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A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
businessinsider com ^ | May 3, 2023 | Juliana Kaplan and Ayelet Sheffey

Posted on 05/04/2023 4:36:21 PM PDT by lowbridge

The US is hurtling towards an entirely preventable economic crisis, and a trillion-dollar coin could solve all of its problems — if the Biden administration decides to take it seriously.

Treasury Secretary Janet Yellen said that the government could run out of money to pay its debts as soon as June 1, triggering a never-before-seen debt-ceiling crisis. Even a short default could cost the country almost a million jobs and trigger a recession.

But Republicans and Democrats are still waiting for the other to blink. The House GOP narrowly passed a bill last week that would tie massive budget cuts to a one-year increase, which Senate Democrats have proclaimed dead on arrival. President Joe Biden said he would veto that legislation, and continues to insist upon a clean raise.

Some economists say that means it's time for a break-the-glass option: a trillion-dollar coin.

The coin — which wouldn't need to be bigger than an average coin, and can be made quickly — is part of a potential debt-ceiling loophole. The Treasury Department can mint platinum coins of any denomination. That's led to a school of thought that says Yellen should simply mint a trillion-dollar platinum coin and deposit it to pay off the debts until a more permanent solution can be found.

"At this point, if any of the other solutions, the so-called more serious solutions would work, then they would've been used by now. But they keep not actually being strong enough. The coin's the only one that's strong enough," Rohan Grey, an assistant professor at Willamette University College of Law, told Insider.

To be sure, Biden's administration has not been so accepting of using a $1 trillion platinum coin to avoid an economically catastrophic default.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: ayeletsheffey; completefantasy; debt; hellozimbabwe; instantcreditdump; julianakaplan; trilliondollarbills
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To: lowbridge

I suppose that would save money on ink.


21 posted on 05/04/2023 4:47:10 PM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: arthurus

The “value of the dollar” (meaning FRNs) is arbitrary.

Congress had no power to make FRNs our money. But Congress DOES have the power “to coin money, and regulate the value thereof”.

The national debt, and all other unpayable debts, are going to be repudiated.

It would be nice to do it in a Constitutional way.


22 posted on 05/04/2023 4:50:04 PM PDT by Jim Noble (It is the Right of the People to alter or to abolish it, and to institute new Government)
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To: lowbridge

23 posted on 05/04/2023 4:50:56 PM PDT by Magnum44 (...against all enemies, foreign and domestic... )
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To: rigelkentaurus

> Heck, then print enough to give each person one, we’d all be rich! <

That would work, except that making change would be a hassle.
Oh, wait. Maybe not. We’d just need 1/2 trillion coins, 1/10 trillion coins, etc.


24 posted on 05/04/2023 4:51:07 PM PDT by Leaning Right (The steal is real.)
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To: lowbridge

Would it help if I sent in the Monopoly money in a game not being used any longer?


25 posted on 05/04/2023 4:52:05 PM PDT by Thank You Rush
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To: lowbridge

Junk coins


26 posted on 05/04/2023 4:52:21 PM PDT by butlerweave
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To: lowbridge
Cut it with the gimmicks. The debt limit is a gimmick too. The reality is there is no debt limit. The proof has been seen multiple times. Each time the debt limit has been approached, it has been increased. If it were a real limit, it couldn’t be increased.

No one talks about cutting existing government programs and spending, but how is that different than adjusting the debt limit? Republicans need to get serious, get unified and make the argument for massive cuts in government spending and programs. The budget can be balanced now. Yes, there are consequences, such as massive unemployment of government employees. Sorry, not sorry. Government employees are the problem. They don’t build a damn thing. It time to pick sides, it’s either government employees losing their jobs or people in the private sector.

27 posted on 05/04/2023 4:52:25 PM PDT by ConservativeInPA ("How did you go bankrupt?" Bill asked. "Two ways," Mike said. "Gradually and then suddenly." )
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To: lowbridge

If it’s value is really a $1 trillion, that’s a lot of platinum. The price of platinum is $1000/oz.

That’s a billion ounce coin.
About 62,500,000 lbs.

The density of platinum is 21.03 g/cm^3
So, 62,500,000 lbs would weigh 28,409,090,909.1g.
This would be a cube approximately, 1,347, 040, 820.73 cm^3, which is 1347.04 m^3

No problem.


28 posted on 05/04/2023 4:52:53 PM PDT by Jonty30 (Black widow spiders aren't the only species that eats their mate after finishing with them. )
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To: lowbridge

So create a quadrillion dollar bill and make every person on Earth rich. No one would have to work any more.

</s>


29 posted on 05/04/2023 4:53:01 PM PDT by I want the USA back (No one is assigned sex at birth. One's sex is noted and recorded. My pronouns Haha, hehe, hoho, hoo )
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To: adorno
Why a coin? Why not a grain of sand?

I say let’s go with a Magic Bean!

30 posted on 05/04/2023 4:54:39 PM PDT by broken_clock (Go Trump! Still praying.)
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To: lowbridge

“The stupid. It burns.”


31 posted on 05/04/2023 4:55:43 PM PDT by dynachrome (“We cannot save Ukraine by dooming the US economy.” Rand Paul)
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To: lowbridge

It could work.

All this solution needs to work is that a majority of the public believe that it works.

And we already know that we have a majority of the public believes in fairy tales.

After all a majority of the public are willing to believe that Biden won the presidential election.


32 posted on 05/04/2023 4:56:28 PM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: lowbridge

Does it come in a plastic presentation case & certificate of authenticity?


33 posted on 05/04/2023 4:57:01 PM PDT by Bounced2X (Boomer - I survived childhood with no bike helmet.)
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To: lowbridge

And just like default it will make all bonds worthless.


34 posted on 05/04/2023 4:57:14 PM PDT by Mariner (War Criminal #18)
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To: escapefromboston

“Why not print a bill worth a negative trillion dollars so it cancels out the debt too.”

They already did. Look at who owns most of the debt today.


35 posted on 05/04/2023 4:59:09 PM PDT by Renfrew (Muscovia delenda est)
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To: adorno

Generally coin and bill values are determined by Congress, but in the law allowing bullion platinum coins Congress didn’t specify the denominations and number allowed like they with gold and silver. I thought that Congress was going to fix this error last time this inflationary BS came up.


36 posted on 05/04/2023 4:59:36 PM PDT by KarlInOhio (Democrats' version of MAGA: Making America the Gulag Archipelago )
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To: lowbridge

The fact that major figures in the government can say stuff like this without fear of being hung from a Lamppost tells you just how far down the rabbit hole we’ve gone


37 posted on 05/04/2023 5:00:04 PM PDT by ChildOfThe60s ( If you can remember the 60s.....you weren't really there..)
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To: lowbridge

At first I thought this was from the Babylon Bee, but these idiots are serious.


38 posted on 05/04/2023 5:00:08 PM PDT by Salohcin
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To: lowbridge
I am getting a feeling of Deja Moo.

Like I have seen this BS before.

39 posted on 05/04/2023 5:01:04 PM PDT by Harmless Teddy Bear (Follow the money. Even if it leads you to someplace horrible it will still lead you to the truth.)
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To: T.B. Yoits

I have one of 100 Trillion notes in my wallet.

I wish I had bought a stack of them back then cause they are now worth about 25x what I paid at the time.

Unfortunately my platinum coins are now worth about 1/2 what I paid back then.


40 posted on 05/04/2023 5:01:21 PM PDT by algore
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