal Reserve and whatever backs it up. The Fed owes the holder $100 for that note - $100 worth of what, exactly? Well, $100 worth of paper.

I'm a little surprised that there haven't already been calls to put King Barry on the $100 note. After all, he's done so much to make the note what it's worth today.

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