Here's one from canada.com:
Search the couch cushions, roll all those lucky pennies and take them to the bank, because the government has announced it will phase out the copper coins beginning this fall.Isn't that cute? It gets cuter:
Due to inflation, ``the penny's burden to the economy has grown relative to its value as a means of payment,'' according to budget documents.Now, let's just assume for the sake of argument this author must be referring to the Penny's color and not it's material makeup. The modern penny is steel, not copper. Of course most know that, but that's part of the illusion of fiat currency. Pennies do not hold value, they represent value. They represent 1cent of Canadian value just as 1cent in your bank account is 1cent of Canadian value. Flaherty has just explicitly told you all our currency is devaluing due to inflation. ALL of the currency, material or not.
``The penny is a currency without any currency,'' said Finance Minister Jim Flaherty. ``Free your pennies from their prisons at home and donate them to charity.''
|The mental image Flaherty had hoped to dig up|
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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading.