Obama open to the elimination of penny

[AiliailiA]

A better solution would be fighting actively for inflation, and promoting deflation. Simply stopping the production of pennies merely relaxes the pressure to attack inflation directly.

This suggestion is a perfect example of "the Perfect is the enemy of the Good".

Rather than endorsing a simple action which would save US taxpayer money (oh, and btw save businesses money too) you propose a "better solution" to make it unnecessary. Your solution will never happen: deliberate deflation of the currency is crazy stuff which would be quickly abandoned if by some freak of politics it ever got enacted. It won't happen, and by making elimination of the penny a political bargaining chip to try to make it happen, you'd prevent the elimination of the penny.

You're not the most dogmatic Ancap here on NSG: you have some subtly and some common sense. But this really wasn't one of your better ideas.

[Nationalist Eminral Republic]

Finally..

[Great Nepal]

Everyone in western world has ability to have bank account.

Not everyone wants one.
People shouldn't be forced to get one in order to be able to pay for stuff.

Why wouldn't anyone want to have a account?

[Dyakovo]

Last year I watched the whole series of The West Wing with my partner, and before some of the more violent plot twists, one of the more pointlessly tragic episodes to me was the one with the subplot about abolishing the penny. All through the episode one of the protagonists builds a solid case for stopping production, and frantically lobbies the administration (and Congress IIRC). At the end,

he is informed by another protagonist that even though every reasonable person agrees that we should stop making pennies, it "will never happen" because of the Congressional delegation from Illinois, who want to keep the one piece of currency with Lincoln's face on it.

[YellowApple]

Not everyone wants one.
People shouldn't be forced to get one in order to be able to pay for stuff.

Why wouldn't anyone want to have a account?

Because they lived through the Great Depression and insist on keeping all their money in their mattresses.

However, those folks are gradually going away, so that eliminates quite a bit of the problem.

[Nationalist Eminral Republic]

Another of Obama's half baked ideas. Getting rid of the penny would reak havoc on the market. Companies would be forced to artificially price everything.

Well, it worked for other countries?

[Saiwania]

Why wouldn't anyone want to have a account?

For one, you don't have immediate access to your currency and do you honestly trust banks with most of your money?

[The Emerald Dawn]

Last year I watched the whole series of The West Wing with my partner, and before some of the more violent plot twists, one of the more pointlessly tragic episodes to me was the one with the subplot about abolishing the penny. All through the episode one of the protagonists builds a solid case for stopping production, and frantically lobbies the administration (and Congress IIRC). At the end,

he is informed by another protagonist that even though every reasonable person agrees that we should stop making pennies, it "will never happen" because of the Congressional delegation from Illinois, who want to keep the one piece of currency with Lincoln's face on it.

That's actually a picture of the guy who killed John Wilkes Boothe.

[Great Nepal]

Why wouldn't anyone want to have a account?

Because they lived through the Great Depression and insist on keeping all their money in their mattresses.

However, those folks are gradually going away, so that eliminates quite a bit of the problem.

They are scared of second great depression but not of robbery in their house... that is for lack of better word - stupid.

[Conscentia]

Not everyone wants one.
People shouldn't be forced to get one in order to be able to pay for stuff.

Why wouldn't anyone want to have a account?

Irrelevant. They shouldn't have to get an account in order to be able to pay for things.

[Great Nepal]

Why wouldn't anyone want to have a account?

For one, you don't have immediate access to your currency

You would if we implemented virtual currency system.

and do you honestly trust banks with most of your money?

More than I keep it below mattress, yes.

[YellowApple]

Why wouldn't anyone want to have a account?

For one, you don't have immediate access to your currency and do you honestly trust banks with most of your money?

Nowadays said money is federally insured up to quantities that the majority of citizens won't ever reach with their accounts.

I'd rather trust a bank with my money than trust a mattress full of $20 bills to be perfectly safe from burglars.

