www.coinflation.com
every nickel in circulation worth 6.8 cents for its metal content
pre-1982 pennies (95% copper) worth 2.4 cents for its metal content
Last Updated: Saturday, 27 October 2007, 14:42 GMT 15:42 UK
US Mint considering cheaper coins
By Bob Howard
BBC Radio 4's Money Box
The rising price of copper has prompted the US government to consider making coins with cheaper metals.
The price of copper has risen to just under $8,000 a tonne, driven by demand from countries like China and India.
The US Mint says it is now costing as much as 1.7 cents to produce a "penny" (1 cent) and 10 cents to produce a "nickel" (5 cents).
Reducing the amount of metal used making these coins could save the US government around $100 million a year.
If this was extended to higher denomination coins, the savings are estimated at $400 million.
At the moment, only the US Congress has the power to change the metal composition of US coins.
The proposal by members of the US Senate and House of Representatives would give these powers to the US Treasury.
Change due
Greg Hernandez, Deputy Director of Public Affairs for the US Mint says change is on the cards:
"If the world demand continues to be high for copper, nickel and zinc, then if this legislation is approved, the metal content for the penny and the nickel will be quite different from what it is today."
In April, the US government finally passed a law to make it illegal to melt down US coins, or export them in any quantity abroad.
Anyone doing so now faces a fine of up to $10 000, in conjunction with five years in prison.
Greg Hernandez says action was taken after the US Mint started receiving enquiries from the public as to whether it was illegal to melt down US coins.
"It was to safeguard against a potential shortage of these coins in circulation, because any wide-spread withdrawal of pennies and nickels could cause coin shortages, and that would be extremely costly to replenish, given the prevailing metal prices and production costs"
Global warning
In India, the government has had to take action after rupee coins were illegally melted down in order to make razor blades.
The Australian Royal Mint has warned its citizens it is illegal to melt down Australian dollars.
The British Royal Mint changed the composition of its one and two pence coins in 1992 from bronze (97% copper) to copper-coated steel.
It has confirmed that the value of the copper in pre-1992 one penny and two penny coins is now greater than the face value.
Royal Mint figures suggest there could be more than eight billion pre-1992 one and two pence coins still in circulation.
However, anyone trying to melt them down could face a fine or two years in prison.
every nickel in circulation worth 6.8 cents for its metal content
pre-1982 pennies (95% copper) worth 2.4 cents for its metal content
Last Updated: Saturday, 27 October 2007, 14:42 GMT 15:42 UK
US Mint considering cheaper coins
By Bob Howard
BBC Radio 4's Money Box
The rising price of copper has prompted the US government to consider making coins with cheaper metals.
The price of copper has risen to just under $8,000 a tonne, driven by demand from countries like China and India.
The US Mint says it is now costing as much as 1.7 cents to produce a "penny" (1 cent) and 10 cents to produce a "nickel" (5 cents).
Reducing the amount of metal used making these coins could save the US government around $100 million a year.
If this was extended to higher denomination coins, the savings are estimated at $400 million.
At the moment, only the US Congress has the power to change the metal composition of US coins.
The proposal by members of the US Senate and House of Representatives would give these powers to the US Treasury.
Change due
Greg Hernandez, Deputy Director of Public Affairs for the US Mint says change is on the cards:
"If the world demand continues to be high for copper, nickel and zinc, then if this legislation is approved, the metal content for the penny and the nickel will be quite different from what it is today."
In April, the US government finally passed a law to make it illegal to melt down US coins, or export them in any quantity abroad.
Anyone doing so now faces a fine of up to $10 000, in conjunction with five years in prison.
Greg Hernandez says action was taken after the US Mint started receiving enquiries from the public as to whether it was illegal to melt down US coins.
"It was to safeguard against a potential shortage of these coins in circulation, because any wide-spread withdrawal of pennies and nickels could cause coin shortages, and that would be extremely costly to replenish, given the prevailing metal prices and production costs"
Global warning
In India, the government has had to take action after rupee coins were illegally melted down in order to make razor blades.
The Australian Royal Mint has warned its citizens it is illegal to melt down Australian dollars.
The British Royal Mint changed the composition of its one and two pence coins in 1992 from bronze (97% copper) to copper-coated steel.
It has confirmed that the value of the copper in pre-1992 one penny and two penny coins is now greater than the face value.
Royal Mint figures suggest there could be more than eight billion pre-1992 one and two pence coins still in circulation.
However, anyone trying to melt them down could face a fine or two years in prison.
