Treasury Secretary Henry Paulson has a wacky scheme to eliminate the penny and alter the composition of the nickel. He worries, however, that eliminating the penny may not be “politically doable.” Since when did the penny lobby become such a juggernaut that it could make a former CEO of Goldman Sachs shake in his brogues? Who is behind Americans for Common Cents (ACC)? The copper industry? Rabid coin collectors? Pennies are so reviled and worthless that the U.S. Treasury had to adopt a regulation making it illegal to melt them. If they aren’t stopped now, the 21st century won’t just feature draught, energy shortages, and natural disaster. Penny shortages will abound. Isn’t that the third trumpet in the Book of Revelation? I’ll have to consult my ACC talking points.
