No more pennies will be minted

[g5000]

One used to think so. Seems that is no longer the case. Many places are no longer accepting cash.

I have never heard of any such place.

 

[Missourian]

Wrong.

25 years ago, a pound of bread was $1.50.

Today, it's about $2.00.

Nope, it was 25¢ a loaf at Walmart. Bought it all the time.

A box of Walmart Mac & cheese was also a quarter...as was an envelope of Budds lunch meat...as was a can of Walmart brand vegetables like peas, carrots, green beans and corn.

Ask me how I know.

 

[g5000]

why not eliminate cash completely??

Because of garage sales, farmers markets, and your local drug dealer.

 

[g5000]

Nope, it was 25¢ a loaf at Walmart. Bought it all the time.

A box of Walmart Mac & cheese was also a quarter...as was an envelope of Budds lunch meat...as was a can of Walmart brand vegetables like peas, carrots, green beans and corn.

Ask me how I know.

2000s​

In 2002, the Department of Agriculture set the final standards for organic food and introduced the USDA Organic seal, making it easier for consumers to identify truly organic products. However, this decade also saw significant labor unrest. According to CNN, about 70,000 unionized grocery store workers in Southern California went on strike in October 2003, which became the largest and longest supermarket strike in U.S. history, affecting 850 stores across three major grocery chains.

• Milk: $2.78 per gallon
• Eggs: $0.96 per dozen
• Bread: $0.92 per loaf

2020s​

Dramatic shifts in grocery prices this decade have been largely driven by the COVID-19 pandemic. According to the U.S. Department of Agriculture, the cost of food at home surged 25% from 2019 to 2023, primarily due to pandemic-related supply chain disruptions and shifts in consumer behavior. Global lockdowns and restrictions led to temporary shortages and price volatility, while increased home cooking and bulk-buying also played a role. In 2022, chicken and egg prices escalated due to the avian flu outbreak.

• Milk: $3.96 per gallon
• Eggs: $2.72 per dozen
• Bread: $1.97 per loaf

The Cost Of Groceries The Year You Were Born Will Have You Wishing You Didn’t Look

Oh how things have changed...

www.delish.com

 

[g5000]

Do you mean go back on the Gold Standard?

The gold standard is lunacy. Taking a metal out of a hole in the ground and storing it in a hole in the ground.

The gold standard does not allow for economic growth. And before we went off the gold standard, the US suffered more frequent and longer lasting economic downturns.

 

[g5000]

You really don't understand how that works, do you?

He is absolutely correct. You are the one who does not know how it works.

 

[g5000]

Good move. Bye-bye penny, although what'll people now leave atop John Wilkes Booth's headstone?

You're going to have to change your username.

 

[g5000]

nickels?

They don't have Lincoln's head on them.

 

[Missourian]

2000s​

In 2002, the Department of Agriculture set the final standards for organic food and introduced the USDA Organic seal, making it easier for consumers to identify truly organic products. However, this decade also saw significant labor unrest. According to CNN, about 70,000 unionized grocery store workers in Southern California went on strike in October 2003, which became the largest and longest supermarket strike in U.S. history, affecting 850 stores across three major grocery chains.

• Milk: $2.78 per gallon
• Eggs: $0.96 per dozen
• Bread: $0.92 per loaf

2020s​

Dramatic shifts in grocery prices this decade have been largely driven by the COVID-19 pandemic. According to the U.S. Department of Agriculture, the cost of food at home surged 25% from 2019 to 2023, primarily due to pandemic-related supply chain disruptions and shifts in consumer behavior. Global lockdowns and restrictions led to temporary shortages and price volatility, while increased home cooking and bulk-buying also played a role. In 2022, chicken and egg prices escalated due to the avian flu outbreak.

• Milk: $3.96 per gallon
• Eggs: $2.72 per dozen
• Bread: $1.97 per loaf

The Cost Of Groceries The Year You Were Born Will Have You Wishing You Didn’t Look

Oh how things have changed...

www.delish.com

But I can buy bread from Walmart today... right this minute... for a dollar...not two dollars.

