Coin shortage in the U.S. is a sign the economy is tanking. |
The Federal Reserve has confirmed the shortage in a brief statement.
It has said that business and bank closures associated with the COVID-19 pandemic have significantly disrupted the supply chain and normal circulation patterns for U.S. coins. While there is an adequate overall amount of coins in the economy, the slowed pace of circulation has reduced available inventories in some areas of the country.
The Federal Reserve is working with the U.S. Mint and others in the industry on solutions. As a first step, a temporary cap was imposed on the orders depository institutions place for coins with the Federal Reserve to ensure that the current supply is fairly distributed. In addition, a U.S. Coin Task Force was formed to identify, implement, and promote actions to address disruptions to coin circulation.
As the economy recovers and businesses reopen, more coins will flow back into retail and banking channels and eventually into the Federal Reserve, which should allow for the rebuilding of coin inventories.
With the U.S. leading in the world's cases of COVID-19, our economy is suffering badly. No amount of Trumpism will bring back the jobs that were lost due to this pandemic. We have over 200,000 Americans who have died from the coronavirus. We have over 5 million confirmed cases and most of the U.S. has now enacted facial mask wearing in the public. Trump finally is calling for Americans to wear facial protection. Still he doesn't wear them and have said some of the dumbest shit.
Trump has returned to the White House Coronavirus Task Force briefings. The last time he done these things he told Americans if it was possible to inject disinfectants and bleach into your body to stop COVID-19.
And of course, he's still blaming Barack Obama for the crisis. He still claiming that "radical Democrats" are allowing American cities to go under. He still thinks Joe Biden is "Sleepy Joe" and call him a lightweight.
Trump has now ordered federal agents to Chicago to stop criminal activity. Instead of working on gun control laws, Trump will put American lives at risk. Those federal agents could be killed by domestic terrorist who are affiliated with street gangs. He is trying to rebrand himself as the "law and order" president instead of the "Keep America Great" leader.
The Chinese government is going to find ways to attack the U.S. after it expelled diplomats from embassies. The trade deal is going to collapse and we're going to experience another volatile stock market.
Canada, Mexico, the European Union, the Bahamas, Bermuda, Australia and the United Kingdom has formally banned Americans from travel to their countries. Due to the coronavirus and Americans not taking formal steps to curb the virus, these countries are keeping the U.S. from spreading it.
African Americans are leading in the deaths of the coronavirus, unemployment and unfair justice by systematic racism.
Biden and Obama have decided to formally hit back at Trump and Republicans. Biden is trying to figure out a way to campaign without the large crowds. So he's working with Obama's old campaign team to "fight the smears" and reach out to moderates and disgruntled Republicans.
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