It may come as a surprise to you, but the President of US Money Reserve has announced some major changes in the line up of currency that is used within the United States, and it is fascinating news that will have a great effect upon our society. Have you heard of US Money Reserve? You probably have already heard of them, but if you haven’t, here are some quick facts about them.
It is really important that you hear about the information that was revealed by the President of US Money Reserve, Phillip Diehl. Mr. Diehl spoke about the changes in the currency line up on a special report on CNBC’s hit television show, Squawkbox. He basically says that the penny is the one piece of currency that the United States market needs to do away with because of its high cost of production. Apparently, the smallest piece of currency that the United States currently uses also costs more to produce for the market than it holds in its value. This would, of course, be a major change for the US economy. Mr. Diehl says that the penny isn’t even worth picking up from the city streets at this point.
The President of US Money Reserve took some time to respond to an interesting comment that was given by Andrew Sorkin. Apparently, Sorkin believes that the penny is important to the US economy, and Sorkin believes that taking the penny away from the market will cause some changes in inflation that could not be foreseen. Sorkin also believes that the penny leaving the US market will cause prices to become distorted. It was an interesting point, but Phillip Diehl had an impressive rebuttal that put Sorkin’s point to shame. President Diehl pointed out the stunning statistics about the way our economy works currently. According to Diehl, who has credible sources, the majority of our country’s transactions are not done with currency. 75 percent of our transactions are done by means of electronic transfers, so the changes from taking the penny from the market would be minimal.