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 ...
I suppose that would save money on ink.
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.
> 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.
Would it help if I sent in the Monopoly money in a game not being used any longer?
Junk coins
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.
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.
So create a quadrillion dollar bill and make every person on Earth rich. No one would have to work any more.
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I say let’s go with a Magic Bean!
“The stupid. It burns.”
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.
Does it come in a plastic presentation case & certificate of authenticity?
And just like default it will make all bonds worthless.
“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.
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.
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
At first I thought this was from the Babylon Bee, but these idiots are serious.
Like I have seen this BS before.
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.
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