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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
 Posted - 02/01/2007 : 01:48:38
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I knew this story had velocity. It broke on the NYT website a couple of hours ago:
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Man, is it any wonder that the sheeple are all so ignorant? This douche, who's supposed to be an NYT-calibre reporter & a professor economics, doesn't even know that we do still use pennies in Canada,
Anyway, I am starting to think that they may actually try to do this batsh!t insane economic maneuver.
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 02/01/2007 : 07:44:43
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Why confuse the sheeple with the facts?
________________________
Burn paper dollars before you melt coins. |
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deleted
78 Posts |
Posted - 02/01/2007 : 10:16:58
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| I believe that the .01 euro is still around, too... |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 02/01/2007 : 11:54:36
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OK, let's assume that the decision to revalue pennies to $0.05 is a sure thing. I'm curious as to what the process would be. They obviously can't take possession of all cents, revalue, then reissue. Simply saying that those in circulation are now worth $0.05 seems impossible as well. Perhaps the mint would restrike certain cents (i.e. the copper ones) to indicate that they were now worth $0.05?
Not only are the mechanics of revaluing daunting, but the impact on merchants is even more profound... Are all cents now the same as nickels? Are there two types of cents to keep track of (i.e., one that is worth $0.01 and one that is worth $0.05, as would be the case with restriking). Or...?
I ask these questions because a) I'm trying to figure out how quickly the revaluation could be done, b) assess the likelihood, and c) evaluate the true impact of the revaluation.
A very interesting problem to ponder...
MaDeuce |
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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 02/01/2007 : 12:53:31
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a very interesting article indeed. just the type to get people who have never cared about coins before to go running around crazy finding all they can.
if this revaluation was to happen, i feel the easiest way to do it WOULD be to declare every cent in circulation worth $0.05. come out with the news on a sunday so there wouldnt be masses of people trying to flood their banks. give people a week or say even a month to turn in all their cents for $0.05 then declare the cent coin worthless. anyone with cents left would be free to melt them after that but who really wouldnt turn them in for $0.05??
the banks in turn would turn them over to the fed for $0.05 each and then we wouldnt have any copper or zinc cents around anymore and they could then decide if its worth making new one cent coins out of aluminum or something or if we should just do away with that denomination altogether.
just my thoughts. maybe im way off. i'll sure follow this thread though as i am curious about ideas as well. |
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deleted
479 Posts |
Posted - 02/01/2007 : 13:46:13
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I hope that all is well with the Fed and the GovMint, but I suspect it is not.
China shot down one of its own satellites as a shot across the bow.
I personally interpret this to mean that the Chinese have put the USUKISREAL on notice that if they attack Iran, the sh!t HITS THE FAN!
I could be wrong, I HOPE I am wrong, but it is no exaggeration to say that the balance of power is unsettled right now.
Perhaps the rebased penny idea is just that, merely about pennies. I hope so!
Perhaps the PTB (Powers That Be) are sending a signal that it is time to GET SERIOUS.
I hope I'm wrong.
Peace on Earth and Good Will Towards the Iraqis and the Iranians.
.................................................
A billiard ball dropped from 1,362 feet (height of the South Tower) in a
vacuum would require 9.22 seconds to hit the ground. How then did the
towers collapse in 10 seconds and 11.4 seconds, and why has not one
member of the mainstream media insisted on honest answers from the
government in this regard?
"The individual is handicapped by coming face to face with a conspiracy
so monstrous [that] he cannot believe it exists."
- J. Edgar Hoover |
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Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 02/01/2007 : 14:18:25
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I think the whole thing about re-valuing pennies are just the musings of a few people who are not in a position to make that decision. Get ready for another round of debasement or else they will stop making pennies altogether.
Metalophile |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 02/01/2007 : 17:00:51
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Quote at the bottom of the story From the New York Times
"Austan Goolsbee is a professor of economics at the University of Chicago Graduate School of Business and a research fellow at the American Bar Foundation."
The author of the story is an economist, an American Economist at that, so you know how little he really knows about real life economics, or anything going on in real life, for that matter.
As far as pennies exchanged for nickels, the hoarding would only get worse for all pennies, zinc or copper, since an obsolete coin can sell as a collectable for 25¢ each or more. If it isn't minted anymore, it gains numismatic appeal.
As far as upgrading the penny and making it the new nickel by decree/federal law;
I can only imagine all over the country dullard cashiers who didn't get the news about the switchover, refusing to accept one cent coins as five cent coins from their customers, and dullard customers who didn't get the news about the switchover, yelling at the cashiers for shortchanging them-giving them pennies instead of nickels, and the managers nationwide having to sort it all out, while cash sales of everything grind to a near standstill. (On second thought, that sounds like the kind of Dumb Dumb Dumb thing the US Government Would do.)
