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Why you will NEVER see the end of the Federal Reserve Note one dollar bill
All of you guys are totally missing the point in this dollar coin -
dollar bill debate. The banking industry will never allow the end of the one dollar bill for one simple reason - it doesn't cost them anything! OK, OK, it does cost the Federal Reserve system the printing cost, which is less than five cents. That is what the Federal Government sells ALL bills for to the Federal Reserve! The Reserve, in turn is completely owned and operated by the commercial banks of this country. That is all well and good - but the dollar COINS are sold to the Federal Reserve by the US Treasury for FULL FACE VALUE! Why would the Federal Reserve or commercial banks ever push to use something that costs them over 20 times as much as the dollar bill? The United States Federal Reserve system is NOT analogous to any of the banking systems in any other country, so there is no way to compare the issuing of dollar coins to the issuing of the 1 and 2 Euro coins. The Euro's for each country are issued and monetized by the same entity, whether they are coins or paper money. This is not the case here, and the billions of dollars in seignorage earned by the Federal Reserve for maintaining our money supply will not be given up lightly. If you want to get rid of the dollar bill, you must get rid of the Federal Reserve system. Does anyone REALLY think that the US Government would do as good a job at controlling or providing money as the Fed? The money saving features of the dollar coin are a red herring, put forth by those who do not understand the workings of the Federal Reserve system, and the way it protects the country from its government by controlling the flow of money. When the government is free to mint and circulate unlimited quantities of base metal, low production cost, subsidiary coinage as the basis for our economy, without the intervention of the Federal Reserve system to balance the needs of the economy, unlimited inflation will result. Hasn't anyone here heard of John Law? French Assignats? How about Continental Currency? Does the uncontrolled inflation of Central and South America ring a bell? These are what happens when a government is allowed to issue money for nothing. The banking industry, including the Federal Reserve, has an huge interest in keeping the value of US currency relatively stable, but there is no way for it to do so if the under $5.00 currency is taken out of its control by changing it into coinage. How is the destruction of the value of US money better than a few 'rag-bucks' in your pocket? Reclining Buddha The Original Couch Potato! |
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