Obama open to the elimination of penny

[Minoriteeburg]

No I don't live in England.

We have some here.

Just let me be ingnornant will ya?

[Saiwania]

And cash versus electronic payments affects this how, exactly?

With cash, it is truly yours, while with electronic it can simply be accidentally withdrawn from or deleted.
It isn't with you, so you require permission to use it.

[Dyakovo]

We have some here.

Just let me be ingnornant will ya?

How could we stop you?

[The Emerald Dawn]

And cash versus electronic payments affects this how, exactly?

With cash, it is truly yours, while with electronic it can simply be accidentally withdrawn from or deleted. It isn't with you, so you require permission to use it.

Actually the cash belongs to the government. They're loaning it to you.

Read the bill.

[Dyakovo]

And cash versus electronic payments affects this how, exactly?

With cash, it is truly yours.

No, it isn't.

[AiliailiA]

Congratulations. This ranks right up there with "But I don't have 3 souls" as one of the stupidest responses I've seen in my years here.

I'll drink to that.

I won't. The thread has been admirably free of abuse or ganging-up. Describing another poster's contribution as "stupid" isn't something you should encourage.

[Minoriteeburg]

Just let me be ingnornant will ya?

How could we stop you?

It is impossible.

[Sibirsky]

And cash versus electronic payments affects this how, exactly?

With cash, it is truly yours, while with electronic it can simply be accidentally withdrawn from or deleted. It isn't with you, so you require permission to use it.

With cash, if someone takes it, it is gone forever. With electronic money, it can easily be replaced if you can prove that it wasn't you, using it.

[Dremono]

I'ma keel all those pretty wittle pennies.

[Great Nepal]

Currency transaction affects EVERYBODY, because EVERYBODY needs it. And, too many people fall through cracks in America's social welfare system, so its not inconceivable that people who need these things, and are unable to obtain them through other means may be denied.

I have no clue what 20 British pounds converts to in terms of USD, but what ever that amount is, its that much that can't be used for things like food, rent, gas, and utilities.

£20 is about $30... anyway, not a large sum.
I just checked octopus website and Keyring costs $10. Are you telling me there are people that cant afford to spend $10?

[Sibirsky]

With cash, it is truly yours, while with electronic it can simply be accidentally withdrawn from or deleted. It isn't with you, so you require permission to use it.

Actually the cash belongs to the government. They're loaning it to you.

Read the bill.

Technically it is a liability to the Fed. It belongs to you.

[AiliailiA]

With cash, it is truly yours, while with electronic it can simply be accidentally withdrawn from or deleted. It isn't with you, so you require permission to use it.

Actually the cash belongs to the government. They're loaning it to you.

Read the bill.

Read what's written on the money? What kind of crazy talk is that??

[Minoriteeburg]

With cash, it is truly yours.

No, it isn't.

^This.

In the end, cash is property of the US Government. Which is why you are not allowed to make it.

[Smokajeria]

How will eliminating pennies affect not just pricing, but more importantly, taxes such as sales tax? My thinking is that in the interest of "simplification," shit will end up costing more.

For instance right now the sales tax in PA is 6%. Reducing that to 5%, which they will never do LOL, will still result in the need for the penny unless prices are set in whole dollars. So all prices would need to be set in whole dollars, or all tax rates will have to be in 10% increments, or most likely both.

Just make the penny out of plastic or lint or something else cheap (said the OP video). Otherwise I can see this only as an elaborate ploy to extract more wealth from the consumers.

No, it just means that instead of fractions of a cent being rounded to the nearest penny, they'll be rounded to the nearest nickel. Some people will pay a penny or two more, and others a penny or two less.

[Conscentia]

Currency transaction affects EVERYBODY, because EVERYBODY needs it. And, too many people fall through cracks in America's social welfare system, so its not inconceivable that people who need these things, and are unable to obtain them through other means may be denied.

I have no clue what 20 British pounds converts to in terms of USD, but what ever that amount is, its that much that can't be used for things like food, rent, gas, and utilities.

£20 is about $30... anyway, not a large sum.
I just checked octopus website and Keyring costs $10. Are you telling me there are people that cant afford to spend $10?

Yes.

[Dyakovo]

I'll drink to that.

I won't. The thread has been admirably free of abuse or ganging-up. Describing another poster's contribution as "stupid" isn't something you should encourage.

Meh. It was stupid.

---

How could we stop you?

It is impossible.

I know! We'll infuse knowledge into beer!

[Sibirsky]

No, it isn't.

^This.

In the end, cash is property of the US Government. Which is why you are not allowed to make it.

No, the cash is a liability to them.

You can't make it yourself because of legal tender laws and the fact that counterfeiting is economically damaging, and is basically theft.

[Grenartia]

Then the details are stored in a computer and payment taken out at earliest possible time.


If you cant afford wristband or keyring, currency transaction is not likely to affect you.

You could also point out that anyone who can't afford the single dollar items is most likely receiving government services to survive, or bumming on the street. That's a poverty issue, and won't be HARMED by changing from coin to pure denim currency.

We're not talking about transitioning from coin to paper. We're talking about paper to electronic only. People bumming on the street are even more disadvantaged by the switch to solely electronic currency.

Paper is easier. Doesn't require writing shit down, which takes time.

Not even mentioning that what's seeming to be advocated here is abolishing checks as well.

But paper is inexact and prone to being lost just as easily as any other form of currency. Might as well write a check and give exact change.

Also, who said anything about abolishing checks?

Well, when totally eliminating non-electronic currency, abolishing checks seems to fit under that heading.

1. A card is easier to lose than an entire wallet.

A bill (or several) is just as easy to lose as a card.

Which is why we keep bills in wallets.

[Minoriteeburg]

---

It is impossible.

I know! We'll infuse knowledge into beer!

Then I shall conquer the world! Or just pass out drunk.



Or both.

[Saiwania]

Are you telling me there are people that cant afford to spend $10?

I didn't have $10. Should I have to take out a loan for that much? I believe in avoiding as many loans as is possible. Because I never know if I won't be able to pay it back in the future.

[Smokajeria]

Maybe the US should stop printing money.
I think there is enough to use.

Wrong. The shelf life of the average dollar bill is 18 months...which is why many civilized nations have phased out dollar bills in favor of dollar coins, which cost three times as much to produce but last 15 years...ten times as long.

[Minoriteeburg]

A bill (or several) is just as easy to lose as a card.

Which is why we keep bills in wallets.

Which is where the card goes....

[Dyakovo]

A bill (or several) is just as easy to lose as a card.

Which is why we keep bills in wallets.

Which makes it different from cards in what way?

Congratulations on destroying your own argument.

[Minoriteeburg]

Which is why we keep bills in wallets.

Which makes it different from cards in what way?

Congratulations on destroying your own argument.

Should we throwing a party? I like parties.

[Grand Soviet Union]

Support getting rid of the penny but I fear it would have a negative effect on the economy for a good while and at this point we Ned the economy to NE a bit stronger to make such a move.