Typical Government "Solution" to Problem
As the ultimate result of the massive inflation created by Alan Greenspan, a penny coin now costs more to manufacture than the one cent it is denominated in, as I reported several months ago. This of course opens up the opportunity for astute entrepreneurs to melt down the copper it is made of and sell it to the higher world market price of copper.
What is the U.S. government response to this situation. To stop inflating? Mwahhahhaha! To admit that previous inflating have made the penny useless and do away with the penny? No way, apparently.
Instead, this problem is to be met with the distinctly governmental way of dealing with problems: with coercion, regulation and intimidation. The U.S. government will now forbid the melting down or export of pennies.
What is the U.S. government response to this situation. To stop inflating? Mwahhahhaha! To admit that previous inflating have made the penny useless and do away with the penny? No way, apparently.
Instead, this problem is to be met with the distinctly governmental way of dealing with problems: with coercion, regulation and intimidation. The U.S. government will now forbid the melting down or export of pennies.
posted by stefankarlsson at 10:28 PM
2 Comments:
I believe that melting coins have been always illegal in the States... at least in recent history.
Another opportunity would be introduce a rounding law and yet another to make pennies of plastic. I think that Austria used to have small coins of plastic in the 1970.s and perhaps in the 1980:s.
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