Also, you do have immediate access to your currency. It's called a "debit card". Fancy that.

[AiliailiA]

Obama plans to eliminate currency - what else would you expect from a communist?

Government health care, free tertiary education for those academically qualified, mighty rockets, and a modest government dress code of grey with red stars.

Or if we're talking the DPRK variant, I expect less of the mighty rockets and health care, but thousands of well-trained dancing girls.

Because you may be new here, I must point out: I AM JOKING.

[Great Nepal]

Why wouldn't anyone want to have a account?

Irrelevant.

No, it is perfectly relevant. If there is reasonable objection against bank account, then there is problem with the idea of virtual currency otherwise there is problem with indivudal. If it is former, the idea needs modification (or scrapping) while if it latter, indivudal needs to catchup.

[Tekania]

Last year I watched the whole series of The West Wing with my partner, and before some of the more violent plot twists, one of the more pointlessly tragic episodes to me was the one with the subplot about abolishing the penny. All through the episode one of the protagonists builds a solid case for stopping production, and frantically lobbies the administration (and Congress IIRC). At the end,

he is informed by another protagonist that even though every reasonable person agrees that we should stop making pennies, it "will never happen" because of the Congressional delegation from Illinois, who want to keep the one piece of currency with Lincoln's face on it.

The first rule of television show watching.... suspended disbelief.

[Pdiiek]

Because you may be new here, I must point out: I AM JOKING.

I KNOW, ME TOO.

[Free South Califas]

I call them Democrats....

I call them Teenagers who think they "know" everything, because Youtube.

Neither of you have the faintest clue what you are talking about. We're talking about individuals who the US is in debt to, remember?

[Saiwania]

You would if we implemented virtual currency system.

BAH! The whole concept of electronic "virtual" currency is garbage because as soon as you don't have electricity, you can't access that money.
I'm fine with electronic payment being an option, but I would find it intolerable for physical currency to cease to exist because people such as myself, still have a use for it.

[Wikipedia and Universe]

I'm in a bit of a hurry, so I didn't watch the video. Is he considering ultimately eliminating the penny entirely from circulation, or is the proposal just to discontinue its minting and production while keeping it in circulation and retaining its status as legal tender? (For example, $2 bills and half-dollar coins are still in circulation and can still buy stuff, even though I believe they've been discontinued.)

[Free South Califas]

well then looks like were all good....we need more services though.....

What services are missing?

Education, obviously.

[Minoriteeburg]

That's actually a picture of the guy who killed John Wilkes Boothe.

I always thought it was Daniel Day Lewis.

[Dyakovo]

Just like when we got rid of the half cent coin.


owait

Half cent, wut?

Half cent coin

[The Emerald Dawn]

That's actually a picture of the guy who killed John Wilkes Boothe.

I always thought it was Daniel Day Lewis.

Nah, looks like him though. He was a vampire hunter, and killed a lot of them. It's why we honor him for killing the Dread Lord Boothe.

[Great Nepal]

You would if we implemented virtual currency system.

BAH! The whole concept of electronic "virtual" currency is garbage because as soon as you don't have electricity, you can't access that money. I'm fine with electronic payment being an option, but I would find it intolerable for physical currency to cease to exist because people such as myself, have a use for it.

You certainly can. It will be long process but it is possible. Shops or banks can record transactions using database using laptop which will be credited on account when electricity is available.

[Dyakovo]

Indeed.



I never said you have to carry a mobile phone. I am merely presenting that as an option. NFC-capable fobs/cards/etc. would be just as effective. However, users would certainly be inclined to use the NFC capabilities of their phones out of convenience, rather than necessity.

I must be the only person on the planet who uses their phone for calling people.

My phone is only ever used to dial a number. I flip it open, I push the numbers, I talk. I don't "text", I don't "twit", I don't "book the face". I don't even use the fucking calculator on it.

It is a phone. I call on the phone.

Most of my posting here is done on my phone...