on Jul 10, 2021
from Ridgecrest, CA
I just got a message from my bank about a national coin shortage. It appears physical money is on its way out. Obviously, this meshes with the Covid FUD perfectly.
I do a bit of coin collecting so I think coins are very cool. However, I have never been a fan of using them for commerce. Having been born in the 1980s, I have seen the value of them plummet. When I was a boy, you could buy a small treat or toy with pocket change. In 2021, you couldn't buy a nail with a quarter. There is nothing that could be exchanged for a single coin. Not even 5 minute parking or a 5 minute phone call.
The legacy banking system is already shutting down. We hear about fed coin, but knowing the history of government sponsored software programs (FBI, DoD, NSA), I can tell you that the deployment of fed coin or Amero, or what ever they decide will be the next US currency with which we are allowed to pay our taxes, is decades and trillions away. These programs will be stymied by regulation, oversight, politics and social resistance.
Look up the modernization of the FBI database for PAPER RECORDS in file cabinets to ones and zeroes. Lookup the Thinthread program and its successor Trailblazer. Did you know the Pentagon has "lost" over $3 TRILLION over past 20 years? Do we think a central bank can develop test and deploy a blockchain based digital currency that can be programmed by a central authority, in secret and get the whole country to adopt it in the next couple of years?
Well, at least there is Bitcoin. It's raring to go!
National Coin Shortage: How You Can Help Due to the continuing national coin shortage, we are limiting the rolled coin withdrawals per member or business in our branches at this time. The Federal Reserve is currently working to get more coins in circulation.
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