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#1
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Do We Need Coins (or M1 at all)
Fall 2009, I have a graduate class in sociology: Technology and
Society, and looking ahead in the assigned text, I found a journal article by Bernhard J. Stern, "The Challenge of Advancing Technology" from 1945. Stern cited data from 1943. GNP = $155 Billion Federal Budget = 44% of that or about $68.2 Billion But checking the Red Book and tallying the numbers, for 1943, the US Mint struck only $148.5 Million in coins or about 2/10 of 1% of the budget. Fast forward to 2002...2005 ... 2009... Consider the Federal Budget. Consider the Mintage figures. Look at the paper money printed. $12Million in state quarters... compared to a multi-TRILLION dollar budget. The coins are still in the order of tenths of a percent of the total. Considering that each quarter costs 3 cents to make, why bother? It's not like they get consumed. They do not wear out. Of what use is paper money in a world of credit cards, debit cards and online banking? Mike M. Michael E. Marotta "Looking ahead" |
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#2
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Do We Need Coins (or M1 at all)
yes, soon enough.
"Mike Marotta" wrote in message ... Fall 2009, I have a graduate class in sociology: Technology and Society, and looking ahead in the assigned text, I found a journal article by Bernhard J. Stern, "The Challenge of Advancing Technology" from 1945. Stern cited data from 1943. GNP = $155 Billion Federal Budget = 44% of that or about $68.2 Billion But checking the Red Book and tallying the numbers, for 1943, the US Mint struck only $148.5 Million in coins or about 2/10 of 1% of the budget. Fast forward to 2002...2005 ... 2009... Consider the Federal Budget. Consider the Mintage figures. Look at the paper money printed. $12Million in state quarters... compared to a multi-TRILLION dollar budget. The coins are still in the order of tenths of a percent of the total. Considering that each quarter costs 3 cents to make, why bother? It's not like they get consumed. They do not wear out. Of what use is paper money in a world of credit cards, debit cards and online banking? Mike M. Michael E. Marotta "Looking ahead" |
#3
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Do We Need Coins (or M1 at all)
"Jan" wrote in message ... yes, soon enough. "Mike Marotta" wrote in message ... Fall 2009, I have a graduate class in sociology: Technology and Society, and looking ahead in the assigned text, I found a journal article by Bernhard J. Stern, "The Challenge of Advancing Technology" from 1945. Stern cited data from 1943. GNP = $155 Billion Federal Budget = 44% of that or about $68.2 Billion But checking the Red Book and tallying the numbers, for 1943, the US Mint struck only $148.5 Million in coins or about 2/10 of 1% of the budget. Fast forward to 2002...2005 ... 2009... Consider the Federal Budget. Consider the Mintage figures. Look at the paper money printed. $12Million in state quarters... compared to a multi-TRILLION dollar budget. The coins are still in the order of tenths of a percent of the total. Considering that each quarter costs 3 cents to make, why bother? It's not like they get consumed. They do not wear out. Of what use is paper money in a world of credit cards, debit cards and online banking? Mike M. Michael E. Marotta "Looking ahead" Where'd you get the idea that coins don't wear out and don't need to be replaced? Things happen to coins.They get replaced because of wear,damage etc. Mint has guidlines for when a coin or a note is too old or worn for circulation.They take them out of circulation and destroy them. I'm not sure how often it's done with coins,but billions in bills are shredded every year by the Fed. |
#4
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Do We Need Coins (or M1 at all)
"Mike Marotta" wrote in message ... Fall 2009, I have a graduate class in sociology: Technology and Society, and looking ahead in the assigned text, I found a journal article by Bernhard J. Stern, "The Challenge of Advancing Technology" from 1945. Stern cited data from 1943. GNP = $155 Billion Federal Budget = 44% of that or about $68.2 Billion But checking the Red Book and tallying the numbers, for 1943, the US Mint struck only $148.5 Million in coins or about 2/10 of 1% of the budget. Fast forward to 2002...2005 ... 2009... Consider the Federal Budget. Consider the Mintage figures. Look at the paper money printed. $12Million in state quarters... compared to a multi-TRILLION dollar budget. The coins are still in the order of tenths of a percent of the total. Considering that each quarter costs 3 cents to make, why bother? It's not like they get consumed. They do not wear out. Of what use is paper money in a world of credit cards, debit cards and online banking? Mike M. Michael E. Marotta "Looking ahead" Actually I need coins. I want to wash my truck, but don't have any fives or ones for the change machine. And I can only find 5 quarters, which are not enough. TerryS |
#5
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Do We Need Coins (or M1 at all)
In article , Mike Marotta wrote: Of what use is paper money in a world of credit cards, debit cards and online banking? Privacy and/or paranoia. After 9/11, the Feds were demanding the purchase records of some bookstores. A few of the more left-leaning bookstores changed their record-keeping policies, and made a deliberate effort to record as little as possible about cash transactions. If physical currency was used to purchase a book, there was no need to record the name of the purchaser or even the date of the transaction, so long as the (accounting) books balanced and the inventory got updated. It even used to be possible to place a completely untracable phone call by putting coins into a device called a "payphone". Among other things, this allowed people to report crimes to the police in complete anonymity. Of course there is the obvious desire to remain anonymous when purchasing illegal substances or soliciting illegal services. But wouldn't it also be nice if your insurance provider couldn't prove that you ordered a chocolate souflee, or your Bible-thumping boss couldn't find any evidence of your vices? -- Please reply to: | "Any sufficiently advanced incompetence is pciszek at panix dot com | indistinguishable from malice." Autoreply is disabled | |
#6
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Do We Need Coins (or M1 at all)
On Sep 5, 12:56 pm, (Paul Ciszek) wrote:
Privacy and/or paranoia. After 9/11, the Feds were demanding ... It even used to be possible to place a completely untracable phone call by putting coins into a device called a "payphone". ... I agree. It was, I believe, Titus Vespasian who said to his son, Titus Vespasian, "Moneta non olet." Money does not smell: it leaves no traces of its origin. True enough, but the Federal government is, however, the source of cash. They do not need it, really. It is a convenience for us, at best. In Iraq in the Kurdistan region, a certain issue of old Saddam notes also served the same purpose: a finite number, more or less estimated to be known, and therefore useful (at least for a few years) in a limited way. In William Gibson's cyberpunk world, people use New Yen. The discontinued currency has no "legal tender" status, but serves as markers and counters among those who find them convenient. Mike M. Michael E. Marotta "Anonymous" |
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