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 Replies: 62 / Views: 5,549 |
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Bedrock of the Community
United States
17884 Posts |
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Does anyone really believe the government will save a single dollar from this change? No because traditionally Congress spends about 175% of any new revenue or savings found. If anything this $13B savings will probably increase the debt by about $10B. Quote:
Why does this always have to come back to "checks" and "credit cards"? Did it ever occur to you that "most" private sellers believe cash is KING. Also, I would rather carry one $1,000 bill, than ten $100 bills if I were buying something for $1,000 or more. I would also prefer to carry around a $10,000 bill instead of a strap of $100 bills if I wanted to make a $10,000 or more purchase (even though I know $10,000 bills are a lost cause, they sure would be nice for buying a house or expensive car or RV, etc.) Cash may be king but it comes with a lot of inconveniences. Sure a seller may love you for paying for that $1K sale with a $1k note. But he isn't going to love you any less for 10 $100 notes. And he is going to hate you if you use that $1K note for a $50 purchase. Large notes in circulation means having to tie up additional cash to be able to make change for anything that comes in. And money tied up like that is dead money that isn't working for you. And unless you are keeping piles of these large notes sitting around the house if you want to get one to make this large cash purchase it means having to make a special trip to the bank to get one. Then you take it to the merchant and give it to him. Meanwhile while you were going to the bank I just went straight to the merchant and gave him either a check or credit card and walked out with the last one in stock. And what happens if we get robbed on our way to the store? The crook gets the few dollars I have on me, maybe my credit card (which I will promptly report limiting my liability to $50 or less.) and maybe a check book that I can report so he can't use them. From you he gets a $1k note that he can break at any bank and you lose the whole amount. (remember if $1k notes are now in regular circulation people would be bringing them in all the time so no one will pay any special attention to the crook when he brings yours in.) Having lots of large notes in the businessman's deposit instead of non-negotiable checks is riskier for him too. |
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Pillar of the Community
United States
2271 Posts |
Scrapping the dollar note would result in innumerable and tremendous savings; many of which can't be foreseen or even calculated if they are. As is a large fraction of the productive capacity and resources of the nation are given over to making and handling currency that has negative value. $1bills have value but paper is a vector for diesase and should never have been used for such a tiny denomination. You can't even buy a Sunday paper for a dollar so have to touch two (or three) of them. But elimination of the dollar would provide an opportunity to get rid of the cent and debase the nickel. Suddenly millions of man hours are freed everyday from messing wiuth worthless pennies and needless paper. The vending industry gets a boost from people having coin to buy more expensive items. The government saves mountains of money and we are freed the unnecessary and wasteful practice of turning the earth's resources into a liability.
Everyone wins except the lobbyists so it's simply not going to happen.
Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
1053 Posts |
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We need to add a "0" to the end of each coin's denomination (1¢->10¢, 5¢->50¢, 10¢->$1, 25¢->$2 [no more "quarters"], 50¢->$5, $1->$10) and kill the paper equivalents (i.e. start paper at $20) if we *really* want to start saving money circulating our currency and making it *useful* again in a *lasting* fashion.
I guess that would work... Quote:
But that kind of change will never happen with Congress dragging its feet... on every issue... Thank you! Exactly. This is so far away from now because progress in Congress is like jumbo shrimp, a peaceful war. Just doesn't work.  |
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Pillar of the Community
United States
807 Posts |
If we want to insulate street-level commerce against the effects of bank panic or money-market turmoil, we need to encourage making small & medium transactions in currency. That includes business transactions, & even a small business could easily take in & pay out $10 000 several times a week.
