Any of these a$$ clowns familiar with the economic concept of intrinsic value? Let's see... the last time I checked, the current spot price of platinum was around $1,600/ounce, so that coin is going to have to be awfully large. Third world economics espoused by the idiots surrounding a Third World dictator wannabe....
“…intrinsic value? Let’s see... the last time I checked, the current spot price of platinum was around $1,600/ounce, so that coin is going to have to be awfully large.”
We have fiat currency. That means that everybody agrees that it’s “worth” the value printed on it. (What that “value” will actually buy is a different matter.) I’m guessing that there’s a legal limit on the values you can place on paper currency. I know they did away with the $500 bill, likewise the $1,000 and the $10,000. These notes were originally used to satisfy debts between banks and not for general circulation, except the $500. They did away with that one to stop drug lords from easily moving huge sums. (Europe created a $500 pound EU bill because money held outside the system by drug lords is essentially an interest free loan for that amount.)
But the point of the platinum coin law was Congress didn’t set a limit on the fiat agreed “value.” So, why not just make a million, billion, trillion dollar coin and be done? No debt limit. No negotiations, just infinite spending.
I don’t think this would make it through the current Supreme Court. But it would give Obama some political theater and he could again blame the Republics for interrupting the flow of Obama phones and EBT cards.
Yes. Isn’t this what the dictators in African countries do? Print money in outrageous denominations, and it ends up as worthless paper.
That's OK, Nancy and Harry will just deem it minted!
See how easy running gubmint is?