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We've witnessed startling developments in #Afghanistan
Where a mighty USA succumbed to a loosely knit group of religious zealots
What was supposed to be an end to the never-ending war will now spur a different kind of never-ending war
1/
We've witnessed startling developments in #Afghanistan
Where a mighty USA succumbed to a loosely knit group of religious zealots
What was supposed to be an end to the never-ending war will now spur a different kind of never-ending war
1/
We hear so much of the American military-industrial complex,
Of how a never-ending conflict means never-ending profits & basically caters to Corporate profits
This thread seeks to walk you through how such a complex thrives
By explaining one small, harmless example
Read on
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Of how a never-ending conflict means never-ending profits & basically caters to Corporate profits
This thread seeks to walk you through how such a complex thrives
By explaining one small, harmless example
Read on
2/
The humble Penny
Worth one hundredth of a dollar & minted as a 2.5 gram coin with 97.5% zinc, US Mint churns out roughly 8 billion pennies every year, ⅔ of their capacity
Even with just 2.5% copper, they cost more to produce than they're worth
Risky if swallowed due to Zn
3/
Worth one hundredth of a dollar & minted as a 2.5 gram coin with 97.5% zinc, US Mint churns out roughly 8 billion pennies every year, ⅔ of their capacity
Even with just 2.5% copper, they cost more to produce than they're worth
Risky if swallowed due to Zn
3/
They're a loss to US Govt to the tune of $ 50 to 60 million every year
⅔ of the coins don't even circulate & are considered worthless
A 2002 Gallup poll showed 2% of Americans THREW their pennies into the garbage
As per Currency Regulations, pvt biz can REFUSE to accept them
4
⅔ of the coins don't even circulate & are considered worthless
A 2002 Gallup poll showed 2% of Americans THREW their pennies into the garbage
As per Currency Regulations, pvt biz can REFUSE to accept them
4
Most vending machines DON'T accept pennies either
Since its more precious as metal than coins, a law had to be passed in 2006 to criminalise melting or export of pennies beyond a limit
So, the logical question is:
"Why produce worthless pennies?"
5/
Since its more precious as metal than coins, a law had to be passed in 2006 to criminalise melting or export of pennies beyond a limit
So, the logical question is:
"Why produce worthless pennies?"
5/
After all, Australia, Canada, New Zealand and Ireland had pennies and stopped producing them
The US had a ½ penny and when it became worthless, they stopped producing it
BTW, that was way back in 1857!
So, really asking again:
"Why produce worthless pennies?"
6/
The US had a ½ penny and when it became worthless, they stopped producing it
BTW, that was way back in 1857!
So, really asking again:
"Why produce worthless pennies?"
6/
Enter Mark Weller
Of an NGO / lobbying firm "Americans for Common Cents", a firm that lobbies for the continued use of the penny
Their logic is:
- It helps the poor
- It controls inflation
- It helps charities
None of these are backed by data
Why does Mark fight this cause?
7/
Of an NGO / lobbying firm "Americans for Common Cents", a firm that lobbies for the continued use of the penny
Their logic is:
- It helps the poor
- It controls inflation
- It helps charities
None of these are backed by data
Why does Mark fight this cause?
7/
Coz he's funded by Jardine Zinc Products, the makers of the useless pennies!
JZP is owned by multibillion $ worth Jardine Corporation & for them zinc biz is a small segment
But, for JZP, producing penny blanks is their main business!
And so the circle goes on
Endlessly
8/8
JZP is owned by multibillion $ worth Jardine Corporation & for them zinc biz is a small segment
But, for JZP, producing penny blanks is their main business!
And so the circle goes on
Endlessly
8/8
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