Why does the 'US MINT' need to make a profit?

Right, just because a thread talks about a Federal institution like USPS or the mint, doesn't mean it has to turn into some political debate on whether or not you are pleased with the Federal government. That type of debate has been going on since nation's beginning whether you were more for states rights or a stronger Federal government. Remember the first constitution was the Articles of Confederation which was more for individual states' rights.

 

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V. Kurt.

I still don't believe you. You sound too much like a government employee to win me over.

 

Which I am. I am a proud employee of the Commonwealth of Pennsylvania's House of Representatives, as a policy analyst, the people who the citizens of my state pay handsomely to separate baloney from fact for its Representatives. The Internet is my job security guarantee. Sooooo much baloney masquerading as fact. A lot of it based on quotes from G. Edward Griffin and similar liars.

 

Vox Populi?

 

True. Then again, no member state of the European Union is a "sovereign nation". If a country joins the EU, it cedes some core competences to the European Union level. EU regulations for example are directly binding law. Whether it works fine or not is a political issue that people may discuss in political forums, not here. But saying "oh, let's get in" and later finding out "huh, we're not 'sovereign' any more" would be an awfully naive approach ...

Christian

 

Sounds to my thoroughly Euro-skeptic and unashamedly patriotic, if not jingoistic, American ear that what you may be saying is that if a prospective Euro zone member has not been aware that they were answering a casting call for "Schnee Merkel und die achtzehn Zwerge", they stood at considerable risk of being cast as Dopey.

 

Frankly I had no idea that PA considered itself a commonwealth, I knew Massachusetts, Virginia and Kentucky did.

 

The euro area is a currency union. Quite different indeed from the American concept of one country setting the rules for all other dollarized countries. And I am sure that every country that joins the European Union, or the currency union, knows that this is not exactly the same as joining some coin club.

Christian

 

We had the status first. By the way, the Pennsylvania General Assembly, the people for whom I work, is the oldest continually operating legislative body in the Western Hemisphere. We also were the first to grant and guarantee the franchise to non-property owners.

 

.,

Excuse me. Incorrect. The Bermuda dollar is pegged 1:1 to the U.S. dollar, by Bermuda's choice. The U.S. sets no rules of any kind for Bermuda, or any other nation that chooses to peg to, or in the alternative, outright use, the U.S. dollar. We insist on no diminution of, much less loss of, any nation's full sovereignty as a price for using our currency. A culture of international benevolence, as opposed to punitivity, grants us that ability.

(I DID try to warn you about my national patriotism.)

 

This "setting the rules" was not meant in any legal way. My point was that you seem to consider the European currency union to be a construction where one country or government makes the decisions. Well, that is what the US does with regard to the US dollar, for example when it comes to the "Fed rate" - don't think that any other country would be involved in such decisions. But yes, you did mention your euroskepticism and jingoism ...

Christian

 

Ahh, I see. At any rate, the ratio of sizes between the U.S. economy and that of any other nation using the dollar, along with the fact that such a choice is obviously for reasons other than sovereign debt issuance or creditworthiness (e.g. both Zimbabwe and Bermuda), makes the issue largely moot. (Zimbabwe uses it because, well, it's the only thing they had any of remaining that anyone wanted, and Bermuda for tourism convenience combined with geographic proximity. Can't swing a dead cat without hitting a U.S. originating airplane or cruise ship.)

In the U.S., we are all somewhat painfully aware that some of our 50 states are net providers to the nation's finances and some are net recipients of its largesse. It is something we (usually, but less so lately) tolerate, mostly out of lonnnng tradition. I can see why the situation of e.g. Greece compared to Germany might be more of an irritant.

 

Kurt, you have passed over into the political rant side. Stop here. We know it is your job, but the buck stops here. Thanks Jim

 

I don't doubt that it is quite old, but only 1682, by the way the Commonwealth of Virginia's General Assembly was formed in 1619 - thus it is the oldest continuous law making legislature in the Americas.

 

Thank YOU, Jim. The Dark Side can be seductive. Kurt.

 

Technical quibble: Virginia's House of Burgesses in Williamsburg used the parliamentary system, and needed to be fully reset to the more American model. The Pennsylvania General Assembly was never parliamentary, even under the Crown. It used the arced semi-circular seating arrangement from its inception that it still uses today from Day One. [This last line has been sponsored by the Department of Redundancy Department. Never say once what you can repeat yourself again about all over.] That distinction is dispositive to us in the Keystone state. And on the occasion of a break in the Assembly's work, the space was lent to two Continental Congresses who used it, and its rather unique seating arrangement, to establish a nation.

 

Technical quibble redux, The Commonwealth of Pennsylvania or the Keystone State? Compromise - The Keystone Commonwealth?

 

BTW I love Pennsylvania, any place that has the oldest American owned brewery, ie Yeungling and Hershey Chocolate and the Railroad Museum in Altoona ain't half bad.

 

Both. Google it.