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Insane: Liberals Contemplate $1 Trillion Platinum Coin to "Solve" Debt Limit Issue
Townhall ^ | 12/08/2012 | Guy Benson

Posted on 12/08/2012 10:32:31 AM PST by SeekAndFind

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1 posted on 12/08/2012 10:32:43 AM PST by SeekAndFind
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To: SeekAndFind
We are really in a different world. The only person I know truly qualfied to write about the Obama era would be Jonathan Swift. He could create a new Travel destination for Gulliver, an exotic place where little banker gnomes spend their days soberly wheeling big platinum rounds from one room to another.
2 posted on 12/08/2012 10:39:46 AM PST by hinckley buzzard
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To: SeekAndFind; All

When you worship government as god, then nothing becomes impossible for it.


3 posted on 12/08/2012 10:40:07 AM PST by marktwain
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To: SeekAndFind

We can all play!

http://www.hasbro.com/monopoly/en_US/shop/details.cfm?R=0FA49F3D-5056-900B-10CA-C90C503C6495:en_US&s_kwcid=TC|1028199|monopoly||S|e|17065600225


4 posted on 12/08/2012 10:43:09 AM PST by HereInTheHeartland (Witty saying goes here...)
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To: SeekAndFind

“Don’t take any wooden nickels (or platinum coins) ...”


5 posted on 12/08/2012 10:44:56 AM PST by mikrofon (Gov't-Monopoly Money)
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To: SeekAndFind

Stamp 5 extra and pay off China. See how that works out for the commies on both sides.


6 posted on 12/08/2012 10:44:56 AM PST by deadrock
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To: SeekAndFind

People who propose this are not “economists and legal scholars,” they are phonies.
The immediate effect of that would be dilution of the value of money.

And that is their wish. Inflation is the liberals’ gift that keeps on giving.


7 posted on 12/08/2012 10:46:39 AM PST by I want the USA back
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To: SeekAndFind

If there are controls on how many coins can be in circulation at any one time, then how can they stop making paper dollar bills and foist dollar coins on us?


8 posted on 12/08/2012 10:46:51 AM PST by ridesthemiles
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To: SeekAndFind

This was the plot of an episode of the simpsons several years ago. What’s next, suggesting Joe Biden design his own perfect car to save GM?


9 posted on 12/08/2012 10:50:07 AM PST by jz638
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To: SeekAndFind

A banana republic move like this is right up ObaMugabe’s alley.


10 posted on 12/08/2012 10:51:08 AM PST by y6162
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To: SeekAndFind
Australia leads the way!

Yep. that's one metric tonne of gold...

11 posted on 12/08/2012 10:53:38 AM PST by null and void (Going Galt: The won't of the people)
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The "Toony"

12 posted on 12/08/2012 10:53:43 AM PST by mikrofon (Gov't-Monopoly Money)
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To: mikrofon

Loony-toony


13 posted on 12/08/2012 10:55:21 AM PST by null and void (Going Galt: The won't of the people)
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To: I want the USA back
High inflation operates to transfer wealth from those who produce it to those who print the money, at least until the producers cease producing. Then, of course, there is famine.

In a little country the big rich country comes to the rescue and ships in food so that the soldiers and rulers in the little famine wracked land do not starve. But when the big rich country engineers its own famine it will have to wait for the Rigellians to arrive with their UFO-loads of food.

14 posted on 12/08/2012 10:56:40 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: arthurus
But when the big rich country engineers its own famine it will have to wait for the Rigellians to arrive with their UFO-loads of food.

Or the reverse.


15 posted on 12/08/2012 11:00:29 AM PST by Slings and Arrows (You can't have IngSoc without an Emmanuel Goldstein.)
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To: SeekAndFind

And after they settle that debt thingy, why not give everybody a million dollars? Problem solved. Right?


16 posted on 12/08/2012 11:00:49 AM PST by logitech (Who's here so vile, that will not love his country? If any speak, for him I have offended)
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To: SeekAndFind

17 posted on 12/08/2012 11:20:46 AM PST by Gay State Conservative (Benghazi: What Did Baraq Know And When Did He Know It?)
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To: SeekAndFind

Private minting of lead coins comes to mind.


18 posted on 12/08/2012 11:27:01 AM PST by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: SeekAndFind

Security for that would prove ... interesting.

That coin would make for the greatest temptation to perpetrate the biggest heist ever.
And the perpetrators would find nothing in the safe.


19 posted on 12/08/2012 11:34:42 AM PST by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: null and void

20 posted on 12/08/2012 11:58:48 AM PST by mikrofon (One is really worth something...)
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To: null and void

RE: AUSTRALIA LEAD’s THE WAY.