1 down more to come
http://biz.yahoo.com/ap/071030/merrill_lynch.html
Merrill Lynch CEO O'Neal Out
Tuesday October 30, 3:45 pm ET
By Joe Bel Bruno, AP Business Writer
Under Pressure, Merrill Lynch CEO Stan O'Neal Retires; Company Begins Search for Replacement
NEW YORK (AP) -- The unfolding credit crisis has claimed its biggest corporate casualty so far: Merrill Lynch CEO Stan O'Neal.
The announcement of his departure Tuesday came after the world's largest brokerage posted a $2.24 billion quarterly loss, its biggest since being founded 93 years ago. Merrill Lynch did not name a replacement for O'Neal, whose ouster had been expected for days.
O'Neal retires with no bonus for 2007, but with stock awards and benefits worth $161.5 million and the guarantee of an office and an executive assistant for three years.
Any replacement will face the daunting task of cleaning up investments in subprime mortgages and other risky types of debt, and rebuilding an investment house badly bruised.
There is speculation by a number of analysts that Merrill Lynch faces a $4 billion writedown during the fourth quarter. This would be on top of a $7.9 billion charge taken last quarter, a stunning amount since Merrill originally said it would write down only $4.5 billion because of credit market turmoil.
O'Neal was also criticized for reportedly approaching Wachovia Corp. about some kind of merger without the approval of his board.
http://biz.yahoo.com/ap/071030/merrill_lynch.html
Merrill Lynch CEO O'Neal Out
Tuesday October 30, 3:45 pm ET
By Joe Bel Bruno, AP Business Writer
Under Pressure, Merrill Lynch CEO Stan O'Neal Retires; Company Begins Search for Replacement
NEW YORK (AP) -- The unfolding credit crisis has claimed its biggest corporate casualty so far: Merrill Lynch CEO Stan O'Neal.
The announcement of his departure Tuesday came after the world's largest brokerage posted a $2.24 billion quarterly loss, its biggest since being founded 93 years ago. Merrill Lynch did not name a replacement for O'Neal, whose ouster had been expected for days.
O'Neal retires with no bonus for 2007, but with stock awards and benefits worth $161.5 million and the guarantee of an office and an executive assistant for three years.
Any replacement will face the daunting task of cleaning up investments in subprime mortgages and other risky types of debt, and rebuilding an investment house badly bruised.
There is speculation by a number of analysts that Merrill Lynch faces a $4 billion writedown during the fourth quarter. This would be on top of a $7.9 billion charge taken last quarter, a stunning amount since Merrill originally said it would write down only $4.5 billion because of credit market turmoil.
O'Neal was also criticized for reportedly approaching Wachovia Corp. about some kind of merger without the approval of his board.
Im not 100% sure they cut.....
WASHINGTON (AP) -- The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country's economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
Individuals ratcheted up their spending. U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity in the July-to-September quarter.
The third quarter's growth rate was up slightly from a 3.8 percent pace logged in the second quarter. It marked the strongest showing since the first quarter of last year.
The increase in third quarter gross domestic product exceeded analysts' forecasts for a 3.1 percent growth rate for the period. Gross domestic product is the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.
The strong performance came despite the worsening housing slump.
Builders slashed investment in housing projects by 20.1 percent, on an annualized basis, in the third quarter, the largest drop in a year. That was even deeper than the 11.8 percent annualized cut made in the second quarter and provided stark evidence of the problems in the housing market.
The ill effects of the housing slump and credit crunch, however, didn't deter consumers.
Consumers, whose spending is an important ingredient for the economy's good health, actually rediscovered their appetite to spend in the third quarter. Their spending rose at a 3 percent pace, a considerable improvement from the second quarter's rather weak 1.4 percent growth rate.
One of the reasons why people are continuing to spend is because the nation's employment climate has managed to stay fairly sturdy despite all the problems facing the economy. Job creation perked up in September and wages grew solidly. The unemployment rate crept up to 4.7 percent but that is still low by historical standards.
Wage and job gains have served as shock absorbers for some of the negative forces of an ailing housing market, weaker home prices and more restrictive credit.
Still, the carnage in the housing meltdown has been painfully felt, especially in the area of higher-risk "subprime" mortgages made to people with spotty credit. Home foreclosures have soared. Lenders have been forced out of business. And, financial institutions have wracked up huge losses.
Businesses, meanwhile, increased their spending on equipment and software at a 5.9 percent pace in the third quarter, up from a 4.7 percent growth rate in the prior period. They also boosted their investment in inventories, another factor that added to GDP.
Strong sales of U.S. exports to foreign buyers was another big factor in the good third-quarter showing. Exports of goods and services grew by 16.2 percent, on an annualized basis, during the quarter. That was the biggest increase since the final quarter of 2003.
