President Barack Obama on
Eliminating Penny 2013
See the video here:
Obama 2013 Exert Transcript on
the One-Cent Coin:
“I don’t know.”
“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said. “We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”
“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”
– Barack Obama, 44th President of the United States
Opinion on Obama’s Penny Speech 2013
Let’s be blunt. Eliminating the penny means admitting that inflation has run rampant and the one-cent, is, essentially and literally, worthless.
The penny is, however, money. Remember that it is still a legal form of currency. So when money becomes worthless, it is an admitting there is a problem with the money system.
Meanwhile, Obama and Bernanke are printing unlimited amounts of money. Buying up bonds and other various things to attempt to stimulate the economy. Eliminating the penny would bring attention to rampant inflation currently going on under Obama’s administration.
This would be a big ‘No No” to do. Therefore, side-stepping the issue is the politically motivated thing to do. And exactly what happened.
In fact, it is important to note that while this article may single out both Obama and Bernanke, this isn’t a political party issue. This is a United States political issue. Meaning, the policies from the mainstream political wings on both sides are manipulated by the financial institutions and their benefactors (think Federal Reserve is neither Federal or a Reserve). This has been going on since the inception of the latest Federal Reserve in the United States one hundred years ago.