According to this site:

http://wiki.answers.com/Q/How_many_ounces_are_in_a_metric_ton

35,274.6 ounces in a metric tonne.

At about $1700/ounce, that giant coin is worth:

35,274.6 X 1700 = $59,967,500.00


21 posted on 12/08/2012 12:03:33 PM PST by SeekAndFind
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To: SeekAndFind

Idiots.


22 posted on 12/08/2012 12:05:19 PM PST by SoFloFreeper
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To: null and void

To put things in perspective:

2010 Federal Budget had the gov’t spending $3.552 trillion dollars.
There are 8765 hours in a year:

$3.552 trillion / 8,765 hours = $405,210,571 per hour

That giant Australian Gold coin won’t even sustain our government for 10 minutes.


23 posted on 12/08/2012 12:06:23 PM PST by SeekAndFind
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To: SeekAndFind

Ummm... satire, right? Please?


24 posted on 12/08/2012 12:11:21 PM PST by Standing Wolf
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To: SeekAndFind

Goverment by college freshman stoner bull session.


25 posted on 12/08/2012 12:23:38 PM PST by Riley (The Fourth Estate is the Fifth Column.)
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To: SeekAndFind

This could be a plan, since they seemingly can get away without any limits and still claim it is legal.

For the first time, let me say that I hope they don’t put “In God we trust” on these coins, if they go ahead with it.


26 posted on 12/08/2012 12:26:39 PM PST by Cicero (Marcus Tullius)
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Comment #27 Removed by Moderator

To: SeekAndFind
Ayn Rand was a secular prophetess.
28 posted on 12/08/2012 12:32:57 PM PST by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: SeekAndFind

Are we insane?

The people running this country are nuts.

Is this called “Gangnon Style” economics?

Nothing problematic about it?? Is he serious?? Even dummies should be able to see the problem with this.


29 posted on 12/08/2012 12:34:40 PM PST by GeronL (http://asspos.blogspot.com)
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To: Standing Wolf; The Looking Spoon; John Semmens

we wish this was satire

It’s dumber than anything we could have attributed to them


30 posted on 12/08/2012 12:38:16 PM PST by GeronL (http://asspos.blogspot.com)
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To: SeekAndFind

“Some economists and legal scholars have suggested that the “platinum coin option” is one way to defuse a crisis if Congress can’t or won’t lift the debt ceiling soon......”

They are due a refund from their schools for turning out defective products.


31 posted on 12/08/2012 12:41:13 PM PST by jughandle
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To: SeekAndFind

Congress, not the Bureau of the Mint, has the power “to coin money, and regulate the value thereof”.


32 posted on 12/08/2012 12:43:32 PM PST by Jim Noble (Diseases desperate grown are by desperate appliance relieved or not at all.)
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To: SeekAndFind

“Unless Congress reaches an agreement to raise that borrowing limit, the government will no longer be able to borrow enough money to pay all its bills. Last year, Republicans in Congress resisted lifting the debt ceiling until the last minute — and then only in exchange for spending cuts.”

There you have it.
“We can’t pay our bills at our current spending rate, so we’ll just borro wmore money because it’s too hard to stop spending. Then we’ll spend MORE!”
Also, they believe it is possible to spend ten dollars when you only have three dollars in your pocket.


33 posted on 12/08/2012 12:47:38 PM PST by Darksheare (Try my coffee, first one's free.....)
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To: SeekAndFind
This would only work if they made it a bar or hundred out of gold pressed latinum!

Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.

34 posted on 12/08/2012 12:50:06 PM PST by GraceG
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To: SeekAndFind
This would only work if they made it a bar or hundred out of gold pressed latinum!

Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.

35 posted on 12/08/2012 12:50:09 PM PST by GraceG
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To: SeekAndFind
Why don't they make it out of something that truly reflects it's value? A steaming pile of sh**!
36 posted on 12/08/2012 12:52:14 PM PST by HeartlandOfAmerica ("We have prepared for the unbeliever, whips and chains and blazing fires!" Koran Sura 76:4)
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To: SeekAndFind

Obama has been looking for a way to completely dynamite the US. Could this be it? His present methods are so labor intensive and require hard work to keep eating at the foundations of society. This could do it all at once.


37 posted on 12/08/2012 12:54:28 PM PST by Truth29
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To: SeekAndFind
Wrong.

32150 TROY oz 14.940dwt in a metric tonne.

38 posted on 12/08/2012 12:54:28 PM PST by null and void (Going Galt: The won't of the people)
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To: SeekAndFind

Some platinum is more equal than other platinums. But so long as they can mint a coin out of platinum that is “worth” $1 trillion, they could print it on paper, too. After all, the melt value of the platinum (even if $60 million because it’s a ton) is negligible compared to the $1 trillion just like the burn-value of the paper would be.


