Coins Shortages & the Dangers of a Cashless Society

Clarksvillian Underground ^ | July 14, 2020 | Dave McGuire

[dmam2011]

(CU News) - It’s become a standard at nearly every gas station, in my area, to request exact change for purchases. The coronavirus crisis has apparently sparked this nationwide coin shortage that has left retailers pleading for exact change.

It didn’t take too long for the conspiracy theories to begin the rounds in both the virtual and real worlds. I first began hearing comments and receiving emails about the change shortage issue conspiracies several weeks ago. At the time, I just placed them to the side and grinned. Can they really be true? After spending some time, it did not take long to view the situation as a result of three reasons. However, learning the nature of our coin shortage didn’t lessen the reality of the push towards a cashless society.

Three primary reasons most impacting the current coin shortage:

1. Disruptions in mint operations has been a recent issue.

2. Many banks closed their lobbies for several months and only allowed customers to make appointments for essential banking activities. Converting coins to paper money for their customers is far from a top priority at banks.

3. Many of the coin cashing machines in grocery stores were shut down for a period due to customer health concerns.

Like all good conspiracy theories, opportunities for mental exercises are plentiful. When you’re staring at the entry of this conspiracy, and deciding whether to enter the rabbit hole, how can you not be intrigued by the essential work variable? Walmart and Amazon workers are essential, yet the US Mint employees are not essential? The Mint’s production is a central currency and vital to American life. What better way to implement controls than through a cashless society?

[Vermont Lt]

Virtual currency. No banks needed.

[SunkenCiv]

The Federal Reserve recently announced the FedNow Service, which it said will be rolled out in a phased approach, with a target service date of 2023 or 2024.

What Is FedNow? FedNow is a "new interbank 24x7x365 real-time gross settlement service with clearing functionality to support instant payments in the United States," according to the Fed.

The service will allow for end-to-end instant payments in the United States...

As part of the FedNow service, the Fed will back liquidity and provide network security between the banks...

Moving money between banks can take a business day, if not longer...

In 2019, Americans paid over $1 billion in overdraft fees, with 9% paying over 84% of the total, according to research released by Center for Responsible Lending.

Many fintech companies are focusing on getting cash to Americans accounts faster, often using peer-to-peer lending. Square (NYSE: SQ)'s CashApp and Apple (NASDAQ: AAPL) both have peer-to-peer lending that allows for instant account transfers with a small fee.

What The FedNow Instant Payment System Means For Americans | August 10, 2020 | Benzinga via MSN

• U.S. Coin Rapture of 2020
• China Fires a Digital Shot Off Of 'King Dollar's Bow; It's high time for digital dollars, money that could be carried by consumers in digital wallets

[MacNaughton]

10 “Gold and silver will be eventually outlawed and confiscated, too.”

Then lead and brass will become the go-to commodities.

Wikipedia 1933 - FDR EO# 6102

Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." The executive order was made under the authority of the Trading with the Enemy Act of 1917, as amended by the Emergency Banking Act in March 1933. The limitation on gold ownership in the US was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub.L. 93–373,[1] which went into effect December 31, 1974.

The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and worsened the depression.[2][3]

The main rationale behind the order was actually to remove the constraint on the Federal Reserve preventing it from increasing the money supply during the depression. The Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes that were issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit, in the form of Federal Reserve demand notes, which could be backed by the gold in its possession (see Great Depression). Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $408 in 2019)[5] per troy ounce.

The order also permitted any person to own up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at about $6,339 in 2016. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins," which protected recognized gold coin collections from legal seizure and likely melting. The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce (equivalent to $691 in 2019)[5]. The resulting profit that the government realized funded the Exchange Stabilization Fund, established by the 1934 Gold Reserve Act.

[TnTnTn]

Coins are durable, non perishable entities....they are out there somewhere...but where?

[cuz1961]

And while I’m at it,,

“Conspiracy theorist” is such a nice neat accusation ,,alot like “racist” ,,it explains all things unexplainable !

If conspiracy doesn’t exist, why is it a word ? Why is something that never ever existed get an entry in dictionaries ?

I’m sure ceasor would be quite comforted to know all those senators holding knives just happened to accidentally tripped and all happened to accidentally stab him to death all at once.

Isn’t it amazing that the media only believes in “right wing conspiracies “ ?

And I’m sure Joseph mengle (sp?), Joseph gobbels and bottled didn’t really plan behind closed doors to murder 6,000,000 jews. Only a nut job conspiracy theorist would / could believe that.

8-/

[cuz1961]

Hittler not bottled autocorrect.

[AirForceVet1988]

I have a jarful in my living room. Makes a great doorstop.

[cuz1961]

Try this: coins will be the common money of the
underground economy.

This is a good possibility in my book , it is worth more than paper,,

Only thing bills are good for in a crashed failed economic system is for washable toilet wipes.

/-)

[beef]

The problem with crypto is the IRS. If you follow their rules, then every transaction has to be treated like a stock sale. Not only is that an accounting nightmare, the records you need to keep pretty much destroy whatever privacy you may have had.

[SFConservative]

The mint workers took all the coins with them and are hand stamping them. They call the Post Office to pick up their completed work, but they refuse because the packages are too heavy.

The hallmark of good satire writing is that some people actually think it's true ... looks like you did it, GreyFriar!

[rktman]

Guess I forgot to add the ‘/s’ tag.

[cuz1961]

For the record.

I think it’s a move towards a cashless society as well, ending in global currency M.O.T.B.

[Noamie]

In a cashless society how does one pay their drug dealer ?
——
EBT card.

[umgud]

25 years ago,I had a friend here in central CA. He was a pilot and only had one client..... Wells Fargo. He would make stops in central CA to pick up bags of cancelled checks and fly them to San Francisco. I imagine there’s not much of that anymore either.

[Adder]

What mint issues?

They dont want to give u paper money either...lot of stores wont give you cash back.

[9YearLurker]

There are so many bad agendas piling onto this plandemic it is appalling.

And there is Trump with his Big Pharma regulator operatives, making

[redfreedom]

OK, now a post that makes sense. This COVID 19 BS is what they are all saying is causing the coin shortage. I just cannot see it.

The coins are purposely being taken out of circulation by the people. The coins do represent some monetary value due to the fact that they are made of metal.

Granted, these coins are not gold or pure silver, but if CWII comes paper money will be next to worthless and plastic will be good only to scrape bugs and frost off of windshields. I suspect US coins will still have some value as a medium of exchange.

[GreyFriar]

Thank you.

[oldasrocks]

I have a gallon of coins stilling here. Used to go cash them in at the bank but the lobby is closed. Those machines at Wallworld keep 10% of the take.

[dmam2011]

Really? Where’s home?