My Thoughts on: Marxism, Living Under American Capitalism, Marxian Philosophy, Baseball, Economics, Alcohol, and any other topic I feel like writing about.
Showing posts with label inflation. Show all posts
Showing posts with label inflation. Show all posts
30 March 2012
Canada Leads the Way? Elimination of the Penny
Many people that I have personal contact with me have heard some form of complaining about something unimportant in the grand scheme of life. One of my favorite rants, the continued existence of pennies. I hate pennies.
Inflation is necessary part of capitalist stability, and has long since rendered the penny obsolete. Rounding every purchase to the nearest 5 cents saves far more than it costs. There are many places to find analysis and commentary on this, here is one.
http://www.businessweek.com/news/2012-03-29/canada-eliminates-penny-which-costs-penny-and-a-half-to-make
Even in a worst case scenario for an individual (say losing 3 cents on 10 purchases a day for an entire year) the losses are fairly insignificant (around $100 a year).
I can't fully explain why the little copper coins annoy me so much, but they do, and per the above story, my home nation is making a bid for me to return home (I can't think of any other reason for Canada to eliminate the 1 cent coin?)
Actually I can think of many....but I'll suggest that Canada needs me back as the primary reason (for now).
Labels:
Canada,
comment on news,
inflation,
the penny
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