Shepherd Smith: That's all we do anymore, is print money!

[Knightskye]

http://www.youtube.com/watch?v=4vZYQeomPJE

Shep was responding to an angry e-mail he got, calling him "anti-union" for not supporting the bailout for the Big 3.

About 1:05 into the video.

"And when we run out of money? Or when the printing presses won't even keep up - 'cause that's all we do anymore, is print money!"

I think we should suggest someone for Shep to interview!

[Indy Vidual]

I heard pennies cost ~1.4 cents to make, so we lose money on every penny minted.
Also, Yes, America used to be an industrial super-power, and now we just print money and make weapons. :(

[tangowhiskeykilo]

I heard pennies cost ~1.4 cents to make, so we lose money on every penny minted.
Also, Yes, America used to be an industrial super-power, and now we just print money and make weapons. :(

odd... i heard it was 3.1

[Indy Vidual]

odd... i heard it was 3.1

Oops..
Maybe, I was being conservative to be sure I was accurate.
I'll bet you one penny that 3:1 is a bit high. :p

[tangowhiskeykilo]

Oops..
Maybe, I was being conservative to be sure I was accurate.
I'll bet you one penny that 3:1 is a bit high. :p

http://www.nytimes.com/2006/04/22/business/22charts.html

you'd be right.. my bad:o

[melissa22]

I hate shithead smith. He's a brainless teleprompter north carolina bozo.

[RonPaulCentral]

I heard pennies cost ~1.4 cents to make, so we lose money on every penny minted.
Also, Yes, America used to be an industrial super-power, and now we just print money and make weapons. :(

http://coinflation.com

Great website.

[kathy88]

That article is over 2 years old.

[Drknows]

I don't understand the Neocon way of thinking when it comes to fiscal responsibility.

They were all for the 700 BILLION dollar BAILOUT with no strings attached. They don't care if we see a penny of it back or what they invest it in. But yet when it comes to giving the Auto industry a 25 Billion dollar LOAN they say NO.


I'm against both of course but if i was for bailing out anyone I would loan the Auto industry 25 billion before handing over 700 billion free of charge to the idiots who got us into this mess.

Anyway i find it funny that GM is spending money on Ads that are begging for money instead of selling cars.

[ValidusCustodiae]

I hate shithead smith. He's a brainless teleprompter north carolina bozo.

Easy on the anti-NC stuff. =P

[escapinggreatly]

I heard pennies cost ~1.4 cents to make, so we lose money on every penny minted.
Also, Yes, America used to be an industrial super-power, and now we just print money and make weapons. :(

Yeah, pennies cost more to make than they're actually worth. Pretty good currency system.
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[Drknows]

Yeah, pennies cost more to make than they're actually worth. Pretty good currency system.


Yeah it never use to be that way. i wonder what happened? LOL I also think it cost more to make nickles now.

I always wondered how much it costs yearly to make our money. Metals, Paper, Ink, transport, ect

What if they did away with it all together and issued debit cards?

[Elwar]

They also outlawed melting your coins for the metal value.

I wonder if a future solution will be to make more printing machines so they can print faster.

[Elwar]

Shepherd Smith said something that Ron Paul might say...why do I not see a new thread of Shepherd Smith 2012?!?!

[FindLiberty]

Wouldn't eliminating the penny be inflationary? ;->

[FindLiberty]

Who needs fiat coins or paper in this digital age where everything relies on a silicon "single grain of sand".

At some point in the future, the worlds fastest computers may not be able to run fast enough to keep up with inflation even if they are only adding zeros to expand electronic accounts at the rate of several petaflops* per second.

*(A petaflop is a measure of a computer's processing speed and can be expressed as a thousand trillion floating point operations per second.)

[melissa22]

Easy on the anti-NC stuff. =P

Have you ever seen that realestate show with richard davis?

I rest my case

[Knightskye]

Shepherd Smith said something that Ron Paul might say...why do I not see a new thread of Shepherd Smith 2012?!?!

Why not root for Palin? :p

EDIT: Mr. Smith goes to Washington. Lawl.

[Flirple]

I heard pennies cost ~1.4 cents to make, so we lose money on every penny minted.
Also, Yes, America used to be an industrial super-power, and now we just print money and make weapons. :(

I hate fiat money more than anyone but this reference needs to die. Yes of corse a penny costs more than one cent to make. But remember, a penny is used more than once. It's not like they are paying 1.4 cents to make a penny and then it is used for one transaction and then thrown away!

[Knightskye]

I hate fiat money more than anyone but this reference needs to die. Yes of corse a penny costs more than one cent to make. But remember, a penny is used more than once. It's not like they are paying 1.4 cents to make a penny and then it is used for one transaction and then thrown away!

