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Title: Canada Stops Making Cents as Flaherty Lets Penny Drop
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URL Source: http://www.bloomberg.com/news/2012- ... -flaherty-lets-penny-drop.html
Published: May 4, 2012
Author: Greg Quinn
Post Date: 2012-05-05 15:33:44 by Mad Dog
Keywords: FIAT money, is NOT, real MONEY
Views: 1695
Comments: 7
Canada minted its final penny today as Finance Minister Jim Flaherty said the coin was too expensive to produce and no longer needed for business. “The real issue was that people weren’t using them, they were putting them in jars at home, and we were doing the same thing at my house,” Flaherty said. He spoke today at the Royal Canadian Mint in Winnipeg, Manitoba, before pushing a button that stamped the last one-cent coin. Canadian Finance Minister Jim Flaherty. Photographer: Nelson Ching/Bloomberg The longest-serving finance minister in the Group of Seven nations promised in his March 29 budget to save C$11 million annually by eliminating the coin that he says costs 1.6 cents to mint. The price of copper, which is used in the penny’s production, has surged more than 330 percent since 2000. Getting rid of the coin will have little impact on inflation, the Bank of Canada said in a May 2010 report. Electronic transactions will still be priced in cents, while retailers will round cash transactions to the nearest five-cent interval, according to the budget documents. The coin will still be usable in payments. “It’s a bit hard to swallow,” said Francois Gendron, the 34-year veteran press operator who helped Flaherty strike the last coin. “It’s a bit of history.” The mint has produced 35 billion pennies since it began production in 1908. Distribution of the coin will end later this year. Pennies have been made of copper-plated zinc and copper- plated steel since 1997. The last penny will go to the country’s currency museum in Ottawa. “I’m not going to miss the penny,” said Mike Gregoire, 37, who was touring the Mint with his son. “I find it more of a nuisance; I rarely ask for my pennies back” as change from shopkeepers, he said. The penny, with two maple leaves on one side and a portrait of Queen Elizabeth II on the other, has lost 95 percent of its purchasing power since it was first produced by the mint.
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#1. To: All (#0)
(Edited)
SHOWING 1-40 OF 110 COMMENTS ON Canada Stops Making Cents as Flaherty Lets Penny Drop Andia Tsunami 0 minutes ago "The penny has lost 95 percent of its purchasing power since it was first produced by the mint." The US dollar lost 97% of ts value since the FED was created in 1913. It looks like FED is influencing Canada's monetary system or maybe controlling it as well. ------------------ John Gray 4 minutes ago The real question is why are US/CA pennies worthless in the first place? Why is it "natural" for currency valuation to drop year after year? Sorry to be cynical, but could it be a way for governments to cheat as borrowing money is their main hobby? Here's a crazy idea: how about targeting 0%? That way we can have ONE currency valuation and just stick with it. Doesn't that make life easier? --------------- e t c . . .
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
About twenty years ago they took three zero's off of the Mexican peso. So if you had a 1,000 bill, it was now equal to one new-peso. I wonder if they'll do that here soon, or just switch to some globalist currency. We don't have as many zero's in daily use as they did, but we're getting there. Inflation is a tax. The Keynesian economics scam is unraveling worldwide.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
We don't have as many zero's in daily use as they did, but we're getting there. Inflation is a tax. The Keynesian economics scam is unraveling worldwide. They are purposely INFLATING the USD, which means that they are destroying the actual value of the USD. This is a purposeful plan that has been in action since the 1960s. IF this works it will destroy the middle class in the USA and west. This is all about POWER, "they", (I don't know who all of them are), want it ALL. A comfortable middle class gets in their way. The Keynesians HATE private industry and the US middle class. They mean to destroy us all.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
They mean to destroy us all. I've come to the same conclusion. NO ONE person or group of people can be that inept, over such a long period of time. This HAS TO BE a concerted effort.
NO ONE person or group of people can be that inept, over such a long period of time. This HAS TO BE a concerted effort. That's just one of the problems that we old people present to our would be "masters". We remember their ACTIONS not their words. Since the last years of WW2 they have been purposely destroying the value of the USD. They always claim to want a "strong" dollar in public, but among themselves the truth comes out that they think that a strong dollar is bad for THEM. The USD dollar has lost over TEN TIMES it's value since the 1950's. (Gee isn't THAT weird right after WW2 and Breton Woods? Isn't THAT a coincidence?) www.infoplease.com/ipa/A0001519.h tml This isn't an accident, it's a POLICY. I despise them stealing OUR labor as a matter of policy. I'm no F'ing sheep or cow. F ' em ALL!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
Many moons ago when I was stationed in Germany and we used US currency on base they did away with the penny and rounded to the nearest nickel. It made cents (sic) to me. I don't recall how long that policy was in effect but I remember it. I forget all the details and might research it.
. That's interesting fred. This doing away with the penny has been a discussion in American monetary circles for most of the 20th century. I have no real hardcore feelings one way or the other except to say, that if it ain't broken don't fix it.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
you have to see the comments at the full text link, ie ...
#2. To: Mad Dog (#1)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#3. To: hondo68 (#2)
About twenty years ago they took three zero's off of the Mexican peso. So if you had a 1,000 bill, it was now equal to one new-peso. I wonder if they'll do that here soon, or just switch to some globalist currency.
#4. To: Mad Dog (#3)
The Keynesians HATE private industry and the US middle class.
#5. To: We The People (#4)
I've come to the same conclusion.
#6. To: Mad Dog (#0)
#7. To: Fred Mertz (#6)
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