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Canadian senate pushes Fed to abolish the Penny

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posted on Dec, 16 2010 @ 10:08 AM
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Canadian senate pushes Fed to abolish the Penny


www.winnipegfreepress.com

PITY the poor penny.

Not only is the Senate's finance committee urging the federal government to do away with the beleaguered coin, but most of the people who make it aren't even going to miss it, if it goes.

(visit the link for the full news article)




posted on Dec, 16 2010 @ 10:08 AM
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I wonder who will profit from this if everything evens off to .5


How about a penny for these thoughts:

-- The next closest Canadian coin, in terms of production volumes, at the Royal Canadian Mint last year was the dime. The mint's Winnipeg plant coughed out 370.7 million of them, followed by quarters (266.8 million), nickels (266.4 million), loonies (39.6 million), toonies (38.4 million) and 50-cent pieces (200,000).

-- Pennies used to be made from solid copper. Now they're made from copper-covered zinc because it costs less to produce them.

-- It costs 1.5 cents to make and distribute each penny produced in Canada.

-- The Desjardins Group estimates it costs the Canadian economy $130 million a year for the production, storage, transportation and other expenses associated with the penny.

-- Pennies are rolled and shipped out of the mint in boxes -- $25 worth per box, a union official says.

-- If pennies are abolished, would people still be able to give their two cents' worth on any given issue? Or offer you a penny for your thoughts?
Canada's circulation pennies are all produced at the Royal Canadian Mint (RCM) facility in east Winnipeg.

In fact, it's the king of the production line, with more than a billion of them being churned out during one of its best years in recent memory -- 2006. And while that number dwindled to 455,700,000 in 2009, the penny still eclipsed all of the facility's other coin products.



www.winnipegfreepress.com
(visit the link for the full news article)



posted on Dec, 16 2010 @ 10:20 AM
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reply to post by CanadianDream420
 


We Aussies got rid of our 1 and 2 cent coins well over a decade ago. I don't know a single Aussie who misses either coin one little bit - it makes life simpler and reduces the amount of small coins jangling around in your pocket. Our lowest currency denomination now is 5c - anything that is priced otherwise gets rounded down or up to the nearest 5c.



posted on Dec, 16 2010 @ 10:32 AM
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For all you precious metal people out there... the pre-1982 penny (made entirely of copper) is now worth 2¢ by weight.
So you are actually giving your 2¢ worth with that penny for your thoughts!
Personally, I wouldn't lose any sleep over it, though I'll be damned if I start playing the dime whistle!

the Billmeister

p.s.
My original point is that you should keep pre-1982 pennies when you get them as their value will only increase... it's only pennies but hey!



posted on Dec, 16 2010 @ 10:35 AM
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Certainly us, (The Canadians), are planning to move ahead with The Amero. Step-by-step we will get rid of our currency, and accept the American Dollar. After using the Greenback for a decade, or two, we will start talking about accepting the North American currency.
Doing a bit of research, it seems that the Mexican government is onside with this plan, as well. It also seems to me that the Mexicans know a lot more about the possibility of The Amero than both the Yanks, and Canucks. I wonder why that is? Any ideas?



posted on Dec, 16 2010 @ 10:47 AM
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Originally posted by moondoggy2
Certainly us, (The Canadians), are planning to move ahead with The Amero. Step-by-step we will get rid of our currency, and accept the American Dollar.


Why? Our money is at par...

We have 2nd largest oil reserves in the world, all the lumber and fresh water to supply north america for 500+ years... If anything you'll be using Canadian money.



posted on Dec, 16 2010 @ 11:04 AM
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reply to post by moondoggy2
 





Certainly us, (The Canadians), are planning to move ahead with The Amero. Step-by-step we will get rid of our currency, and accept the American Dollar.


This explains why the US government and the FED more than DOUBLED the money supply since 2008. Greenspan doubled it about every 10 years but in the spring of 2009 the money supply doubled within three months!


I can think of nothing more destructive to a country than flagrant overuse of the printing presses, especially since for every dollar created by the Fed the bankers get to create another six or more dollars, all with the American taxpayer as the dupes left holding the bag.



Congressman McFadden's Speech On the Federal Reserve Corporation

"Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over.

"This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.

"Some people who think that the Federal Reserve Banks United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lender....

The Government is in the banking business as never before. Against its will it has been made the backer of horse thieves and card sharps, bootlegger's smugglers, speculators, and swindlers in all parts of the world. Through the Fed the riffraff of every country is operating on the public credit of the United States Government....
hiwaay.net...


One can see why the bankers murdered the man.



posted on Dec, 16 2010 @ 11:18 AM
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While the few extra cents applied to all goods and services won't be much of a burden, you can bet the tax rates will also be rounded up. No more 13% HST in Ontario for example. Ontarians will be paying 15% once the penny is killed off.

This is actually a pretty shady move by the Harper gov't. It's going to be sold to Canadians as a savings of Millions of dollars, but it's actually going to be a big hit to taxpayers nationwide. Yet another example of the arrogance of the Conservatives, and their disdain for the population they lie to.
edit on 16-12-2010 by fnulnu because: punctuation



posted on Dec, 16 2010 @ 11:40 AM
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Originally posted by fnulnu
While the few extra cents applied to all goods and services won't be much of a burden, you can bet the tax rates will also be rounded up. No more 13% HST in Ontario for example. Ontarians will be paying 15% once the penny is killed off.




I fail to see the correlation between the elimination of the penny, and the rate of sales tax... do you care to elaborate on this?

