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Showing posts from December, 2010

A case for Redenomination of the U.S. Dollar

"When I was your age, I could get penny candy, a bottle of pop for a nickel and a burger for ten cents"... Wouldn't it be nice to get back to the days our parents and grandparents talk about? Have you noticed that these days these prices are about a factor of ten times as much? Of course this is all natural, but what about the future? 100 Billion Zimbabwe Dollars bought 3 eggs on the date of it's release Will prices in a couple hundred years be a miniature version of Zimbabwe? Will we stop talking about eliminating pennies, and start talking about eliminating nickels, dimes and quarters - change altogether? Today so many of us don't even carry cash for day to day transactions for it to matter much, however a study by the Federal Reserve out this month shows that ATM withdrawals has nonetheless increased over the past three years (Federal Reserve System, 2010). Finally, the U.S. mint has tried many times and failed to get people to carry dollar coin...