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Dallas Fed gives excuse to spend money on coins
Don't know if anyone else saw this from the Dallas Federal Reserve Bank but it
could give one a good reason to spend money for coins. Tax money saved. "The strategy for eliminating the zero bound, therefore, is to make money pay a negative nominal interest rate, by imposing some type of "carry tax" on currency and deposits. "It's easy to envision such a system with regard to deposits at the Federal Reserve or transactions deposits at banks; for the most part, the technology to implement such a system is already in place. A tax or fee on Reserve deposits of 1 percent per month, for example, would mean that those deposits, in effect, pay a nominal interest rate of roughly minus 12 percent. "The technological difficulty lies mainly in imposing such a tax on currency. In the 1930s, Irving Fisher of Yale University, one of the greatest American economists, proposed such a system, in which currency had to be periodically 'stamped', for a fee, in order to retain its status as legal tender. The stamp fee could be calibrated to generate any negative nominal interest rate that the central bank desired." Full paper he http://www.dallasfed.org/htm/research/hot/bd0503.html Guess the government is saying either spend it or we'll tax it and spend it for you. -- Brian Blackwell SPMC 9522 ANA LM2644 My Obsolete Banknotes Page http://home.att.net/~brianblackwell/obsolete.htm |
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