The Accelerating Economic Death SpiralSubmitted by Bob-45 on Fri, 03/30/2012 - 08:50
March 30, 2012 by Bob Livingston
The Accelerating Economic Death Spiral
Treasury Secretary Tim Geithner wants to change the materials used to make coins and replace paper money with digits on the computer (electronic transactions).
According to Geithner, it now costs 2.4 cents to make a penny and 11.2 cents to make a nickel because rising commodity prices have driven up production costs.
Why are commodity prices rising? Because of inflation created by the Federal Reserve’s money printing. According to an opinion piece in The Wall Street Journal, the Fed bought 61 percent of the total debt issued by the Treasury Department last year.