Thursday, January 3, 2013

Covert Hyperinflation

CBC reports:

Aubrey, now with the Quebec-based Cirano inter-university research centre, says eliminating Canada's nickel could be part of a larger strategy to retool the currency.
That would include creating a new coin to replace the five-dollar bill; adding a 20-cent coin; eliminating the quarter; perhaps creating a $200 bill; and reducing all coin sizes significantly to ease the burden on pockets.

But first, he says, Canadians must be convinced that the disappearance of the penny will have no effect on inflation

The disappearance of the penny is an effect of inflation, not a cause. Canadians must be convinced taught that the Bank of Canada's monopoly is an inefficient and dangerous bureaucracy.

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