Originally Posted by
richtravels
.... 'In their most recent annual report to Congress, the Federal Reserve says the coins are piling up so quickly they will need to spend $650,000 to build a new vault in Dallas to hold them. Shipping the coins to the new secure facility will cost an additional $3 million.' .....
http://abcnews.go.com/Politics/us-mi...ry?id=14052997
I'm stunned at the poor reporting that occurs with respect to these articles by journalists. Yesterday, one of the articles said the IRS has indicated that coins do not constitute a cash advance. The IRS does not rule on cash advances or even concern itself with the concept of cash advances.
Now we are informed that it will cost $650,000 to construct a building and it will cost $3 million to drive some trucks across the country to that building. Stop and focus on that for a minute. Please tell me how the economy would even begin to function if it costs $3 million to transport the coins across the country. Those same coins have been already been transported from all over the country to the Fed. as a result of banks shipping them to the Fed. If that cost $3 million the banks would have stopped accepting the coins long ago. I presume that it is simply a misprint.