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Cheaper Money

October 4, 2010 - by Donny Shaw

In the final days of the pre-election congressional session, the combination of everybody in Congress wanting to do something to boost the economy while at the same time being unwilling to go near anything that would add to the deficit led to some creative legislating.

You've probably heard about the bill that the House passed last week (H.R.2378) to put tariffs on Chinese imports in order to pressure them into letting their currency appreciate. Well, on the same day they voted on that bill, they passed something else designed to help the economy that has gotten less attention. That bill, the "Coin Modernization, Oversight, and Continuity Act of 2010," is aimed at giving the Treasury Department authority to take a look at an obscure issue in our monetary system, the fact that it's costing the government these days nearly 2 cents to make a penny and nearly 10 cents to make a nickel.

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