A penny used to buy a loaf of bread, but in an age of inflation and affluence, the coin is slowly sliding into monetary obsolescence. For the first time, the U.S. Mint has said this year that pennies are costing more than 1 cent to make, thanks to higher metal prices. (Washington Post, Friday)
Another legacy of central banking.
FEE Timely Classic
Inflation in One Page by Henry Hazlitt