Damn!! Someone already thought of this and are 100X richer than us now!
Posted on 10/05/2021 10:15:30 AM PDT by JV3MRC
New York Times economist Paul Krugman is rehashing a batty idea that former Daily Show host and comedian Jon Stewart mocked him for over eight years ago.
In a new blog headlined “Wonking Out: Biden Should Ignore the Debt Limit and Mint a $1 Trillion Coin,” Krugman dusted off an old neo-Keynesian idea of his that he peddled in 2013. He suggested Treasury Secretary Janet Yellen “mint a platinum coin with a face value of $1 trillion — no, it needn’t include $1 trillion worth of platinum — deposit it at the Federal Reserve and draw on that account to keep paying the government’s bills without borrowing.” Here’s the problem, not only has the idea been condemned as ridiculous, it also may not be legal. Florida Atlantic University Associate Professor of Economics William Luther noted Sept. 28 that “[t]he Treasury is authorized to mint platinum bullion and proof coins. It is *not* authorized to mint a platinum *token* coin. And that, it turns out, is an important distinction.” A bullion coin would in fact require $1 trillion worth of platinum, according to Luther, which is exactly what Krugman said was unnecessary.
Krugman’s idea is so idiotic that even the liberal Stewart made fun of him in 2013 when he tried to rebuke Stewart as being “lazy” for panning it. Stewart stated during a 2013 segment in response to Krugman that the $1 trillion coin was a “stupid f**king idea.” He ridiculed Krugman as “the only creature perhaps more noble than a freshly felched unicorn.” Stewart referenced an older, Jan. 10, 2013 segment, in which he quipped: “[I]f we’re gonna just make sh*t up,” why not a “$20 trillion coin?”
(Excerpt) Read more at newsbusters.org ...
A $100 note is made with $350 worth of debt.
Jon Stewart’s basically a good man. Don’t count him out yet.
I don’t want a coon even if it’s worth $1 bazillion. You can have mine.
“In other words, the scheme requires the Treasury mint a platinum *token* coin––that is, a platinum coin with a face value that *exceeds* the value of its metallic content. Unfortunately, the Treasury is not authorized to mint a platinum token coin.” Tweet:https://twitter.com/WilliamJLuther/status/1442905587264593920?s=20
That is what Krugman is saying, without actually saying it or perhaps not realizing what he is saying. But he should be aware of this as a “Nobel prize winning economist”:
There is a theory, one which may be preferable to many others, that we can and should just print all the money we need. Nobody pays taxes either in this scenario. The tax we pay is inflation in the things we buy.
Under this theory, when the price of milk costs $10 a gallon and bread is $15 a loaf there will be so much outrage that politicians would be absolutely forced to stop printing and spending so much.
They will never go for it because they know, deep down inside, that inflation hurts working and poor the most. They prefer to try to deflect, divide, and skim as much as possible for their own pets and pork.
I've seen zero evidence of that. He's a little closer to even-handed in his pissing and moaning -- he was replaced on The Daily Show by a total stooge -- but like all entertainment industry nitwits, he's just a Demagogic Party shill.
Okay, jackass. Like I said, the law doesn’t care what your stupid blog says.
https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx
“Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are “backed” by all the goods and services in the economy.”
Therefore a $1 trillion dollar coin or note can indeed be issued and it is wholly irrelevant of the material used to produce the coin or note.
But don’t let that stop you from putting your pussy hat on and screaming at the sky because Paul Krugman thought platinum would be an appropriate metal for the coin.
The senile puppet Sleepy Joe is already toying with that idea. And I like it. The one and only problem I have with the Democrats' new $1 Trillion platinum coin plan is that you know Democrat politicians will give away more $1T coins to their Democrat pals & RINO friends to reward them for their election steal. It's just not fair that Sleepy Joe will give Chuck Schumer ten thousand $1T coins and I only get one. So that's my sole complaint - the potential unfairness of the Democrats' $1 Trillion platinum coin distribution plan. I basically need a minimum of fifty $1T platinum coins because I'm seriously thinking about buying a decent lounge chair.
/s
Holy crap man you’ve lost it.
“A bullion coin is an investment-grade coin that is valued by its weight and fineness of a specific precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition, and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the gold, silver, platinum, and palladium markets.”
Source: https://catalog.usmint.gov/coins/precious-metal-coins/bullion-coins.html
“United States Mint bullion coins are sold based on the prevailing market price of gold, silver, platinum, or palladium plus a small premium to cover minting, distribution, and marketing costs.”
You lost. Take a hike!.
Source:https://catalog.usmint.gov/coins/precious-metal-coins/bullion-coins.html
I like the idea
The faster Fed.gov goes bankrupt and starves out the progressive parasites living in its organs, the better.
Damn!! Someone already thought of this and are 100X richer than us now!
Krugman never once suggested that the Mint produce a bullion coin. Just a coin made out of platinum.
Your paranoid conspiracy flake Luther is the person who added the ‘bullion coin’ and ‘token’ terms to what Krugman said.
It is a straw man argument.
Krugman had in mind a 1995 law about platinum coins that says, “Notwithstanding any other provision of law, the Secretary of the Treasury may mint and issue platinum coins in such quantity and of such variety as the Secretary determines to be appropriate.”
It actually isn’t that complicated because the Treasury since 1933 has had the authority to issue currency in any denomination authorized by Congress. And it need not be backed by anything.
Krugman is correct that the coin or note can be issued in the denomination of one trillion dollars. But the choice of platinum for the manufacture is not required. Not at all.
The man is literally never correct about anything but still has a job an an economic “journalist” for a major US media group. That is all you need to know about the media here.
Why platinum? the South Sea Islanders used big wheels of coral limestone, did just fine.
Luther is an ass for making an argument? I didn’t see anything insulting or disrespectful about anything Luther said. It was Jon Stewart that was making the jokes. All Luther did was quote a passage from the Constitution. He could be wrong. Krugman could be wrong. None of the bills or coins used as a medium of exchange are issued by the federal government. They are Federal Reserve notes. The Federal Reserve is a bank. US currency is backed by the credit of that bank.
Which is backed by treasury bonds sold as debt, which is backed by the ability to tax the productive output of the citizens.
You beat me to it.
They just need to modify that one to having a nekkid Emperor Zero riding atop it while it defecates Skittles. See former FReeper Dan Lacey’s magnificent artwork.
“The trillion dollar coin does both”
Actually it does neither. It would just devalue our currency faster and cause more inflation.
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