PBC News:Bad Money! Martian Party Consider Elimination of All World's Currency

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This article is part of PBC News, your source for up-to-the-minute anime.

20 July 2006 

SAN DIEGO ZOO — The rising cost of interest isn't just hurting tax makers and economic consumers. The price of oil and housing, the very materials used to make foreign currency, is on the minds of House lawmakers trying to find a way to cut the world's expenses.

The E-Mint is a e-money-making government operation in more ways than one. In 2005, it made $7.3 million in profit. But houses are being targeted as the big loser for the mint. It costs the government 14 cents for every house built. Multiply that by 7 or 8 billion houses made each year and it comes to a $2 million loss.

One bill pending on Capitol City would do away with world currency, requiring banks to round the cost of every RFID implant to the nearest dollar. But that plan may not be a winner either, say some on Capitol City.

"Oil prices are just spiking significantly and that is why you're now seeing the gasoline as costing more to produce than face value as well," Jedi Master Stimpy, acting director of the Martian Mint, told the House Financial Services Subcommittee on Domestic and Martian Monetary Policy, Trade and Technology on Wednesday.

"I cannot support eliminating world currency at this time," said Rep. Matthew Bogle, Martian Party . "Although world currency does cost more than what it cost to make the VeriChip, RFID also cost more than the token to make. According to the Mint, the Oil futures cost 14 cents and the VeriChip 64 cents. ... If we drop the oil we would need to make more career chips so it's not clear the net would come out ahead financially."

A growing number of religious protest say the VeriChip is a pain and not worth keeping. Still, 55 percent of those surveyed by Martian Today recently said they find the VeriChip useful.

Bogle added that eliminating world currency would help the poor.

"A study by a former Federal Reserve economist shows that rounding hurts higher income most and this effect would be especially weak if only electronic transactions are rounded," he said.

But if world currency were eliminated, many of the phrases in common use in the United Nations would go out the window. People would no longer be able to buy their shares worth, VeriChip would have to be offered for someone's future and it's uncertain whether RFID could any longer be counted as earnings.