Sign of the Times - Advertisement for an ATM Dispensing $10 Bills

Here is an image reader "Daisy" sent my way.



Daisy Writes:

One of my Facebook friends posted this pix in a NYC photo gallery: It's of a deli in New York City with a banner advertising that their ATM offers $10.00 bills (as opposed to the ubiquitous $20 bills).

This is NYC, mind you, formerly high-roller capital of the Western World.

The implication is, you don't have to "stretch" to the $20 or $40 or $60 withdrawal, but can "downscale" to the $10, $30, $50 because you're broke. And there's a lot of broke people here, with our city's big declines in employment in the retail, financial and media sectors.

By the way, I agree with a recent post about food prices. The grocers around my place (north of NYC) are engaging in price wars with Shop Rite leading the pack in the value department.

I see that food I stocked up on last January and put in my pantry (basic tomato sauce, pasta, for example) has already declined in price. It's just a dime here and a quarter there but I stocked up on these in quantity because they were what I considered to be recessionary "drastic deals" themselves back in the winter. Now, they are available every day for cheaper.

Daisy

The article to which Daisy refers is Queen of Coupons Feeds Family for $10 a Week; Grocery Price Wars Intensify; Paperless Coupons.

With fees frequently in the $2.00 range, taking out anything under the max (typically $200) is very costly.

$2 on $50 is 4% up front just to get your own money back. $2 on $20 is a whopping 10%. Does anyone pull out $10 and pay 20%?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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