It makes no ‘cents’. A paper Dollar, that is.
Coins with intrinsic metallic value for worthless paper.
Wisconsin Bank paying a 5% premium for coins, in the interest of the community. Really?
My thought…current paper fiat will be replaced with new devalued currency. The coins are not easily replaceable. Too high a cost.Their denomination will remain the same. A penny will still be a penny, but worth more as it will be part of a revalued currency.
If you see other banks following suit then it will confirm my suspicions.
CIGA Wolfgang Rech
Clad coins are in a shortage? Wait until people find out there is a shortage of gold and silver because contracts are not metal just like “grits ain’t groceries”…
Wisconsin Bank Pays Above Face Value For Coins Amid Shortage
July 22, 2020
As the nationwide coin shortage continues to rage, a southeastern Wisconsin bank is offering above face value for coins.
Last week, the Community State Bank (CSB) launched a coin buy-back program to assist local businesses affected by the shortage. The bank is offering customers a $5 bonus for every $100 worth of coins turned in at any of its seven locations.
“The response has been tremendous,” CSB President and CEO, Scott Huedepohl, said in a release.
“We’ve had people contacting us not only from our community but all over the United States. Our goal was to generate enough coin inventory to help our local businesses. We’ve met and far exceeded our goals,” said Huedepohl.
The program is expected to end Tuesday (July 21), was initiated late last week, and quickly gained national attention.
CSB customers and non-bank customers were able to receive a maximum bonus of $500. That means if someone brought in $200 in coins, that customer would get a $10 bonus.
“We received an abundance of coin in a short amount of time,” said AVP Retail Operations Director, Katie Stolp. “I’ve never seen anything like it. We’re very fortunate that we have the tools and ability to process all of the coins. That coin is now being put to good use and helping local business owners all over Southeast Wisconsin.”
I see no difference between toilet paper and gold.
Both react to the masses in the same manner.
Many are waiting for the ugliness of resurging inflation and fiat currency destruction before running to gold for safety. But by then, alas, it will be too late. We already have a shortage of available physical. Imagine when hoards of investors begin scrambling for the exit door and find there’s none to be had! (That is, if a few a lucky enough to squeeze through).
Simply witness what happened to supplies of toilet paper when Covid-19 hit. The shelves were empty. None to be had. At any price. If it ain’t there, it ain’t.
Don’t let that scenario befall you with precious metals. At least with toilet paper it can be substituted with fiat currency to wipe your ass. Not so with gold.
CIGA Wolfgang Rech
Funny thing about human nature Wolfgang, whenever something becomes scarce the masses want it even more so! And there is a huge difference on the supply side, were gold to go to $10,000 tonight, there would be very little additional production in the near and intermediate terms. Not so with toilet paper, we would be flooded with toilet paper in a New York minute if demand pushed the price to $10 per roll. The additional production/supply would immediately tamp down price and speculation. Please remember these words “there is no rush like a gold rush”!
“We wish not to meddle with the internal affairs of any country…” Thomas Jefferson
What the hell are we doing? Oh yeah, I get it: trying topple another government as we did in just about every South and Central American country.
To what end? To line the pockets of industrial giants? Trade is trade, no matter what your political views are. It benefits everyone. Just as humans are humans, no matter what their race, color, or creed.
Whenever politics comes into play, it’s game over for the common man.
Don’t our legislators, at the very least, try to abide by the wisdom of our forefathers?
CIGA Wolfgang Rech
The answer to your question is an emphatic NO! We apparently have not learned the lessons the 1930’s should have taught us regarding trade. Shut trade down and how exactly does the real global economy spin off enough cash flow to service the hugely inflated amount of debt outstanding?
Pompeo To Essentially Call For ‘A People’s Uprising’ In Communist China
July 23, 2020
Secretary of State Mike Pompeo is about to apply the Syria-Iran-Venezuela model to China.
But unlike these countries, which in recent years have seen US-backed covert proxy war operations attempt to foment ‘mass uprisings’ leading to regime change, it’s likely to produce little effect on the ground, other than further enraging Beijing.
Via The Washington Times
The WSJ, which has seen a copy of the State Department speech to be delivered Thursday afternoon, describes that it more or less calls for a people’s uprising in Communist-run China:
Mr. Pompeo says Chinese leader Xi Jinping is a “true believer in a bankrupt totalitarian ideology.” Mr. Pompeo stops shy of explicitly calling for regime change, urging allied countries and the people of China to work with the U.S. to change the Communist Party’s behavior.
The Communist Party “fears the Chinese people’s honest opinions more than any foreign foe,” Mr. Pompeo plans to say in the speech at the Richard Nixon Presidential Library and Museum. The U.S. “must also engage and empower the Chinese people,” Mr. Pompeo says, according to the draft.