Skip to comments.Insane: Liberals Contemplate $1 Trillion Platinum Coin to "Solve" Debt Limit Issue
Posted on 12/08/2012 10:32:31 AM PST by SeekAndFind
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When you worship government as god, then nothing becomes impossible for it.
We can all play!
“Don’t take any wooden nickels (or platinum coins) ...”
Stamp 5 extra and pay off China. See how that works out for the commies on both sides.
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.
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?
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?
A banana republic move like this is right up ObaMugabe’s alley.
Yep. that's one metric tonne of gold...
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.
Or the reverse.
And after they settle that debt thingy, why not give everybody a million dollars? Problem solved. Right?
Private minting of lead coins comes to mind.
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.
RE: AUSTRALIA LEAD’s THE WAY.
According to this site:
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
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.
Ummm... satire, right? Please?
Goverment by college freshman stoner bull session.
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.
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.
we wish this was satire
It’s dumber than anything we could have attributed to them
“Some economists and legal scholars have suggested that the platinum coin option is one way to defuse a crisis if Congress cant or wont lift the debt ceiling soon......”
They are due a refund from their schools for turning out defective products.
Congress, not the Bureau of the Mint, has the power “to coin money, and regulate the value thereof”.
“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.
Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.
Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.
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.
32150 TROY oz 14.940dwt in a metric tonne.
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.
I like it, says Joseph Gagnon of the Peterson Institute for International Economics. Theres nothing thats 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!
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...
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.
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”.
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.
[ 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????
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.
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.
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.