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The Penny Should Go, But What About the Nickel?
by Zubin Jelveh
Mar 03, 2008
Mar 03, 2008
As the dollar plummets to new lows, the already limited purchasing power of the penny takes a whacking right along with it. The WSJ reports this morning that the dollar is at its lowest level since 1973 against a basket of currencies . Adjusting for inflation, a penny in 1973 is now worth $0.002 -- rounding off, the penny is practically worthless.
That line of thinking may have been behind Treasury Secretary Henry Paulson's comment on Friday that ""the penny is worth less than any other currency." (At least let's hope so, because otherwise we'd have to promote him to Captain Obvious.)
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