Actually, a lot are used for one transaction. I work in a grocery store. Most customers say "Keep the penny." The others pay with a debit/credit card.

So it's plausible.

I take pennies, though. Commer--er... TD Bank, baby! :cool:

[Jordan]

I hate fiat money more than anyone but this reference needs to die. Yes of corse a penny costs more than one cent to make. But remember, a penny is used more than once. It's not like they are paying 1.4 cents to make a penny and then it is used for one transaction and then thrown away!

The theory of the velocity of money is ridiculous. Assume the Fed instead made lawn mowers, I could get one lawn mower give it to a friend who in turn gives it to a friend. Even at the end of the transactions, there would only be one lawnmower not three.

[socialize_me]

The theory of the velocity of money is ridiculous. Assume the Fed instead made lawn mowers, I could get one lawn mower give it to a friend who in turn gives it to a friend. Even at the end of the transactions, there would only be one lawnmower not three.

Bad, baaaaad reference. First off, the thought of even having lawn mowers as a currency is crap cooked up in Macroeconomics books. I read some bullshit where we had to determine the production possibilities frontier of robots and pizza as they had ANYTHING to do with each other. Economics is a topic that likes to think it's creative and cute, but in reality it's all just a bunch of graphs where "experts" try and explain everything that happens by holding all but one or two things constant. One example I remember was to imagine a scenario where we had no trade and no government. Honestly, does anyone fucking believe that's possible? If there's no government, who is going to shut a country off from trade?? Unbelievable...

Pennies do pass through the system many, many times. I see pennies from the 1970's and anyone who thinks it's been in a coin jar for 30 years is fucking delusional. Stop with the theories and the bullshit examples and use some common sense.

[roho76]

Oops..
Maybe, I was being conservative to be sure I was accurate.
I'll bet you one penny that 3:1 is a bit high. :p

Then you wouldn't be betting a penny now would you?

[Jordan]

Bad, baaaaad reference. First off, the thought of even having lawn mowers as a currency is crap cooked up in Macroeconomics books. I read some bullshit where we had to determine the production possibilities frontier of robots and pizza as they had ANYTHING to do with each other. Economics is a topic that likes to think it's creative and cute, but in reality it's all just a bunch of graphs where "experts" try and explain everything that happens by holding all but one or two things constant. One example I remember was to imagine a scenario where we had no trade and no government. Honestly, does anyone fucking believe that's possible? If there's no government, who is going to shut a country off from trade?? Unbelievable...

Pennies do pass through the system many, many times. I see pennies from the 1970's and anyone who thinks it's been in a coin jar for 30 years is fucking delusional. Stop with the theories and the bullshit examples and use some common sense.

Obviously lawn mowers suck as currency, I picked something that isn't currency as an example. You're delusional.

I am using common sense. One penny is worth just one penny. Plain and simple, when you use 1.4 pennies to make 1 penny you're losing money no matter how many times that one penny is used.

Granted that penny may be spent many times and generate the government plenty of .28 cents, but that's not how it should work. One penny is one penny.

Simple question, you've probably received and spent well over a million dollars in your lifetime but do you still have every single sent you've touched. You don't because you've passed it on, you no longer own it.

[socialize_me]

Simple question, you've probably received and spent well over a million dollars in your lifetime but do you still have every single sent you've touched. You don't because you've passed it on, you no longer own it.


The theory of the velocity of money is ridiculous.

*sighs*

[Jordan]

*sighs*

I'm simply asking how you can defend spending 1.4 cents to make 1 cent?

[trapfive]

You can leave the cost of production completely out of the equation.

When a penny is produced it represents 1/100th of 1 dollar of our total fiat currency system. Doesn't matter how many times it's spent, it's never represents more than 1/100th of 1 dollar of our fiat currency system.

Let's talk about the cost of production. If we concede that a penny cost 1.4 pennies to make, but that's ok because it gets spent over and over, we've conceded on principle.

I mean where do we "draw the line". Would it be ok if pennies cost 10cents each to make? How about dollars, would it be ok if it cost 5 dollars to make a dollar, or 50 dollars to make a Franklin?

Now the question I'd have, who's charging us $50 to make a $100 bill. That would be the same group of people that make 1.4 cents per penny.

This reminds me of the video floating around here somewhere where the spokesman for the Chicago Fed brags about printing $100 bills for 10 cents each and foreign countries just keep gobbling them up. He's basically under the assumption that every time we trade $100 bill for foriegn "goods and services" we're coming out $99.90 to the good. That's just great in the beginning of the game but guess what gang...it's late in the fourth quarter and our government is praying for overtime.

[Knightskye]

What could be Shep's reason for opposing printing money? Maybe we could tap into that and get some neocons on our side.