A Gold Mine Under Our Noses Can End the Recession
Mr. Obama of the United States and Mr. Harper in Canada open your eyes. There is a gold mine right under your noses and an opportunity to end the recession. For some reason nobody sees the gold or they fail to recognize its potential. But make no mistake we are all part of the problem with our piggy banks.
There are billions if not trillions of dollars sitting idle in piggy banks in forgotten corners of every home and there has never been a better time than this moment to go and get it.
To explore for gold and to extract it from the ore costs millions or billions of dollars but extracting all of the coins from the population shouldn’t cost a fraction of that.
I have jars full of pennies, bigger jars full of nickels and cans full of quarters. I also have coins scattered in different drawers throughout the house just sitting there in a useless fashion.
All in all I must have at least $400 give or take a few pennies or quarters.
I’ll bet there are millions like me in this respect.
I have four kids who also have piggy banks filled to capacity, not forgetting my wife who has several cans booming with various coins. There are literally hundreds of dollars here to be sure.
I personally have many friends and those that I asked admitted to having forgotten stuffed piggy banks in their homes.
The trouble is the banks refuse to handle these for exchange unless they are rolled up, and even then they turn up their noses showing a reluctance to be bothered by trivial transactions.
On the other hand we are too lazy to sit down to count and roll them ourselves so the money just languishes out of circulation until we pass them on to future generations.
If we decide to roll them ourselves we need to buy the necessary paper containers which will cost us an average of ten dollars for every hundred dollars… So imagine we save some money for a rainy day and lose ten per cent when we want to spend it and this is not counting the loss of buying power resulting from inflation. No wonder the coins stay out of circulation.
Some shopping centers have machines which will accept coins for exchange but their fees are just as discouraging ranging from 9 to 12 per cent.
Therein exposes the problem and also the solution to solving the crisis of the recession.
What if the banks were told to set up a counter at every location and compelled by law to accept loose coins of all denominations? What would it cost a bank? A machine at each branch for counting and rolling the coins would be a necessity and a part time employee maybe to handle the transactions. For the rich banks this would certainly not be a major expense, much less than exploring and extracting gold from a gold mine.
Following the set up President Obama and Prime minister Harper could make a national appeal to the populations of both the US and Canada to bring in all the forgotten coins for exchange free of charge and receive full value in return.
The outcome if successful would see people of all walks of life with money to spend; there would be billions if not trillions of dollars of old money thrust back into the economy.
It would give birth to prosperity and create new opportunities to satisfy the demand, there would be a mushrooming effect and a boom would replace the present recession.
The mint could even take a holiday from minting new coins for a while and produce collectibles instead, pennies could be melted down and the copper used for more important manufacturing projects where copper is in short supply.
Right now governments borrow money from China, Japan and the Arab countries to cover expenses while all the money they need to stimulate the economy is right here at home hidden in piggy banks just waiting for someone with imagination to find a way to get it into circulation.
There is a gold mine right under our noses and an opportunity to end the recession and now is the right time. If you think this is a dumb idea it is not, it is a dummy’s guide that might just work.
