The Penny is a useless coin, the Dollar a useless bill...

4est_4est_Gump

Run Forrest! RUN!
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Sep 19, 2011
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Is their day so done?
The race run?
Time lost in the sun?

Discuss.



Shall we now pitch nickles?

Toss quarters to read our Ching?

Include those dollars on your eyes...
 
Canada just deleted the penny.
Electronic transactions are to the penny but if you get change you don't get the pennies any more

And dollars are a waste of paper...I love one's and two's as coins
 
So we don't have to change the register drawers quickly, I would:

Eliminate the penny,
Change the dollar to a coin,
Begin printing more two dollar bills...
 
Less than a five isn't worth having as folding money.
I go to the US and a wad of ones is crazy
 
Less than a five isn't worth having as folding money.
I go to the US and a wad of ones is crazy

I agree, but there is an economic cost associated with each change, so it is best to have as small a footprint as possible.

;) ;)

Two now coins would require a costly restructuring.
 
Doesn't Uncle Sugar lose money on pennies?

Also, we should eliminate the 9/10 of a penny on gasoline.
 
I am not sure why the Treasury has not started rolling out electronic money. I for one do not want to keep paying Chase, BoA, MasterCard and VISA 3% on my purchases and ridiculous bank fees.

I would imagine a PayPal like function would be much less expensive than operating a mint.
 
I am not sure why the Treasury has not started rolling out electronic money. I for one do not want to keep paying Chase, BoA, MasterCard and VISA 3% on my purchases and ridiculous bank fees.

I would imagine a PayPal like function would be much less expensive than operating a mint.

:confused:


Whaddya mean? There's less than a trillion of actual physical currency circulating. The rest is all electronic.
 
:confused:


Whaddya mean? There's less than a trillion of actual physical currency circulating. The rest is all electronic.

Sure but I have to pay 3% more on my purchases to use a credit card. Merchant account fees are another layer of expenses for small businesses. BoA and a host of banks planned to put a surcharge on the use of debit cards - and that is only a matter of time before that becomes reality. The fees to get your money from an ATM are from $1.00 to $5.00.

I am just saying it would seem easier for the treasury to have an infrastructure for electronic money for less than the cost of minting the trillion, and businesses and consumers alike would not have to pay a markup to Chase and VISA and BoA for the "privledge" to access it .
 
I agree, but there is an economic cost associated with each change, so it is best to have as small a footprint as possible.

;) ;)

Two now coins would require a costly restructuring.

We always had 1 and 2 dollar bills so coinage was the way to go. It cost the vending machine guys a pile but you can just call that a stimulus.

The US only has dollar bills so it would cost half as much.

I really hate when I end up with a wad one 1's now.

And saving your change in the change drawer really adds up fast now
 
Sure but I have to pay 3% more on my purchases to use a credit card. Merchant account fees are another layer of expenses for small businesses. BoA and a host of banks planned to put a surcharge on the use of debit cards - and that is only a matter of time before that becomes reality. The fees to get your money from an ATM are from $1.00 to $5.00.

I am just saying it would seem easier for the treasury to have an infrastructure for electronic money for less than the cost of minting the trillion, and businesses and consumers alike would not have to pay a markup to Chase and VISA and BoA for the "privledge" to access it .



Just don't use a cradit card...use debit...there is no charge for that.
And don't take cash from an ATM that you have to pay
It really is easy to avoid the charges if you pay attention
 

The fact that this thread exists is testament to the fact that— through inflation— government has been surreptiously stealing from its citizens for decades.


With the rate of inflation (measured by the CPI) running at ~3.0%, Bernanke's policy of ZERO interest rates means that a dollar saved is worth less than a dollar.


In essence, this is a conscious effort to punish the prudent, the liquid and the solvent.



This graph show the Federal funds rate less the 12-month trailing rate of inflation (as measured by the CPI). As can be seen, in the last decade the line has been below zero for much of the last decade (reflecting Greenspan's insane low interest rate policies that were largely responsible for creating the Great Residential Real Estate BUBBLE and Bust and Bernanke's current ripoff of savers):

http://research.stlouisfed.org/fredgraph.png?g=69i




Here's a graph showing the cumulative effect of inflation ( as measured by the CPI). Your 1982-84 $1.00 is now worth 42¢.

http://research.stlouisfed.org/fredgraph.png?g=69j








 
Just don't use a cradit card...use debit...there is no charge for that.
And don't take cash from an ATM that you have to pay
It really is easy to avoid the charges if you pay attention

Debit card use fees in the form of merchant transaction fees was a $20 billion / yr cost to businesses - so there are significant charges you really cannot avoid it. Credit surcharges are built into prices so you are paying them even if you use cash.
 
Your 1982-84 $1.00 is now worth 42¢.


In 1980 the average income was $9,494. In 2010 it was $40,584.


What's your point?


link
 
Use electronic credits, they can be stored in the chip in your forehead. :cool:

I remember store clerks punching prices into a cash register, then you paid cash, then checks, then scanners, then credit cards... next will be rfid chips to scan your whole buggy at one time, and hopefully a thumb print linked to your bank account.

And I can't wait! Johnny hates to carry a wallet.
 
Largest cash currency I ever find myself using is about a half to one dollar. Depends a little if it's dollars, euros, pounds or other. The rest goes in a jar.

Because the piggy bank is long since full.
 
Your 1982-84 $1.00 is now worth 42¢.


In 1980, the population of the United States was 228 million people.


In 1980, the population of the Sovereign Socialist People's Republic of Maryland was 4.2 million.


In 1980, the population of Montgomery County in the Sovereign Socialist People's Republic of Maryland was 579,000.


In 1980, the population of St. Mary's County in the Sovereign Socialist People's Republic of Maryland was 60,000.


In 1980, the sales tax rate in the Sovereign Socialist People's Republic of Maryland was 5%.


In 1980, the maximum personal income tax rate in the Sovereign Socialist People's Republic of Maryland was 5% and local income tax was calculated at 20-50 percent of the state tax.


In 1980, in the Sovereign Socialist People's Republic of Maryland the tax on a pack of cigarettes was 10¢.


In 1980, in the Sovereign Socialist People's Republic of Maryland the motor fuel tax rate was 5¢ per gallon.



 


the Sovereign Socialist People's Republic of...



Where's the off switch on this guy?

I agree with the OP. Overseas US military bases haven't used pennies in years. I'm not looking forward to coming home having to putter with pennies again.
 
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