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Washington has come down with a case of fiscal fever as the Obama administration proposes everything from spending freezes on domestic programs to selling off unused government property to bring the budget back in line. Now, one study argues that the government can save billions of dollars simply by making a change to the currency itself
Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. The reason, according to the agency's report, is that dollar bills have a shorter lifespan than dollar coins because they wear much faster, which in turn requires the government to spend more to print new bills.
The GAO estimates that phasing out dollar bills in favor of coins would require a four-year transition period, during which the government invests in the new currency, but following that, the government would save an expected $522 million each year from the change.
Unfortunately, as the GAO notes, there is one problem with the plan: When given a choice between dollar coins and dollar bills, Americans always choose bills.
"GAO has noted in past reports that efforts to increase the circulation and public acceptance of the $1 coin have not succeeded, in part, because the $1 note has remained in circulation," the agency wrote in its report. So if we are ever going to make the switch to dollar coins, as other countries like Canada have done, the GAO suggests the only way to do so is to phase dollar bills out of circulation altogether.
Before you start hoarding your dollar bills though, keep in mind that the GAO has made similar proposals four times during the past two decades, and obviously dollar bills are still in circulation. The only difference this time is that the overall climate in Washington is more geared toward budget cutbacks now, but given that it would take several years for the savings to kick in, this seems unlikely as well.
Still, we'd like to pose the question to readers. Would you be willing to eliminate dollar bills and switch to coins if it meant improving the country's balance sheet?
http://finance.yahoo.com/banking-budgeting/article/112302/eliminating-1-bills-could-save-billions?mod=bb-budgetingWashington has come down with a case of fiscal fever as the Obama administration... more
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LOS ANGELES (KABC) -- Peter Popoff has been preaching about God and money for decades.
His shows that he pays BET and other cable and TV channels to appear on are non-stop crusades about spirituality and overcoming addictions, but most of all, they're about helping people erase mountains of debt.
"I'm telling you that God teaches in His word that He wants to cancel, erase, wipe out, obliterate your debt," Popoff says in a video ad.
Popoff claims he has delivered miracles to hundreds of thousands of people supernaturally.
He sends his followers tons of mail, including small vials of "miracle spring water" and debt cancellation kits, then asks his viewers to send small donations. In return, Popoff promises -- as a messenger of God -- to heal and unlock the secrets of financial security and wipe out all debt.
"Fundamentally, he's just a con man," said Ole Anthony, president of Trinity Foundation, a Dallas-based watchdog group that investigates fraud in religious ministries, including televangelism. "Supernatural debt cancellation or debt cancellation is just hogwash. There's no spiritual justification or biblical justification for any of the things that they do."
The Trinity Foundation has been monitoring Peter Popoff Ministries for years.
Volunteers watch hours of his TV shows and they sift though massive amounts of mailings that Popoff sends to his followers, soliciting donations while promising miracles.
Janet Morgano of Boynton Beach, Fla., described herself as a desperate, former follower of Popoff.
A single mother of two, Morgano had been injured in a car accident, living paycheck to paycheck and struggling to make ends meet.
She began sending Popoff money, hoping it would help turn her life around.
"In the beginning it was for $20, $28, $30, but three or four months ago, he asked for $1,001," Morgano said.
After sending Popoff about $300 to $400, Morgano, who describes herself as a religious, giving person, eventually felt scammed by his ministry.
"I felt foolish, I felt betrayed, I was very upset," Morgano said.
Popoff's ministry, which is based out of offices in the city of Upland, has been under fire for years.
In 1986, well-known magician and skeptic James Randi made an appearance on the Tonight Show telling Johnny Carson that Peter Popoff was a fraud who during revival meetings revealed personal information about his followers that he claimed was conveyed by God. Instead, it was fed to him by his wife by way of a hidden radio transmitter.
Popoff later admitted he used the wireless device. A year later, he filed for bankruptcy.
These days, Randi makes appearances talking to audiences about Popoff.
"He's wearing a hearing aid in his left ear," Randi said. "Now, this is a guy that is supposed to be healing the deaf."
Randi said Popoff is still preying on people who are the most desperate.
"People don't learn, they don't listen, they're very prejudiced in favor of believing anything that comes their way that sounds reasonable to them," Randi said.
According to the most recent IRS documents released by Charity Navigator, Popoff's Ministry took in more than $23.5 million in 2005.
Popoff's compensation was $628,732. His wife and children also received compensation, more than $550,000 combined.
In an interview with Eyewitness News, Popoff's wife Elizabeth said she and her husband have been preaching for some 40 years and stand by what they do.
When asked to answer critics who say he takes advantage of desperate people, Popoff issued a written response.
"As for religious leaders calling me a fraud, that places me in good company," Popoff said. "The religious leaders of Christ's day called him a fake and a demon-possessed fraud. They went so far as to crucify Him. I have no time for my critics, I have a job to do and I'm doing it for God's glory."
Last month, Trinity Foundation's investigations prompted Iowa Sen. Chuck Grassley, a member of the Senate Committee on Finance, to issue a report blasting some churches and religious organizations like Popoff's for being invisible to the IRS and for operating without government oversight.
Grassley said no state requires religious organizations to register and file financial reports.
However, Trinity Foundation said their findings have led authorities to prosecute several televangelists and their ministries, primarily for tax evasion and tax fraud.
Federal and state agencies would neither confirm nor deny if there is an investigation into Peter Popoff Ministries.
http://abclocal.go.com/kabc/story?section=news/consumer&id=7984766&cmp=fb-kabc-article-7984766LOS ANGELES (KABC) -- Peter Popoff has been preaching about God and money for decades.... more
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Alex Sink, a Democrat candidate of Florida gubernatorial violated the terms, Alex Sink took the matter very seriously and fired the assist that messaged her during the debateAlex Sink, a Democrat candidate of Florida gubernatorial violated the terms, Alex Sink... more
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We have confirmed reports that Massey Energy has begun blasting on Coal River Mountain in southern West Virginia. The West Virginia Department of Environmental Protection has stated that the mining operation on the mountain is "actively moving coal." Workers were seen throughout this past week moving heavy equipment up to the mining zones, and blasting and plumes of smoke were seen and heard near the Brushy Fork coal slurry impoundment on Friday.
The Brushy Fork impoundment is an enormous retention pond holding 8.2 billion gallons of toxic coal slurry waste. If the impoundment were to fail due to the blasting, hundreds of lives will be lost and thousands more will be in jeopardy from an enormous slurry flood.
A 2006 study confirmed that Coal River Mountain -- which has the highest peaks ever slated for mining in the state -- is an ideal location for developing utility-scale wind power. Local residents have rallied around this proposal as a symbol of hope, a promise of a new and cleaner energy future, but that hope may be destroyed unless quick and decisive action is taken right now.
Please call or e-mail President Obama today at 202-456-1414 or http://www.whitehouse.gov/CONTACT/ and implore him to use his agencies and influence with West Virginia politicians to stop the destruction of Coal River Mountain immediately.
Visit our Coal River Mountain action page for more details and talking points. We will also post status updates as we receive them.
Thanks for all you do for the mountains-and especially Coal River Mountain.
Matt Wasson
iLoveMountains.orgWe have confirmed reports that Massey Energy has begun blasting on Coal River Mountain... more
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