Want more evidence of how ridiculous our Congress and Federal Reserve Bank is?
July 22 (Bloomberg) -- Bloomberg's Lizzie O'Leary reports on proposed legislation to discontinue the U.S. Presidential dollar coin program. (Source: Bloomberg)
Basically the story is that after the US Congress created the one dollar Presidential coin program, they realized that the $1 bill was not banned. Therefore, everyone was still using the $1 bill instead of the coin. But, they also made a rule that the Sacagawea coin needed to be distributed with the Presidential coins.
So, huge amounts of Presidential coins are sitting in the vault and the reporter shows the bags.
Anyone want an American Silver Eagle?
They were busy minting these worthless $1 coins instead of the American Silver Eagle which was in short supply and out of production.