On December 30 2015, U.S. Money Reserve President Philip Diehl gave an interview, from which a three-minute clip was aired on CNBC Squawk Box. In the interview excerpt Diehl outlines that the penny should be phased out of circulation and gives his reasons for that position.
Several statements are posed to Diehl by the interviewer during the course of the interview. The first such statement is that economists view the removal of the penny may distort prices and press inflation. Diehl insists that this view is the position encouraged by the penny lobby. Diehl opens his argument with his strongest evidence: that only 25% of transactions are still performed in cash, with the other 75% being performed electronically. In his own words, only “a very few percentage of transactions” would be affected by the change.
The interviewer states that companies would round prices up, to which Diehl immediately retorts that rounding down is equally possible. He further states that there is nothing stopping companies from rounding up today beyond the status quo. He further states that competition will discipline companies to ensure the change benefits consumers. Competitive pressure, he says, will lower prices.
On a different track, the interviewer draws the analogy to the nickel, which is also minted at a loss. Diehl states that chanigng the composition of the nickel can still save it, while the penny has been obsolete for 25 years.
The interviewer asks Diehl who the penny lobby is, for which Diehl points to the zinc lobby. Production of penny blanks has been outsourced to private companies, and, at 97.5% zinc, the zinc industry has the most to gain. Removing the penny would ultimately result in an annual savings of $105 million dollars.
Diehl’s strongest argument is his first one, stating in hard numbers how many transactions would be utterly unaffected by the demise of the penny. His connection to the zinc industry and lobby as the main interest behind the penny’s continued use is also a strongly logical argument. Perhaps his weakest argument is his insistence that competitive pressure would ensure prices would be dropped rather than raised over phasing out the penny.
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Doe Deere is a female entrepreneur and founder of Lime Creator cosmetics. Doe was born in Russia and later relocated to the USA with her family, where she was raised in New York City. From her young age, Doe always had a passion for colors and she would find herself putting on her mom’s makeup, where she would apply dark pink eye shadow and brown lip gloss. For her what started as a childhood pass time activity, grew into a career in the cosmetic industry and ended up starting her own brand, Lime Crime Cosmetics. The inspiration behind the name Lime Crime, was her favorite bright green color which ended up rhyming with crime. According to Doe, the name simply stands for color revolution aimed at encouraging people to have fun with color.
Doe Deere the CEO and founder of Lime Crime Cosmetics, has been featured in Self-Made magazine as one of the top inspiring female entrepreneurs, alongside female business moguls such as Suze Orman to name a few. She is widely known to be a supporter of fellow women owned firms and she finds joy in mentoring upcoming female entrepreneurs. Doe has been a speaker in a number of public events, such as PHAMExpo and she frequently talks on: finding your own voice and following your ambitions topic. Doe has a tendency of trying out all her products before being produced so that she gets to experience of them, and by doing so she is able to decide if the product matches up to the standards of Lime Crime. Some of Deere’s fashion and beauty rules to break include:
1. Wearing a bold eye with a bold lip: most women rely on doing one bold make up at a time. However, according to Deere it’s extremely fun to play with colors that make you happy. She loves to mix and match colors on her face such as blue milk eyeliner with a red velvet lipstick.
2. Mixing a variety of colors: according to Deere, having multiple shades is a beautiful thing. Her secret in pulling off the splash of color all at once is color coordination. Deere’s favorite color combinations are pink and green to name but a few.
3. Mixing of different patterns: Doe likes working with different patterns, and since there is no wrong way to mix and match patterns, her preference is to keep the patterns in the same color family as this helps avoid confusion.
4. Pairing socks with heels or open-toed shoes: this trend may sound old school, but Deere likes to think of shoes and socks as partners. Moreover she loves an extra bit of color on her feet and has a preference for socks with contrast toe.
5. You don’t have to dress your age: according to Deere, if you like something then it’s appropriate. She also doesn’t conform to the fact that your age should dictate your wardrobe.