Death of Penny – What It Means!
Posted on April 6, 2017 by Gary Christenson
By Stefan Gleason, Originally Published on Money Metals Exchange
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The dollar’s reign as the world reserve currency will come to an end someday. But before that happens, the penny will likely go into the dustbin of monetary history.
U.S. pennies have already been debased – going from 95% copper before 1982 to just 2.5% copper (and 97.5% zinc) since. Now there’s a push afoot in the Senate to junk the penny entirely.
All the sound and fury Republican leaders made about repealing Obamacare signified nothing. They aren’t eager to betray the healthcare lobby, insurance providers, and pharmaceutical companies who worked with Congress to write the law and who paid so handsomely into campaign funds. They would rather betray voters.
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The decline of the value of the penny toward functional obsolescence is a sad statement about our monetary system. But rather than address the underlying problem of inflation and exploding national debt, politicians like John McCain want to just eliminate the evidence of the financial establishment’s misdeeds.
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This is a national wake up call if any of “We, The Sheeple” are listening.
Your wealth is being stolen by inflation. Faster the “Chinese water torture” of old westerns, the FED has reached into your pocket while you were sleeping or watch the “Circuses”.
I blogged several times about the real life examples of what this theft looks like to the average joe (i.e., my sainted father-in-law’s 50$ bill; the real meaning of a double eagle; fiat versus commodity money).
So much so, I’m tired of the topic. You just DON’T get it.
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