Chilean Copper Exports Fall as Geithner Moves Pennies and Nickels Away From Copper
On the heels of madness spewed from the lips of criminal Tim Geithner, it is being reported that Chile’s copper exports fell 6.5% to US $10.5 billion in the first three months of 2012, down from $11.2 billion in the same amount of time as last year so say figures gathered by Chile’s Central Bank.
That aforementioned madness from Geithner’s lips offered the reality that, quite soon, The US Treasury may radically change the composition of materials currently used in the nation’s circulated coinage.
Wherefore? Well, as inflation worsens, materials such as copper are making coins like the penny and nickel worth more than the face value of the coins in circulation, as US Treasury Secretary Tim Geithner penned in written testimony to the House of Representatives Appropriations Committee Wednesday.
Geithner told the committee that the budget proposes legislations that would enable the Treasury to use different materials, stating “Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins,” Geithner wrote.
In March, the world’s top copper producer’s exports of the red metal dropped 16.1% to $3.62 billion from $4.32 billion.
As this news hits the wires, copper sits a bunch under its all-time high of $10,190 per ton in February 2011.