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THAT OLD DOLLAR BILL COULD BE FADING FAST… The fate of the one dollar bill is possibly near extinction. Congress has debated numerous times to use the $1.00 coin and replace the paper bill forever. At a recent hearing of a House Financial Services subcommittee on Thursday, November 29, 2012 the questioned of the paper note’s fate came up for questioning. Phasing out the bill was discussed and entering the coin pondered the subcommittee minds. No decision has been made and the dollar bill still will be in circulation. Presently, $1.4 billion dollar coins are piled up in Federal Reserve vaults because no one likes using the dollar coins. The GAO or Government Accountability Office estimated that the federal government would save about $4.4 billion over 30 years by switching to using $1 coins. The savings could result if the U.S. Mint would have to produce more coins that are actually used. However, the news reported that coins have a habit of collecting into cups and any money issued but not being used is assumed by the GAO would be a savings. Although the fate of that old dollar bill could be fading fast it has the one dollar coin waiting in reserves. Which do you prefer Dollar bill? or Dollar coin? “I need a dollar!" Listen to song... http://www.youtube.com/watch?v=KbVHbEGerRA
Posted By: MIISRAEL Bride
Friday, November 30th 2012 at 1:59PM
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Definitely, the bill. I guess because I am a man and have to carry the coins in my pocket. I have piles of coins everywhere.
Friday, November 30th 2012 at 2:03PM
Steve Williams
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I'll take that dollar bill. Something odd about dollar coins, I get them mixed up with my other coins and have found even with their size I tend to mistake they are quarters...
Friday, November 30th 2012 at 2:09PM
MIISRAEL Bride
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I still have a couple (real) silver dollars.
Friday, November 30th 2012 at 2:27PM
Steve Williams
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Really! Silver dollars are a rarity aren't they?
I only have the latest ones and I used to have a bi-centennial quarter, but my son invaded my coins and sent it away.
Friday, November 30th 2012 at 2:34PM
MIISRAEL Bride
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I really wanted to keep that particular quarter....
Friday, November 30th 2012 at 2:35PM
MIISRAEL Bride
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A neighbor of ours used to make a present of them to us when I was around 5 or 6. And I have one my grandfather gave me. I'm sure they can be had from a coin dealer, but you will pay a pretty penny for one nowadays.
Friday, November 30th 2012 at 2:39PM
Steve Williams
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Well Miisrael I will confess that I did get into my parents' silver quarter collection when they were being phased out. My dad was very clever about finding me out and oh, he had a big wooden paddle back in the day.
Friday, November 30th 2012 at 2:43PM
Steve Williams
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LOL! Those wooden paddles...Ouch! Old school days never leave us I only had a couple licks of the wood paddle once in my hand but I do remember seeing the back paddlings. Never got too many spankings of punishments. I did take a few dollars from Daddy's wallet but he never said anything. I think he knew it was me. Years later I told him I was sorry.
Friday, November 30th 2012 at 3:50PM
MIISRAEL Bride
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There was a company in the Philly area called Charles Chips. The potato chips, pretzels, etc. came in large tins. Something, I can't remember what, was sold in a small tin. That was where the quarters were kept. When my dad got suspicious he put a hair across the top of the tin before putting the lid on. Of course kids never think their parents can ever possibly be that smart. Wish we still had those quarters though, don't know what happened to the rest of them.
Friday, November 30th 2012 at 4:04PM
Steve Williams
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Oh, and a quarter bought a lot more back then. I could get a pack of cigarettes for a quarter at the commissary at the VA hospital where I worked when I was 14. When they still sold them in machines. Yes I was a bad boy.
Friday, November 30th 2012 at 4:10PM
Steve Williams
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I love the feel of paper, but dollar coins are becoming more popular now, especially with the price of gold.
The price of gold is an inverse indicator of the strength of the currency that you will use to purchase it. Gold has skyrocketed of late, because countries are printing fiat currency, as if no day of balancing will ever come.
Let me put it to you this way: If you have an eight-slice pizza that is worth $8, and a case of Pepsi is worth $8, you could conceivably trade one for the other, right? It's an even exchange.
Now, let's say you cut that pizza into 16 slices, but you still claim that the pizza is worth $1 per slice, rather than $8 in total. Nobody in their right mind is going to let you eat half that pizza and give you the case of Pepsi in exchange for the other half, right?
Well, this is exactly how the USD and Gold interact. The government prints more bills, and tells you that they are still worth the same amount. The person selling Gold is on to the game, and makes you pay more dollars to purchase the gold.
As long as countries continue to print fiat (counterfeit) money, with no value increase to justify the expansion in the supply of currency, gold and other raw commodities will continue to increase in value.
With all of the additional debt that the US is accumulating through increased spending (e.g. Bailouts, Health Care, Fraud), the only way it will ever be repaid is through the continual printing of new money to pay old debts.
This will cause a dramatic up-tick in inflation, as the costs of all goods will sky-rocket in order to adjust for the diminished value of the dollar. Interest rates will also increase as a result.
Gold is not an item subject to bubble. It has a fixed value. If Gold decreases in value, that is only because the USD has become stronger. Gold is an inflation hedge. It helps you to maintain the purchasing power you had on the day you purchased it.
If Gold increases in value, you still have the same purchasing power as when you started. If Gold decreases in value, you still have the same purchasing power as when you started.
Buy purchasing Gold, you are stating that you expect the value of the USD to decrease. Buy not purchasing, or selling, Gold, you are stating that you expect the value of the USD to increase.
Does it make more sense to you now? The hard part for most Americans is coming to the realization that the current administration is hell-bent on destroying our country from within.
Friday, November 30th 2012 at 5:24PM
Siebra Muhammad
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Steve I'm tickled...Parents were really up and over kids thinking! By the way, that's a great trick. Prices of things being a quarter or a dime are Neanderthal. Your memories are priceless. What a rabbit! Worth every dollar.
Friday, November 30th 2012 at 5:25PM
MIISRAEL Bride
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Butterfly, I looked at that example you gave in the comment it makes perfectly good sense. No matter if gold increases or not it'll still have the same purchasing power. I "not wishing "they'll take away the paper bill. The dollar seems much less valuable since you've explained it this way. I'm trying to grasp will money period have any value left in modern socieites to come? I'm aloof! Speechless right now.
Friday, November 30th 2012 at 5:34PM
MIISRAEL Bride
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Many people don't understand the Federal Reserve and how it works. But there is a groundswell in Congress to Audit the Fed. From a recent email I got:
Your signed petition and generous contribution will enable Campaign for Liberty to fight back by taking the battle straight to the heart of the problem - the Federal Reserve itself.
Thanks to the efforts of Ron Paul and Campaign for Liberty, a limited audit was passed in 2011.
And what we found through that partial audit was astounding, to say the least!
The Federal Reserve had secretly put the American people on the hook for $16 trillion to their friends and allies - including foreign banks!
That is the amount of our entire national debt!
The entire TARP Bailout to corporations and banks cost $800 billion, but Bernanke secretly gave more than that to Goldman Sachs alone!
This was done behind our backs and without our permission.
And that's just the tip of the iceberg…
That's why auditing the out-of-control Federal Reserve has never been more important.
It was only a few years ago that most Americans didn't know much about the Federal Reserve.
But thanks to Campaign for Liberty members and supporters, Audit the Fed passed the U.S. House earlier this year – with three-fourths majority support!
Not only that, but Audit the Fed accumulated a record number of cosponsors in the Senate and was added to the Republican Party Platform.
Our chances of passing Audit the Fed have never been better.
Friday, November 30th 2012 at 6:02PM
Steve Williams
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