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Bedrock of the Community
13014 Posts |
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If we want to insulate street-level commerce against the effects of bank panic or money-market turmoil, we need to encourage making small & medium transactions in currency. Some people may want that, the government wants to see the opposite and have everything be electronic to create a record of everything. You can fudge the books with cash, its really hard to argue with the IRS when theres a record of the payments you got from Mastercard ect. |
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Pillar of the Community
Germany
992 Posts |
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But as checks a cards have become more commonplace there has been discussion of doing away with the 500 Euro note. Quote:
Where have you heard or read this? And do they also speak of doing away with the 200 Euro note? The EU commission has indeed issued a review about issuing the 500 Euro note recently because it is rarely found in circulation and rarely used. But it is in use, especially here in Germany. The EU commission is worried about the allegedly popular use of the note in the ''criminal underworld.'' It's not because credit and debit cards and electronic banking have become more popular here in Europe. By the way, 53,1% of financial transaction were made in cash here in Germany in 2011. Debit & Bank card: 28,1%, credit cards 7,3%. The 200 Euro note is not affected by the review. It's just the 500 Euro note and no decision or recommendation has been made. More importantly, it would be the European Central Bank that is responsible for a decision about the bank note. Not the EU commission. The ECB, which didn't ask for a review, issued a statement that basically said ''as long as the current bank note series of the Euro is in use the 500 Euro note will be issued.'' |
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Bedrock of the Community
United States
17884 Posts |
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$1bills have value but paper is a vector for diesase and should never have been used for such a tiny denomination. $1 wasn't such a tiny denomination back when the Federal government started issuing $1 notes It was pretty much a days pay. The problem was as it became small change it wasn't discontinued. |
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Pillar of the Community
United States
2271 Posts |
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$1 wasn't such a tiny denomination back when the Federal government started issuing $1 notes It was pretty much a days pay. The problem was as it became small change it wasn't discontinued. This is about the size of it. If the country were being run sanely and Congress cared about the currency system the penny would have been eliminated in 1974 rather than a plan to switch to aluminum and a dollar coin issued. Now the 1974 dollar is worth about 15c and the penny is worth well less than nothing at all. The elimination of the dollar bill would severely impact pickpocketing since no one would know where you keep your currency. It would decrease colds and flus slightly and significantly affect the chances of a pandemic. With the rapid movement of people now days a disease with a one week incubation period could spread almost world wide before it was even detected. Much of that sprerad would occur on small paper currency. Instead we pollute the planet and despoil its resources to make coin and currency that is a liability to the health and welfare of everyone. It seems the decision was made in 1974 to simply trash the currency system through obsolescence and inflation. In the process there just happens to be vast waste and numerous threats and inefficiencies. Time don't fly, it bounds and leaps.
Edited by cladking
07/26/2013 4:02 pm
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Bedrock of the Community
13014 Posts |
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It would decrease colds and flus slightly and significantly affect the chances of a pandemic. Youll have to count me as a skeptic for that. Mass transit and more specifically air travel is by far the greater threat for that. With international air travel any disease in the world can be anywhere else in the world in under a day. People are getting exposed to things they never would have seen 100 or 200 years ago and have no immune system for. The paper money can be a part of it, but if someone gets on a plane or a subway with something contagious its going to spread regardless of paper money or not. |
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Bedrock of the Community
United States
19958 Posts |
The odds of our current government doing anything intelligent is basically nil. The dollar, the cent and the nickel all must go away!
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
United States
899 Posts |
Call me a skeptic... but I doubt the dollar bill will allow a microorganism to survive long enough to cause wide spread disease. The idea a pandemic is going to get spread through a paper product is just a little farfetched to believe.
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Bedrock of the Community
United States
17884 Posts |
You might be surprised at how long some organisms can live on a dollar bill. Their lifespan is much less on a coin though. While silvers anti-bacterial properties are widely known, most people don't realize that copper and nickel have similar properties, but to a lesser extent.
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Valued Member
United States
293 Posts |
I think the bureaucrats are as usual counting their chickens before they are hatched. We've seen this before Iowa's Governor is Terry Branstad (R) elected in 2010. He was previously Iowa Governor from 1983-1999. While he was very successful in that 16 year run and did a lot of good things like running surpluses. In the 90s there was the push to pass a statewide lottery. One of things promised was that the money would be spent on education (although they didn't write in that promise a promise to keep the educrats hands out of it and get it directly to the classroom). It was passed and of course the legislature and Gov. Branstad projected that they would have all this money. What was forgotten in the experience of other states that had passed one previous to Iowa was that the novelty wears off after the second year. So the third year post-lottery Iowa had to "find" money for education that the lottery did not pay for and of course the educrats were first in line ahead of the teachers with their hands out. The federal government would experience the same problem if they turfed the dollar bill for the dollar coin. People would after awhile just use online payment systems like Paypal or their credit cards. Then there is the all too obvious fact that the American people have NEVER as a unified nation supported the dollar coin. Opposition has grown since 1965 when LBJ seized the silver out of our money. Then there was the fiasco called the Susan B. Anthony dollar (AKA Susan B. Agony and the Carter Quarter) . . . How many of you have seen Sac's circulate. How about getting a Presidential dollar in change --- hasn't happened here. |
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Pillar of the Community
United States
919 Posts |
atchisonbj, I help out at a concessions stand and we get SBA's and Presidential dollars from kids. Maybe 5-10 per week. The kids probably get them from grandparents. I always get them in change from stamp vending machines. |
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Valued Member
United States
446 Posts |
Quote:How many of you have seen Sac's circulate. How about getting a Presidential dollar in change --- hasn't happened here. It's happened to me before, but only once. I think there's a psychological resistance to the golden dollar. Ever try using ten or so to buy a twelve pack of beer? You feel like you're handing over a bunch of Chuck E Cheese tokens. |
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Replies: 62 / Views: 5,549 |
First Page
Posted 07/25/2013 2:46 pm