Footnote: I doubt the US will strike Iran since Russian engeneers are assisting the Iranians with their nuculear power plants, and the US does not want to re-start the cold war, especially if it means the US Dollar crashes as Russia and China dump their dollar holdings. (With One trillion in US dollars/US Securities in China's posession, the last thing the US wants to do is cut its own throat, economically.)
New name for the US, The United States of Wiemar-ica |
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n/a
deleted
479 Posts |
Posted - 02/01/2007 : 17:09:45
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Weimar, Indeed.
I wish I could say with a straight face that the leaders of my once great nation are not crazy.
But they are.
I agree that it would be crazy to attack IRAN, but then, it was ape sh!t bannanas hole-in-the-head crazy to attack IRAQ.
Just because it is a crazy thing to do, does not mean that they are going to come to their senses and pull back from the brink of insanity.
Crazy people do crazy things everyday.
Unfortunately, we currently have certifiable loony tunes people in the White House (Cheney and Bush) at the World Bank (Wolfowitz) etc etc etc.
I am an Atheist, but I'm damn close to getting on my knees and praying to God that we don't attack IRAN.
If we do, it will be time to STAY HOME and keep the doors locked.
I have canned foods, water, water filters, toothpaste, etc etc etc stockpiled.
I suggest that you do too.
.................................................
A billiard ball dropped from 1,362 feet (height of the South Tower) in a
vacuum would require 9.22 seconds to hit the ground. How then did the
towers collapse in 10 seconds and 11.4 seconds, and why has not one
member of the mainstream media insisted on honest answers from the
government in this regard?
"The individual is handicapped by coming face to face with a conspiracy
so monstrous [that] he cannot believe it exists."
- J. Edgar Hoover |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 02/01/2007 : 21:47:19
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You have to remember that they're not crazy, just evil.
They want to cause economic ruin and the destruction of the American and Canadian currencies so that they have a reason to create an Amero. It's all part of their plan to enslave the world through a universal fiat currency who's use would be required by force of Int'l arms and required to pay yr international poll tax.
That "they're all crazy" is the lie that people who you think are on your side, like David Colbert and John Stewert, help perpetuate as "revolutionary" while remainging, in fact counterrevolutionarty, muddle-headed and apathetc.
These are evil men, practicing satanists and demonstrable sociopaths. Never laugh when you should feel revulsion.
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 02/01/2007 : 21:52:49
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Oh, and speaking of Weimer, there's a comecial running durning The National - Canada's national nightly news broadcast - where a guy goes into restaurant and orderes the "$9.99 steak special" and, while he's eating it and ordering more cups of coffee, a restaurant employee keeps changing the sign and increasing the price of the special - EXACTLY like the apocryphal tale of buying cups of coffee in Weimar germany. Oh, and the ad right after that one was for a HELOC/home-equity-ATM Loan company. :) We're all sooooooooooooo f#$Ked.
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n/a
deleted
479 Posts |
Posted - 02/02/2007 : 00:14:43
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I do not mean to imply that the Bush administration (and others) are not evil.
When I said that they are crazy enough to attack Iran, you could just as well read that in my opinion they are evil enough to attack Iran.
The term "evil genius" may not apply to Bus Jr, personally, but it fits when applied to his bosses.
The point I made about China doing something instead of saying something is an arguement that the Chinese are hoping that cooler heads will prevail. Perhaps they are hoping that an internal power struggle within the Military of the USA will prevent the US Military from attacking Iran.
So what does all this have to do with pennies being "rebased" to 5 cents?
My original point was that this may be a way for the govMINT to tell those who are listening to study up on their Weimar history, which you have clearly done.
Peace!
.................................................
A billiard ball dropped from 1,362 feet (height of the South Tower) in a
vacuum would require 9.22 seconds to hit the ground. How then did the
towers collapse in 10 seconds and 11.4 seconds, and why has not one
member of the mainstream media insisted on honest answers from the
government in this regard?
"The individual is handicapped by coming face to face with a conspiracy
so monstrous [that] he cannot believe it exists."
- J. Edgar Hoover |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 02/02/2007 : 21:14:21
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Lol. This story just got recycled by the International Herald Tribune. At least they caught and corrected the error about pennies in Canada and Europe.
You must be logged in to see this link.
HoardCode0.1: M28/5CAON:CA5Ni27615:CA1Cu1200:CA100Ag345:
CA10Ag250:CA50Ag100:CA25Ag30:CA500Ag48:US100Ag20:CA1000Ag16
How to read a HoardCode:
You must be logged in to see this link. |
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Topic |
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New York Times: Pennies = 5cents!
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