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overtheedge
Member since May 2012
680 commentaries - 6 followers

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The coming new barbarism

- Hugo Salinas Price - Plata.com

Wow dude, do you really believe what you posted?

Pennies are predominantly zinc now, but for sake of argument, let's assume they are still copper.
453.6 grams/lb.
453.6/6.6=68.7 pennies/lb.
Copper today was $3.31/lb.
Each penny is therefore worth about 4.8 cents.

If we figure just $16.7T USD debt, then we would need just about 5 trillion pounds of copper. We might have a problem coming up with the roughly 2.5 billion tons of copper in ingots. It might take a few more days to turn the ingots into pennies (346.6 trillion pennies).
Oh, and then there is that little problem of finding a buyer at that price and quantity. A resource has NO definitive value until the money changes hands.

It would appear that your math doesn't work out as well as being a ridiculous exercise in ignorance.

1. The dollar was defined in gold weight.
2. Pennies were defined as 1/100th of a dollar. The dollar was NEVER defined by the amount of pennies.
3. Item #1 was made obsolete in 1971 allowing the USD to float.

Therefore, your argument fails.

Commented 4005 days ago

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Beginning of the headline :When the world’s present troubles surfaced about five years’ ago, I recall reading articles whose central theme was: “there is excessive debt in the world. The amount of debt in the world exceeds the capacity of the world’s economies to service it and pay it down.” To address the excess of debt in the world, four courses for action were mentioned: The debt burden could be reduced by paying it down, via a policy of increased taxation. The debt burden could be reduced by a policy of allowin... Read More

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