Friday, July 1, 2011

I’ll take it. Y’know, if nobody else is using it.

Headline:

The $1 billion that no one in the United States wants


Um...could you define "no one?" Because it doesn't include me.

Oh, fine, that's not what they mean. Here's how it goes:

  • Step 1: Congress orders the U.S. Treasury to produce new dollar coins despite the dollar coin’s past unpopularity;


  • Step 2: the public doesn’t want them;


  • Step 3: Congress approves funding for storage of over a billion unused, unwanted dollar coins.


And, by the way, that got started while Congress was still Republican. Woot.

More, from NPR:

The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year.

…So, there are now about 1.2 billion dollar-coin "assets" chilling in Federal Reserve vaults, unloved and bearing no interest. By the time the presidential coin series finishes, and there are coins honoring all past presidents, there could be 2 billion.


“So far.” “By the time the … series finishes.” So they’ve got $1.2 billion of these just sitting there, unwanted, and they’re still making more?

I say again: woot.

The dollar coin won’t ever take hold until somebody has the nads to get rid of the dollar bill, which nobody ever will. And even if somebody does, by the time the bills are all gone and the coins are all available, we’ll all just be paying for things with the microchips embedded in our brains.

Just sayin'.

3 comments:

  1. I'll split it with you. You'll need someone to help load all that stuff into the truck.

    ReplyDelete
  2. You make the deal, I'll get the truck!

    ReplyDelete