The demise of the penny this month in Canada is being touted as a cost cutting measure by The Royal Canadian Mint, the federal crown corporation responsible for producing and circulating money in the country.
What this means to those using cash (remember cash?) is an unwarranted and discriminatory price increase for consumer goods.
Who uses cash anymore? Consumers unable to obtain a debit or credit card are the largest users of cash. Generally, that means poor people. Those least able to afford any price increases now must shoulder an additional cost on their purchases. This translates to increased and unwarranted profits by retail establishments as they round up consumer cash purchases to the next nickel. Statistically, this cash grab will also increase the monthly cost of living index, a major indicator of inflation rates, from which countless other benchmarks are derived.
As financial institutions and their government pawns force us to rely less on cash and more on computer entries for our currency, consumers will be more enslaved to the whims of these mammoth ogres, including forfeiting additional personal information to be shared as seen fit from the boardrooms of their ivory towers.
It all starts with the envelope pushing like eliminating the copper penny. One map, different ways to get there.
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