According to an interview done at the CNBC Squawk Box of the US Money Reserve President, Philip Diehl about the demise of the penny, he firmly believes that it should remain dormant this is because it does not play a vital role in the daily business transactions. To make it worse, he says that the penny lost its usefulness over 25 years ago. Therefore, the manufacture of the Penny proves to be a liability to the economy because instead of generating profit it causes high losses. The capital used to produce it is more than the profit realised. The penny does not even qualify to be in the stock market ranking due to the loss of its worth over the years.

Philip Diehl comments and says that it lost its popularity among the citizens to the point that nobody uses it anymore hence most people ignore it even if they found it lying down in the streets. He says that for those who take it, it must be less than their minimum wage for their trouble pun intended. Despite all that the interviewer mentions that some economists insist that if the penny is wiped out of the economy then, it could inevitably lead to inflation. The Us Money Reserve President then says that due to technological advancements most transactions are done electronically. Therefore, the penny elimination will not affect much.

The greatest lobbies for the stay of the penny is the zinc industry as the penny is made of 97.5% of zinc. Hence, they make the most profit and the Illinois congregational delegation that protects it as it is the seed on American coinage featuring Abraham Lincoln. Fortunately due to the competition in the marketplace, it will discipline companies not to increase prices hence prevent exploitation of customers. In addition to that, elimination of the penny will enable the money reserve to save up to 105 million dollars annually. In conclusion, Philip Diehl is sure that demise of the penny brings good than harm as there is no hope for it.

George Soros Thinks He Has a Solution to the European Refugee Crisis


George Soros is one of the richest men in the world, with an estimated net worth of 30 billion USD. He’s also one of the world’s most controversial figures, having made some of that money as a result of “breaking” the Bank of England back in 1992. A champion of several philanthropic causes and a helmsman of Eastern Europe’s un-bloody metamorphosis into a democratic region from a Communist nascence, he was nevertheless convicted of taking part an insider trading scheme in France in 2006. In other words, you can call him a lot of things, but George Soros is anything but bland, tepid, or uninteresting. That’s almost certainly why the media’s collective ears perked up when he recently stated he’s got a solution to the ever-growing European migrant-cum-refugee crisis. You can find out more about his plan below.

Step One: It’s trite, sure, but the first step to success is accepting there’s a problem. According to Soros, if the EU – and the rest of the world, by extension, but we’ll get to that in a minute – wants to beat this, they have to admit there’s a problem at hand. That means accepting 1 million refugees / migrants per annum each and every year going forward. Not only that, but given that this will be an EU-wide initiative, the “migrant burden”, if you will, should be spread across the member states so that no one nation is unduly burdened. Of course, once they’re repatriated, they’ll need means to live, so Soros proposes bonds be issued on the back of European Union member states’ Triple-A borrowing credentials such that each refugee receives 15,000 Euros for their first two years of residence in the EU. Finally – and this, he says, is only common sense, if a crucial bit of it – these people must be sent to places where they are both willing to go and freely welcomed by the native population. Leave this last step out, and it all breaks down.

Step Two: The second step is getting more money closer to the heart of the problem. Syria, Soros opines, is the heart of the disease, and if there’s any hope of helping anyone, that’s what has to be fixed first. Therefore, the EU has to be the leader in getting more aid to countries like Jordan, Lebanon, and Turkey, which already have a combined refugee population of 4 million. Soros proposes a variety of ways such aid could be generated, including preferential trade zones with certain countries, the issuance of more long-term bonds (as in Step One), and of course, asking for help from the rest of the world’s great nations, particularly the United States.

Step Three: Fixing the broken EU border is a must. To do this, Soros suggests building a single agency to handle migrants, refugees, and asylum seekers, as well as implementing a universal European Union Border Guard of some kind. These constructs and their policies, Soros feels, would strengthen and streamline the EU so they can help those who genuinely need it and turn away those who genuinely don’t qualify.

Step Four: A safe route from war-torn areas to Europe must be created. Paradoxically, Soros says, if they know there’s a safe way out whenever they need to use it, the hordes of undocumented people flooding the EU now will be more likely to remain outside its borders. Turkey, he says, is the first nation to be negotiated with in the construction of such a corridor.

Step Five: Once everything is up and running and the kinks have been ironed out, Soros’ plan has a fifth step – the rest of the world should adopt it, at least in part. He wants the rest of the world’s nations to agree to a sort of universal pact on migrant, refugee, and asylum seeker treatment.

Step Six: According to George Soros, the final piece of the EU migrant puzzle is getting the private sector involved. Harnessing the power of churches, non-governmental organizations, volunteer organizations, and kind-hearted private citizens will amplify and accelerate the efficacy of his plan, to the benefit and good karma of all.


George Soros’ EU refugee crisis plan is certainly ambitious. Whether it will be successful, or indeed whether it will ever see implementation at all, remains to be seen.

Wall Street Journal