4 votes

Canada Phasing Out The Penny on Tuesday

The Canadian government is asking businesses to round prices up or down as follows: $1.01 and $1.02 will round down to $1.00 while $1.03 and $1.04 will round up to $1.05.

My guess is this will cause an immediate inflation in prices and over time, prices will rise to the next nickel higher.

AND of course, this means more taxes for the Canadian government (if they use a sales tax up there) which, being the good socialist country they are, I imagine they do.

I hope the U.S. doesn't follow suit because there is no advantage for the consumer. Only for commerce and government.

Also, this is one step closer towards a cashless society.

More on the sad demise of the penny in Canada here:
http://www.huffingtonpost.com/2013/02/04/canadian-penny-disc...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Just another tax grab

disguised as something else.

And in a few years they will dump the nickel and round up again.

Then they can dump the dime and round up yet again.

Ingenious evil of the central bank in action.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

Yep

Good way to raise taxes.

lol

"I hope the U.S. doesn't follow suit because there is no advantage for the consumer. Only for commerce and government."

I just love it, lol.

pawnstorm12, you gave me the first laugh of the morning.

"What if the American people learn the truth" - Ron Paul

Hoard em while you can. Wait,

Hoard em while you can.
Wait, they're like 94% steel, 1.5% Ni, 4.5% Cu.
Chump change. Melt them instead.

Southern Agrarian

This(along with the printing

This(along with the printing of larger denominations) is the first sign of hyperinflation. It will spread to America as well since it has long been discussed here too. People should check out the most recent cases of hyperinflation...the Iraqi Dinar(which lost most of its value when Saddam went to war against Iran and printed money to fund it)and the Turkish Lira. Hyperinflation is death spiral for the economy. Look at the price freezes happening in Argentina for instance...its coming people, the only reason it hasnt happened in the US yet is because of the world reserve currency status...the petrodollar, but that wont keep us afloat forever...once China drops the dollars its holding its all over.

The Canadian government is asking businesses to do these price

changes, and telling them how to do it, because they think the shop owners are too dumb to figure out how to round up 2 pennies.

And are these pennies going somewhere all of a sudden? Are people going to be forbidden to use them? Will they be taken out of circulation? Why not just let them keep being used and disappear on their own over time?

Pandas eat bugs.