Posted on 09/19/2021 8:08:04 PM PDT by lowbridge
A new fight over the debt ceiling is brewing on Capitol Hill.
Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare. He insists he's not "bluffing."
But the conundrum could have a coin-sized solution. A loophole in the law that prescribes the types of coins that can legally be minted in the US theoretically allows the Treasury Department to mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then continue paying its bills as normal.
The deal with the debt ceiling
The debt ceiling places a fixed limit on the total amount of money the Treasury Department can borrow in order to fund government activities, and Congress has to vote to either raise or suspend that limit from time to time as the federal debt grows ever larger.
(Excerpt) Read more at businessinsider.com ...
I’ve seen this episode on the Simpsons.
What if I steal it? Will they honor it at 7-11.
Nonsense.
They threaten this all the time, but never follow through. Enjoy your distraction.
So, a Krugerrand is a gold coin, 1 oz., and is worth around $1755.
How big would a $1 trillion platinum coin be the democrats are planning to mint?
It is Congress, not the "Biden Administration", with the authority "to coin money, and regulate the value thereof".
Two radical left wing nutters at a Far left wing nutter owned website
spitting out lies .
More nonsense.
Why not just make a bit coin and say it’s worth a trillion?
This should be challenged in court.
Then Biden should have to have a panel of nine medical
examiners determine if he is fit to hold office, as part
of the judgement.
I doubt the Judicial Branch could pull that off, but it
needs to be done.
Why not order the minting of 30 of them Joe?
Why our nation would be out of debt.
There are some real nut-jobs pulling this guy’s strings.
Mint a hundred of those and be done with it for a while.
It doesn’t have to be platinum. It could be made of lead.
It works because of the coinage power, not because of the metal.
No, you are wrong.
It does have to be platinum.
based on the authority granted by Section 31 U.S.C. § 5112 of the United States Code for the Treasury Department to “mint and issue platinum bullion coins” in any denominations the Secretary of the Treasury may choose.
I always ask for high denomination coins when the bank wants to know how i want my cash.
Most tellers were unaware that there are $100 coins
Yes, but if you only purchase a Big Gulp, they might have difficulty giving you change.
Why not just make the first Gold-Pressed Latinum coin and have Quark be the new secretary of the treasury?
Coins are actually real money - minted by the US Treasury - and not backed by debt.
Federal Reserve Notes (our dollars) are directly backed by debt.
Don't believe me? Look at the Fed's weekly H.4.1 report and go to the balance sheet. You'll see that coins and reserve notes are on opposite sides of the ledger.
I would be all in favor of the US Treasury minting all of our money supply.
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