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  • Hello Internet,

  • I want to talk about Canada who this week made my reason-to-like her list one item longer

  • by deciding to abolish the penny.

  • Since I previously made a video called 'Death to Pennies' it should come as no surprise

  • that this move gets a big 'Go Canada!' from me.

  • So lets take a moment to cheer Canada for her economic rationalism, look at how getting

  • rid of a coin works in practice, and remind her sister to the South why she might want

  • to do the same.

  • Canada's plan is pretty simple: in a couple months the Royal Canadian Mint will switch

  • the penny making machine from on, to off. That's it.

  • Pretty much nothing else in the world is going to change. Pennies will still be be legal

  • tender in Canada, so that jar of several hundred that you'll never bother to count will always

  • be worth just as much as it is today.

  • And In shops there will still be that person who pays with exact change.

  • But after they've tediously counted out their precious (worthless) pennies the shop will

  • send them to back to the Royal Canadian Mint to be melted down. Thus the supply of pennies

  • will slowly decrease over time in pleasant half-life curve.

  • But, while the penny will functionally go away, prices listed in one-cent intervals

  • will not.

  • Your coffee and TimBits will still cost the same and when you get to the cash register

  • the total amount after tax will still have single cents.

  • And if you pay by card, that exact amount will be deducted from your account.

  • The only difference is if you pay in cash, not card, *and* you don't have any pennies

  • with which to waste everyone else's time then the price will be rounded to the nearest five

  • cents.

  • And yes, in rounding sometimes you win and sometimes you lose but -- and this is the

  • rather salient point -- either way a one or two cent difference isn't worth caring about.

  • Which is why Canada can safely jettison the penny in the first place.

  • Inevitably, thought, this is the point in the discussion when pro-penny people propose

  • that ditching the worthless coin will make prices go up and your savings go down.

  • But the evidence for this claim is nonexistent because many countries have done this before

  • with no ill effect.

  • Sure, coin collectors and inefficiency fans will be sad to see the penny go but overall

  • it's a big win for Canada because printing money isn't free. The cost to make a one-cent

  • penny is 1.6 cents.

  • So every year when Canada visited the mint she spent 29 million dollars to buy 18 million

  • dollars worth of pennies -- effectively throwing away 11 million dollars a year.

  • Now, obviously ditching pennies won't single-handedly balance the budget but it's the easiest most

  • rational place to start.

  • Congratulations Canada! May others follow in your path.

  • P.S.

  • If you want to know more about why the United States in particular should get rid of pennies

  • you can either watch my video on the topic or listen to fellow penny-hater John Green

  • get arm-wavingly angry about not only pennies, but also nickels, which are even worse.

  • Also There should be a new main video up in the next week or two but if you want to help

  • me make them faster you go here on my website to help out with the fact-checking for upcoming

  • projects.

  • Thanks for watching.

Hello Internet,

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B1 中級

カナダはペニーを処分する(ハザァー (Canada Gets Rid of the Penny (Huzzah!))

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    稲葉白兎 に公開 2021 年 01 月 14 日
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