Business investment in commercial structures, such as office buildings and factories, grew at a 12.3 percent pace in the third quarter, a good showing but down from a sizzling 26.2 percent growth rate in the second quarter.
Government spending also contributed to third quarter GDP growth. Such spending rose at a rate of 3.7 percent, following a 4.1 percent pace in the second quarter.
WASHINGTON (AP) -- The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country's economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
Individuals ratcheted up their spending. U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity in the July-to-September quarter.
The third quarter's growth rate was up slightly from a 3.8 percent pace logged in the second quarter. It marked the strongest showing since the first quarter of last year.
The increase in third quarter gross domestic product exceeded analysts' forecasts for a 3.1 percent growth rate for the period. Gross domestic product is the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.
The strong performance came despite the worsening housing slump.
Builders slashed investment in housing projects by 20.1 percent, on an annualized basis, in the third quarter, the largest drop in a year. That was even deeper than the 11.8 percent annualized cut made in the second quarter and provided stark evidence of the problems in the housing market.
The ill effects of the housing slump and credit crunch, however, didn't deter consumers.
Consumers, whose spending is an important ingredient for the economy's good health, actually rediscovered their appetite to spend in the third quarter. Their spending rose at a 3 percent pace, a considerable improvement from the second quarter's rather weak 1.4 percent growth rate.
One of the reasons why people are continuing to spend is because the nation's employment climate has managed to stay fairly sturdy despite all the problems facing the economy. Job creation perked up in September and wages grew solidly. The unemployment rate crept up to 4.7 percent but that is still low by historical standards.
Wage and job gains have served as shock absorbers for some of the negative forces of an ailing housing market, weaker home prices and more restrictive credit.
Still, the carnage in the housing meltdown has been painfully felt, especially in the area of higher-risk "subprime" mortgages made to people with spotty credit. Home foreclosures have soared. Lenders have been forced out of business. And, financial institutions have wracked up huge losses.
Businesses, meanwhile, increased their spending on equipment and software at a 5.9 percent pace in the third quarter, up from a 4.7 percent growth rate in the prior period. They also boosted their investment in inventories, another factor that added to GDP.
Strong sales of U.S. exports to foreign buyers was another big factor in the good third-quarter showing. Exports of goods and services grew by 16.2 percent, on an annualized basis, during the quarter. That was the biggest increase since the final quarter of 2003.
Business investment in commercial structures, such as office buildings and factories, grew at a 12.3 percent pace in the third quarter, a good showing but down from a sizzling 26.2 percent growth rate in the second quarter.
Government spending also contributed to third quarter GDP growth. Such spending rose at a rate of 3.7 percent, following a 4.1 percent pace in the second quarter.
Base, there's that weak dollar doing it's thing again
U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity in the July-to-September quarter. :aktion033
and people continue to think this administration is dumb:missingte
U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity in the July-to-September quarter. :aktion033
and people continue to think this administration is dumb:missingte
Tiznow....wtf????
WASHINGTON (MarketWatch) -- Private payrolls grew by a much stronger than expected 106,000 in October, following a revised gain of 61,000 in September, ADP reported Wednesday
Economists surveyed by MarketWatch were expecting nonfarm private employment to grow by 55,000. See Economic Calendar.
The ADP report suggests that nonfarm payrolls have grown more in October than the 85,000 anticipated by economists surveyed by MarketWatch. The Labor Department will report on the nonfarm payrolls number on Friday.
Adding in the typical monthly gain of about 20,000 government jobs not covered by the ADP, the report suggests the government's figures on nonfarm payrolls probably grew by about 126,000.
The ADP report is computed by economics firm Macroeconomics Advisers from anonymous payroll data provided by Automatic Data Processing Inc.
The services sector added 134,000 jobs in October. But the goods-producing sector shed 28,000 jobs in October, ADP said.
Employment in both the construction and financial-services sectors dropped in October as the mortgage market fallout continued to ripple through the economy.
Jobs in the construction sector fell by 16,000, the thirteenth decline in the last fourteen months. That brought the cumulative decline since August 2006 to 173,000.
Employment in the financial-activities sector dropped 1,000 in October, the third straight monthly decline after nearly six years of uninterrupted growth.
Seventeen months after its public debut, the ADP report is considered by some economists to be the single-best indicator of the government's monthly nonfarm payroll report. But on a month-to-month basis, it cannot accurately predict payrolls down to the last digit.
The ADP report is designed to mirror the monthly nonfarm payrolls report released by the Labor Department, after all revisions. One difference: The Labor Department statistics include government jobs, but ADP doesn't.
After a few big misses compared with the Labor Department figures in its first few months, the methodology for the ADP report has been tweaked and the sample size increased.
