Wednesday, February 20, 2013

Minting Coins Cost U.S. Taxpayers $436 Million

Bloomberg: By Max Raskin & Ilan Kolet - Feb 20, 2013 6:00 AM ET
Pennies and nickels have cost more than their face value to mint since 2006, resulting in a loss of at least $436 million to U.S. taxpayers.   LINK...
The "Spin Doctors" are working over-time. This loss is the result of government spending and expansion of money and credit by the FED. Devaluing the currency to buy commodities. Think about it, if you saved your "copper" pennies and "nickel" nickels, they are worth much more now ( The taxpayers are losing but they are NOT to blame. Following the Canadian example means "rounding-up" prices to the nearest nickel. In other words INFLATION!   BK