Fed President Goolsbee Wants to Declare Pennies Nickels

[MaxGravy]

Chicago Fed President Goolsbee Wants to Declare Pennies Nickels

A recent comment by Chicago Federal Reserve President Austan Goolsbee gives you a glimpse into how Fed people think and helps to explain exactly why you're paying more for everything.

It's almost as if inflating was hardwired into Fed members' brains.

Goolsbee recently sat down with Illinois Treasurer Mike Frerichs during the National Association of State Treasurers conference in Chicago. In the course of the conversation, the subject of pennies came up.

There are a lot of people who think the U.S. Treasury should do away with the penny. This would make sense financially. It costs about 3 cents to mint the 1-cent coin.

“How stupid do you need to be to mint money at a loss?” Goolsbee asked.

But there are about 250 billion pennies in circulation. That's about $2.5 billion in pennies.

So, if we're doing away with pennies, what happens to all those coins?

Goolsbee thinks we should wave a magic wand and declare pennies are all worth 5 cents.

MORE:
https://www.moneymetals.com/news/2024/0 ... els-003487

[NHsorter]

Goolsbee for President! Wish I never dumped my zincs

[Cu Penny Hoarder]

Goolsbee for President! Wish I never dumped my zincs

[Morsecode]

K'mullah will turn that into a campaign promise.

[Lemon Thrower]

I guess the bar to become a Fed president is lower these days than I thought.

[Recyclersteve]

Imagine how much people would hoard pennies! Also, there would be no real need for many to separate zincs from coppers.

[Robarons]

They actually did this in Zimbabwe during their inflation crisis in the early days. It was something like add 2 zeros to the value. Bet the metal in the coins were already worth more than their face value, and even after that 'update' the metal quickly was worth more than the new face.

[Morsecode]

Hoard is turning over in his grave.

And you thought it was hard getting pennies from the banks before...

[Recyclersteve]

What could really get this going quickly? How about someone prominent offering to pay 2 cents per penny RIGHT NOW- in advance of any official news.

Imagine people thinking- “Hmmm, I could double my money right now or way 6-12 months or so to have a fairly good chance of getting 5x my money.” I imagine some would sell half right now and hold the other half to wait for an official announcement.

I sure wish I had a forklift and armored truck, but that’s a tad bit of overkill for someone with maybe $200 face value in pennies.

[Catfish4u]

What could really get this going quickly? How about someone prominent offering to pay 2 cents per penny RIGHT NOW- in advance of any official news.

Imagine people thinking- “Hmmm, I could double my money right now or way 6-12 months or so to have a fairly good chance of getting 5x my money.” I imagine some would sell half right now and hold the other half to wait for an official announcement.

I sure wish I had a forklift and armored truck, but that’s a tad bit of overkill for someone with maybe $200 face value in pennies.

Couldn't they simply just eliminate the penny? If they made pennies 'nickels' wouldn't people tend to 'hoard' pennies AND nickels as they would think the next step is to transform those coins into dimes?

[NHsorter]

I'm not sure of this, but I think the idea would be to stop making pennies but just make the ones in circ worth 5 cents. Or maybe if they were smart, just stop making nickels and start minting new pennies with the 5c insignia? I'm just blabbing here and did not read up on the subject.

I hope this happens, it would make hauling my coppers out of storage worth the backache!

[Catfish4u]

What could really get this going quickly? How about someone prominent offering to pay 2 cents per penny RIGHT NOW- in advance of any official news.

Imagine people thinking- “Hmmm, I could double my money right now or way 6-12 months or so to have a fairly good chance of getting 5x my money.” I imagine some would sell half right now and hold the other half to wait for an official announcement.

I sure wish I had a forklift and armored truck, but that’s a tad bit of overkill for someone with maybe $200 face value in pennies.

Couldn't they simply just eliminate the penny? If they made pennies 'nickels' wouldn't people tend to 'hoard' pennies AND nickels as they would think the next step is to transform those coins into dimes?

I think there is ZERO percent chance pennies are transformed into nickels! When the money supply is expanded the super elite are ALWAYS the ones that benefit - not us common citizens!