The ADP report is crafted from anonymous payroll data culled from about 383,000 payrolls representing 23 million workers. The sample is matched to the Labor Department's sample of 160,000 businesses and government offices at about 400,000 work sites.
ADP is the one of the largest payroll providers in the world, with more than 570,000 business clients worldwide.
WASHINGTON (MarketWatch) -- Private payrolls grew by a much stronger than expected 106,000 in October, following a revised gain of 61,000 in September, ADP reported Wednesday
Economists surveyed by MarketWatch were expecting nonfarm private employment to grow by 55,000. See Economic Calendar.
The ADP report suggests that nonfarm payrolls have grown more in October than the 85,000 anticipated by economists surveyed by MarketWatch. The Labor Department will report on the nonfarm payrolls number on Friday.
Adding in the typical monthly gain of about 20,000 government jobs not covered by the ADP, the report suggests the government's figures on nonfarm payrolls probably grew by about 126,000.
The ADP report is computed by economics firm Macroeconomics Advisers from anonymous payroll data provided by Automatic Data Processing Inc.
The services sector added 134,000 jobs in October. But the goods-producing sector shed 28,000 jobs in October, ADP said.
Employment in both the construction and financial-services sectors dropped in October as the mortgage market fallout continued to ripple through the economy.
Jobs in the construction sector fell by 16,000, the thirteenth decline in the last fourteen months. That brought the cumulative decline since August 2006 to 173,000.
Employment in the financial-activities sector dropped 1,000 in October, the third straight monthly decline after nearly six years of uninterrupted growth.
Seventeen months after its public debut, the ADP report is considered by some economists to be the single-best indicator of the government's monthly nonfarm payroll report. But on a month-to-month basis, it cannot accurately predict payrolls down to the last digit.
The ADP report is designed to mirror the monthly nonfarm payrolls report released by the Labor Department, after all revisions. One difference: The Labor Department statistics include government jobs, but ADP doesn't.
After a few big misses compared with the Labor Department figures in its first few months, the methodology for the ADP report has been tweaked and the sample size increased.
The ADP report is crafted from anonymous payroll data culled from about 383,000 payrolls representing 23 million workers. The sample is matched to the Labor Department's sample of 160,000 businesses and government offices at about 400,000 work sites.
ADP is the one of the largest payroll providers in the world, with more than 570,000 business clients worldwide.
arty:
VT, keep banging your fucking head against the cement wall, see what cracks first. In your case, you might get lucky. 
I'm sorry results keep bitch slapping you.
Don't worry, Tiz will be along with some bad news about something soon enough to brighten your fucking day :aktion033
:nohead:
I'm sorry results keep bitch slapping you.
Don't worry, Tiz will be along with some bad news about something soon enough to brighten your fucking day :aktion033
:nohead:
VT, keep banging your fucking head against the cement wall, see what cracks first. In your case, you might get lucky.
I'm sorry results keep bitch slapping you.
Don't worry, Tiz will be along with some bad news about something soon enough to brighten your fucking day :aktion033
:nohead:
What head am I banging? I'm one of the most bullish people on here when it comes to worthless dollars. Who else called 14500 by Jan when we were sitting at 13500 with all these overhead problems? I think it will be higher than that. But what you don't seem to understand is that its pretty meaningless....The only news that matters is cheap money which has to go somewhere. If the only thing you judge the economy on is the stock market than you are a complete moron. They can ex out food and energy all they want. They are ruining our economy.
Our government intended for the dollar to fall, to bring trade into balance. It is the leaders of our trading partners that are begging America to stop the decline, but the decreasing trade deficit is hurting their economies. The info is out there, you couldn't miss it if you tried. However, you can ignore it, as many fucking intellects seem to be doing.
Even with a weak dollar and rising oil costs, our trade deficit is decreasing!!!!!
Results >>>>>>>>>>>>>>>>>>> hyperbole, PERIOD.
Too much hot air around here, from SUVs causing global warming, to the sky is falling crowd (who fucking pray they're right), to 9/11 was an inside job and people thinking Ron Paul actually has a chance, this place really is Looney Toon central.
PS: I like it, lets me appreciate how good life really is.
Even with a weak dollar and rising oil costs, our trade deficit is decreasing!!!!!
Results >>>>>>>>>>>>>>>>>>> hyperbole, PERIOD.
Too much hot air around here, from SUVs causing global warming, to the sky is falling crowd (who fucking pray they're right), to 9/11 was an inside job and people thinking Ron Paul actually has a chance, this place really is Looney Toon central.
PS: I like it, lets me appreciate how good life really is.
