I understand that our federal government will soon stop making pennies out of copper, because the copper in a penny is worth more than a penny. What a victory for voodoo economics! (A term coined by George Herbert Walker Bush in 1980 to describe Reaganomics which cut taxes, increased spending for the military, and the economic stimulus was supposed to cause the federal budget to balance itself. At the time, I thought Bush Senior hit the nail right on the head! However, Bush Junior seems to be carrying voodoo economics to the nth degree.) I remember when dimes, nickels, quarters, and half-dollars were mainly silver; the federal government had to debase the coinage because the silver became worth considerably more valuable than the face value of the coins.

In I962, our instructor in economics 101 asked us all to take dollar bills out of our wallets and read aloud what was printed at the top, above the picture of George Washington. We all said, “silver certificate.” He pointed out that the dollar also said, “Redeemable in silver to the bearer on demand.”

Then he asked, “How many of you have a new dollar bill?” We raised our hands. “Class, please read aloud what it says at the top, above Washington's picture. We all said, ”Federal Reserve Note!“ Then he said, ”Read aloud on the other side, above One.“ We replied, ”In God We Trust!“ His conclusion was, ”That is there because the government is broke!“ Back in 1962, gold was priced at $32 per ounce. Now what is the price of gold? And people wonder why we have inflation!

Richmond Parker

Auburn