39 posted on 12/08/2012 12:55:26 PM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: SeekAndFind
OK, just triple checked that this wasn't from the Onion.

“I like it,” says Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it.”

Then why stop there Mr. Gagnon? Make a $20 trillion coin, pay off the debt, and cancel all taxes for the next two years. After that, we just strike a $5 trillion coin annually and live like kings!

40 posted on 12/08/2012 12:56:58 PM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: SeekAndFind

So what happens when they actually mint the damned thing and post pictures on the news site and some creative individual with a milling machine and small bar of platinum load the image into a 3-D model and “mint” the damned thing then sell it to a country that hates us and that country takes it and demands payment in full?

Or china makes duplicate coinage?

Wouldn’t be the first time china has made fake coins... That we know of....

This idea is dumb dumb dumb....

To actually be any value the coin itself would need be made up of 90 cubic METERS of platinum!

So ball park estimate that is enough platinum to fill a decent sized football stadium up like a giant bowl of platinum soup or a coin the size of most large metro areas!!!!

That is if you wanted to stay honest about the amount of platinum in the coin ACTUALLY representing the VALUE of the coin!

Anything else is a complete debasement of the currency and will lead to hyper inflation...


41 posted on 12/08/2012 1:00:40 PM PST by GraceG
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To: coloradan
Some platinum is more equal than other platinums. But so long as they can mint a coin out of platinum that is “worth” $1 trillion, they could print it on paper, too. After all, the melt value of the platinum (even if $60 million because it’s a ton) is negligible compared to the $1 trillion just like the burn-value of the paper would be.

Yes, the choice of platinum is to imply value, as everyone knows that its face value is a joke. They should print it on toilet paper.

42 posted on 12/08/2012 1:01:54 PM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: SeekAndFind

There’s some rich mineral deposits near Ely Minnesota.

Maybe the government can use some of it.

I’m trying to remember if platinum is on the list; I recall reading some mineral starting with “p”.


43 posted on 12/08/2012 1:03:05 PM PST by WildHighlander57 ((WildHighlander57 returning after lurking since 2000))
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To: hinckley buzzard
A Mad Dean allusion.

Nice.

44 posted on 12/08/2012 1:03:56 PM PST by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: SeekAndFind

Why not just stamp one TWO trillion dollar coins instead of a pair of one trillion dollar coins. They still print $2 bills for some reason.


45 posted on 12/08/2012 1:20:52 PM PST by Terry Mross (I haven't watched the news since the election. Someone ping me if anything big happens.)
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To: SampleMan

[ Then why stop there Mr. Gagnon? Make a $20 trillion coin, pay off the debt, and cancel all taxes for the next two years. After that, we just strike a $5 trillion coin annually and live like kings! ]

Yay! we can all spend our time finger painting and singing nertsery rhymes and eatin s’mores and playing hide and seek!

No one need ever work again except to mint a new coin every now and then!!!

Seriously do these people to me seem to have less understanding of the economy than a kindergarten student????


46 posted on 12/08/2012 1:25:54 PM PST by GraceG
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To: SeekAndFind

Once upon a time, the smartest people in the country would apply all their brain power in a serious fashion to actually solve real problems.

It’s an indictment of the times we live in that the people in charge apply all their brain power to come up with the cleverest methods they can to *avoid* solving serious problems.

If this crowd was around during World War II, I’d expect them to have built a cardboard cut-out in the shape of “Fat Man” and then claim they were working on the design of an atomic bomb.


47 posted on 12/08/2012 1:33:38 PM PST by Stosh
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To: SeekAndFind

Well, our national default that these guys are working overtime to draw nearer, is likely to take some face-saving form like this.

And we have the Marine Corps to make the rest of the world play along.


48 posted on 12/08/2012 1:33:52 PM PST by annalex (fear them not)
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To: SeekAndFind
Liberals Contemplate $1 Trillion Platinum Coin to "Solve" Debt Limit Issue

49 posted on 12/08/2012 1:52:09 PM PST by Bobalu (It is not obama we are fighting, it is the media.)
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To: SeekAndFind

He’s going to do that for the entire two or four years?

One side will give in between now and then and we can guess which one it will be from past experience.

How about some more automatic delayed Military cuts like with the last deal? Look how well that worked for the GOP . Maybe this time the GOP can demand some (more) automatic delayed tax increases too.


50 posted on 12/08/2012 1:54:10 PM PST by sickoflibs (Dems know how to win. Rs know how to whine.)
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