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Obama Wants To Retire The Penny


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76 replies to this topic

#1

danthonywalker

Posted 20 February 2013 - 01:21 PM

In a recent interview with John Green in a Google+ hangout session with President Obama, Obama has stated the current issue on the worthlessness and valueless penny and his position.

Full Question On The Topic: http://www.wrcbtv.co...-can-it-be-done

Pennies to me are pretty much worthless and I agree that they should be removed. The video I linked in John Green's name and the one below are examples of why.



I'm glad that this issue is finally being brought up. Although not the #1 issue, I'm glad that we are starting to think about the worthlessness and valueless penny finally being put to rest.

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#2

Bagelking37
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Posted 20 February 2013 - 01:23 PM

This is exactly what many have been waiting for.  I'm excited.
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#3

AramilTheElf
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Posted 20 February 2013 - 01:34 PM

Sweet. Get him to be in favor of trashing the nickel too and he'll be golden on this issue.

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#4

JDawgMillenium

Posted 20 February 2013 - 01:37 PM

Yes, I do not see any very good reasons to disagree here. We only had all of these coin types in the past because of the very high deflation during the inception of America. Now, their presence is simply traditional and nearly useless. However, we have to take to this slow and simple. The greater the value of the coin, the more possible an economic backlash may follow.

Removing pennies is not going to do any damage, though.

#5

AramilTheElf
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Posted 20 February 2013 - 01:52 PM

View PostJDawgMillenium, on 20 February 2013 - 01:37 PM, said:

Yes, I do not see any very good reasons to disagree here. We only had all of these coin types in the past because of the very high deflation during the inception of America. Now, their presence is simply traditional and nearly useless. However, we have to take to this slow and simple. The greater the value of the coin, the more possible an economic backlash may follow.

Removing pennies is not going to do any damage, though.

That being said, however, it's fairly safe to remove a lot of currency. The half-penny, worth 13 cents at the time, was removed in 1857 with no discernible economic impact, at least not one big enough to qualify as anything to put in a "Economic History of the United States" Wikipedia article, as they have no data on unemployment or GDP, and graphs of currency value show no noticeable change.

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#6

sosladms
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Posted 20 February 2013 - 04:00 PM

It cost more money to produce penny anyway. Canada already getting rid off penny in circulation. It is good change.

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#7

Akantares
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Posted 20 February 2013 - 05:28 PM

Hell, let's just get rid of all physical money like Canada.
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#8

Drunkenp0wNeR
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Posted 20 February 2013 - 05:56 PM

here is an idea, stop it with the current policy of inflation. i can just imagine the dollar becomming the new penny.

#9

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Posted 20 February 2013 - 06:05 PM

View Postsosladms, on 20 February 2013 - 04:00 PM, said:

It cost more money to produce penny anyway. Canada already getting rid off penny in circulation. It is good change.
As did Australia and New Zealand. And possibly some others which I don't know of.

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#10

Nerevar
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Posted 20 February 2013 - 06:41 PM

View PostDrunkenp0wNeR, on 20 February 2013 - 05:56 PM, said:

here is an idea, stop it with the current policy of inflation. i can just imagine the dollar becomming the new penny.

This is sorta what I was thinking. I get the impression the government is ignoring the real issue here, which is that printing too much money causes it to lose its value.

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#11

sircheesy2
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Posted 20 February 2013 - 06:50 PM

Canada already did it, I'm glad the US is following.

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#12

Travuersa
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Posted 20 February 2013 - 07:04 PM

The title should be "Obama agrees with anti-penny sentiment" because "Obama wants to retire the penny" sounds like he's actively campaigning.

#13

TheEvanCat
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Posted 20 February 2013 - 07:46 PM

I've lived on one of the overseas bases before, and no pennies works just fine. We can do it here.

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#14

MaGicBush
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Posted 21 February 2013 - 01:25 AM

I don't see either a benefit or a negative for keeping/getting rid of pennies. That video fails to show what people do with those pennies that "become dead in a jar" after the jar fills up. People don't just toss in jars, etc to let them sit there forever. Eventually the person will roll them up and use them, so they don't simply just disappear from the economy.

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#15

Arcchen
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Posted 21 February 2013 - 01:35 AM

Pennies cost more to make than what they are worth. But what about perfect change when buying with cash?

#16

Sting_Auer
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Posted 21 February 2013 - 01:42 AM

View PostArcchen, on 21 February 2013 - 01:35 AM, said:

Pennies cost more to make than what they are worth. But what about perfect change when buying with cash?

Everyone can adjust their prices to be divisible by 5
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#17

KEK Inc.
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Posted 21 February 2013 - 01:45 AM

Time to cash in all of my pennies!  Hopefully businesses will just round up or down to the nearest $.05 now.  Otherwise, cash users are going to have issues.  

The penny will still be in circulation for several years, so it won't affect anything.  People throw pennies away.


#18

Acetyl
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Posted 21 February 2013 - 01:46 AM

This is only a direct indication of how ridiculously out of control our inflation rate has become, and will continue to become.

Why don't we dismantle the federal reserve and utterly ----ing crush the current debt and credit based lending structure of American banks?  Oh wait, never mind guys, we should have done that 50 years ago.  Now it would destroy the American economy, as well as put serious strains on everyone tied into it.  Guess they got what they wanted, eh?

False alarm.  Move along.  Lets keep doing damage control.
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#19

danthonywalker

Posted 21 February 2013 - 01:50 AM

View PostKEK Inc., on 21 February 2013 - 01:45 AM, said:

Time to cash in all of my pennies!  Hopefully businesses will just round up or down to the nearest $.05 now.  Otherwise, cash users are going to have issues.  

The penny will still be in circulation for several years, so it won't affect anything.  People throw pennies away.


Both videos explain what could happen to cost if the penny will be removed (rounding up or down to the nearest 5) some cases you win and some cases you loose, but as CGPGrey put it, 2 cents is something that is not worth anyone's problems.

View PostMaGicBush, on 21 February 2013 - 01:25 AM, said:

I don't see either a benefit or a negative for keeping/getting rid of pennies. That video fails to show what people do with those pennies that "become dead in a jar" after the jar fills up. People don't just toss in jars, etc to let them sit there forever. Eventually the person will roll them up and use them, so they don't simply just disappear from the economy.

The video explains what could happen, as following example from others. You still CAN use those pennies, you still WILL be able to use them, however, eventually along the lines pennies will eventually go back to the mint to be melted down and the circulation of them will drop to the point of non existence.

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#20

Yourself
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Posted 21 February 2013 - 01:55 AM

View PostNerevar, on 20 February 2013 - 06:41 PM, said:



This is sorta what I was thinking. I get the impression the government is ignoring the real issue here, which is that printing too much money causes it to lose its value.

Inflation is good if you're in debt, which we are.  

Inflation encourages the spending of money, which is one big measure of our economic performance.  Deflation encourages people to not just save money, which effectively takes it out of the economy.

To me it seems that arguments for deflation revolve around the idea that people want to have something that increases in value without them putting anything into it.  With inflation you're encouraged to spend your money, because if you just keep it, its value will just decrease.
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