Robot or human?

www.walmart.com

In 1999, a loaf of bread at Walmart was a quarter.

 

[Admiral Rockwell Tory]

You're not going to buy a car with a credit card either.

Well, it would be stupid, but I have a credit card that I can buy a car with, if I wanted to do so.

 

[Admiral Rockwell Tory]

What are we going to throw into wishing wells now?

Nickels.

 

[BlackSand]

I am near certain that is Trump's long term goal. He's been in favor of UHC for decades, and is probably why he picked ultra-liberal RFK, Jr. for HHS.

.

Great ... I guess ... It won't have any effect on me.

I thought he picked Kennedy because they got along ...
And the President felt he could trust him as Director of Health and Human Services.

You come along and express how you believe it could a bipartisan effort in governance ...
The Republican President reaching out to Ultra Liberals and sharing positions of power and influence ... Imagine that.

Wow ... The next you know LA Gangs might start holding peace talks ... What beautiful world.

.​

 

[g5000]

democrats?

Talk about poisoning the well!

 

[g5000]

The Fed "printing money" has nothing to do with deficits.

Wow. Your ignorance goes deep.

Google "monetizing the debt".

To whom do you imagine the Fed writes the letter to ask permission?
Does Congress take a vote? Does the President sign it into law?

Explain this mechanism you've constructed.

The Board of Governors, as the issuing authority for Federal Reserve notes, approved and submitted its calendar year (CY) 2025 print order to the U.S. Department of Treasury’s, Bureau of Engraving and Printing (BEP), on July 16, 2024.

Currency Print Orders

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

The Federal Reserve Act allows the Fed to print money. It was approved by Congress and signed by President Woodrow Wilson. No Congress or President has repealed the Act.

You're welcome.

 

[g5000]

But I can buy bread from Walmart today... right this minute... for a dollar...not two dollars.


View attachment 1077564

Robot or human?

www.walmart.com

In 1999, a loaf of bread at Walmart was a quarter.

Neither inflation nor the average price of bread are not determined by what a single point of sale is today.

 

[Missourian]

Neither inflation nor the average price of bread are not determined by what a single point of sale is today.

Didn't say it was.

What I said was a loaf of bread at Walmart 25 years ago was 25¢.

I know. I bought it.

 

[g5000]

The Fed "printing money" has nothing to do with deficits.

To whom do you imagine the Fed writes the letter to ask permission?
Does Congress take a vote? Does the President sign it into law?

Explain this mechanism you've constructed.

When Congress and the President pass a budget which exceeds federal revenues, they have created a deficit which must be funded through borrowing.

The Treasury then prints interest-bearing bonds and sells them. The Federal Reserve buys the bonds in an amount which influences the interest rate, often crowding out private sector buyers of the bonds. The Fed creates money to buy those bonds and that money goes into circulation.

Thus, monetizing the debt. A.k.a. "printing money". Eventually, this leads to creeping inflation and the devaluation of the dollar.

Also, during the 2008 crisis, the Federal Reserve bought trillions of dollars of toxic assets, putting even more money into circulation.

During Covid, the Fed printed more.

The Fed is supposed to sell the assets on their balance sheet eventually, and thus soak up the excess money they put into circulation. But they never get back to zero as our goddam politicians keep running up bigger and bigger deficits.

How Central Banks Monetize Government Debt

Monetization is the permanent increase in the monetary base to fund the government. Central banks buy interest-bearing debt with non-interest-bearing money.

www.investopedia.com

 

[g5000]

Didn't say it was.

What I said was a loaf of bread at Walmart 25 years ago was 25¢.

I know. I bought it.

You said it to illustrate the devaluation of the dollar, but it was not an accurate or honest representation.

 

[g5000]

The Planet Money podcast did an outstanding episode about the penny debate some years ago. I've been searching for it, but have been unsuccessful so far.

 

[Toddsterpatriot]

Well, it would be stupid, but I have a credit card that I can buy a car with, if I wanted to do so.

Is the dealership going to accept your card for payment?