From the UK: Coins fall prey to spending cuts. JWR’s Comment: Well, actually, this is just a sign of gradual currency inflation by the government. When even base metal coins have a value that exceeds their face value, then it is obvious that the people are being robbed by their government. The same situation exists in the U.S., where a five cent piece (the “Nickel”) costs seven cents to produce, and has a melt value of more than six cents. Currency inflation is robbery, in slow motion. The government is the perpetrator, and you are the victim. Destroying the purchasing power of a currency is a hidden form of taxation. Our silver coinage issued in the early 1960s (debased in 1965) is now worth 16 times its face value. When governments replace real coinage with debased tokens, cui bono?
KAF flagged this: UK unveils dramatic austerity measures. Oh, don’t look for anything similar coming out of Washington, D.C. If anything, we can expect more spending, bigger and bigger bailouts, and massive debt monetization.
More FDIC Friday Follies: Seven More Banks Bite the Dust
Items from The Economatrix:
Doubling the Value of Silver (Mogambo Guru)