Thanks,


edit on 16-12-2010 by Billmeister because: ?funky spacing?



posted on Dec, 16 2010 @ 12:27 PM
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reply to post by Billmeister
 


A $1.00 item with 13% HS tax comes to $1.13 - a number that does not exist in a post-penny economy. Taxes will have to be harmonized to an increment of 5%, so in the case of HST, it goes from 13% to 15% by default.

This whole 'eliminate the penny' thing is a giant tax grab by the feds.



posted on Dec, 16 2010 @ 12:35 PM
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Originally posted by fnulnu
reply to post by Billmeister
 


A $1.00 item with 13% HS tax comes to $1.13 - a number that does not exist in a post-penny economy. Taxes will have to be harmonized to an increment of 5%, so in the case of HST, it goes from 13% to 15% by default.

This whole 'eliminate the penny' thing is a giant tax grab by the feds.


OK I see what you mean. But in that case wouldn't all prices have to be completely round numbers... for example an item costing $1.25+15% = $1.44 or $1.50+15% = $1.73.
Wouldn't it be easier to round up or down (yeah, I know... not very likely!) to the nearest increment of 5¢?
That being said, logic and/or ease of operation has never been the governments strong suit so I guess we shall see.

Thanks for your clarification,
the Billmeister



posted on Dec, 16 2010 @ 12:38 PM
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So they wanna get rid of 'ol abe' hugh? seems kinda racist in a sense.
i remember in the news, early 1990's they were talkig about this. The penney is thier, in business terms, so you at least get something back after shopping, thats why prices end in .99..it helps promote the shopper and people to go out and buy. ide miss the penney if they got rid of it. seems like thier that greedy, they wanan get rid of it. sounds like fixed prices are coming!



posted on Dec, 16 2010 @ 12:48 PM
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maybe americas money and canada's are somewhat pretty close (american dollar is still worth more) but beside the fact MEXICO loves this because i think it's a thousand pasos equal a dollar?????

mexico peso aint worth a thing would drag cananda and us down...



posted on Dec, 16 2010 @ 01:05 PM
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They should have gotten rid of that money pit years ago. Useless coin. I ALWAYS dump them into whatever receptacle is near the cashier. Charity if there's one, "have a penny, need a penny" if there isn't. Hell, do away with the nickle while you're at it.



posted on Dec, 16 2010 @ 01:18 PM
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reply to post by Billmeister
 


I'm seeing your point here as well. Ultimately we'll end up with fluctuation. Retail prices will be rounded off to $0.05 increments regardless. That's in the plan. It would be interesting to crunch the numbers and find out what the mean average tax rate would end up being, but it wouldn't be a fixed 13% (in Ontario) anymore, and I'd wager the average will be higher than 13%.

Whether it all comes out in the wash remains to be seen, but the argument still exists that on every dollar spent, the feds collect and extra $0.02 by default. On items costing (for example) $0.95, the tally after 13% HST is $1.07 - will the tax be rounded down to $1.05? I doubt it.

We can be pretty sure that the elimination of the penny wouldn't even be considered if the gov't stands to lose...like the casinos, the odds always favour the house.



posted on Dec, 16 2010 @ 01:58 PM
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reply to post by CanadianDream420
 


I always wondered if we still have the queen on our canadian dollar,its only matter of time before a NAU dollar comes in.

The queen on the dollar always bugged if we are free why is the queen is still on the our dollar? again then this makes canada look like a colony still.

As for the coins typical garbage.

edit on 16-12-2010 by Agent_USA_Supporter because: (no reason given)



posted on Dec, 16 2010 @ 02:09 PM
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reply to post by CanadianDream420
 


The Canadian's aren't alone in this. In years past there were actually a couple of bills introduced here in the States to do away with the penny. But both failed to advance and eventually died.

Here in the US there is also a zinc lobby that is pretty much funded by Jarden Zinc Products. Jarden provides all the penny blanks used for making pennies. That sounds like good business to be in and may be one of the reasons the bills died.

About which dollar to use my guess is that each country would likely provide what they have - Canada a wealth of resources as you mentioned, Mexico a cheap labor force, US military muscle and many large businesses. Honestly, I think they'll end up doing some blend of primarily the US and Canadian dollars with a little of the Peso thrown in.



posted on Dec, 16 2010 @ 02:23 PM
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Originally posted by Agent_USA_Supporter
reply to post by CanadianDream420
 


I always wondered if we still have the queen on our canadian dollar,its only matter of time before a NAU dollar comes in.

The queen on the dollar always bugged if we are free why is the queen is still on the our dollar? again then this makes canada look like a colony still.

As for the coins typical garbage.

edit on 16-12-2010 by Agent_USA_Supporter because: (no reason given)


This issue probably deserves an entire thread to itself, but the answer is: WE ARE (basically) STILL A COLONY.
Her Majesty The Queen of Canada is our official head of state, her representatives are the Governor General (for the federal gov't) and the Lieutenant Governors (for each province). It has been convention that the leader of the party with the majority of representatives seating in government becomes our de facto Prime Minister, but in fact, the Queen can appoint who she wishes.

Following the October Crisis of 1970, the then Prime Minister Pierre Elliot Trudeau made a formal request that the Queen be less visible in the political arena, and a campaign was launched to picture her as simply a figure head. However, in reality, she is still our official head of state, and "Royal Assent" (i.e. Her OK) is still recquired to pass laws.

It's all strangely archaic to me, but very interesting to delve into nonetheless. If you want to really get your blood boiling take a look into "Crown Land" and "Crown Corporations" and check out who the country really belongs to!

Here's a start: en.wikipedia.org...
(Hey I know it's Wikipedia, but you can take it from there!)

the Billmeister



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