ZeroHedge recently penned a piece on a developing nationwide coin shortage sparked by the virus pandemic. As a result of the shortage, at least one major supermarket chain has removed the ability to pay in cash at self-scan checkout machines.
Meijer Inc., a supermarket chain based in the Midwest, with corporate headquarters in Walker, Michigan, announced last Friday, that self-scan checkout machines at 250 supercenters would only accept credit or debit cards, SNAP and EBT cards, and gift.
“While we understand this effort may be frustrating to some customers,” spokesman Frank Guglielmi told ABC12 News Team. “It’s necessary to manage the impact of the coin shortage on our stores.”
Fed Chair Powell admitted to lawmakers last week that The Fed has been rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic.
“What’s happened is that with the partial closure of the economy, the flow of coins through the economy … it’s kind of stopped,” Powell told lawmakers.
He said the shortage was due to the mass business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills.
“We’ve been aware of it, we’re working with the Mint to increase supply, we’re working with the reserve banks to get the supply to where it needs to be,” Powell said, adding he expected the problem to be temporary.
Americans Googling “coin shortage” started to erupt in the back half of June and has since hit a record high. Mainly people in Midwest states are searching for the search term.
Google search “coin shortage” shows the issue isn’t limited to Meijer stores but is widespread.
Social media users report the shortage is happening at many big-box retailers.
Is this a sly move to ban cash transactions in favor of credit cards under the guise of a coronavirus-related issue?