Ode to S.2049
Don't just rage.
Life's a stage.
Act your age!
Turn
the page!!
Timely gauge.
Doubts assuage!
New
coinage!!
Seigniorage!!!
S.
2049 was introduced on January 31, 2012.
It proposes to mandate not only the replacement of all $1 Federal
Reserve notes with United States $1 coins within five years, but also immediate
installation of a clarifying coinage seigniorage gauge:
Sec. 2(d) C LARIFICATION W ITH R ESPECT TO S EIGNIORAGE .--The ninth proviso of section 5136 of title 31, United
States Code, is amended by inserting after --miscellaneous receipts'' the
following: --, and such amount shall
be included as an estimated receipt of the Government and a receipt of the
Government under paragraphs (6) and (7), respectively, of section 1105(a) in
any budget submitted under such section''.
Ode
to S. 2049 is the second of two comments that I have posted to the POPVOX.com
public forum, supporting S. 2049. Here
is the first:
The change to U.S. currency will restore to the government seigniorage tax vastly in excess of the amount that GAO has been reporting for the last 21 years. I wrote an Op Ed article showing this, "To Free A Lender-Owned Nation." You can download it from my website commondada.com, from the "Treasury" submenu.
To summarize. The General Accounting Office last year estimated that using coins instead of dollar bills will save the government $5.6 billion over 30 years, after five years of initial losses.
In fact, merely because coins are true United States currency, the government will also benefit from: (a) an early reduction of $13.75 billion in debt held by the public, from replacing the present 9.5 billion dollar bills with 150% as many coins; (b) a further reduction in excess of $30 billion from coins added over the 30 years; and (c) a further $14.5 billion reduction from 81.5% of the interest relief per note replaced by a coin. Hence, the net benefit after 30 years would exceed $58 billion.
