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 ...
Actually it does have to be platinum. Congress authorized the US Mint to coin a certain number of gold coins of listed values, a certain number of silver coins of listed values and platinum coins. They intended platinum to be for collectibles also, but they didn't specify values and number.
Yeah, that’ll scream stability to the world.
I need another sack of rice I think.
One. Trillion. Dahlerz.
‘S’bout right.
I wasn’t speaking of laws already passed.
Do you dispute that Congress could pass a coinage act that would end the Federal Reserve, create a new coinage that would use precious metals, AND under its existing Constitutional authority coin a one, ten, or hundred trillion dollar coin made of lead?
How big would a $1 trillion platinum coin be the democrats are planning to mint?
An opposite problem is with the Susan B Anthony dollars. Virtually a billion of the things were made. Nobody wanted them. So they are in storage. The storage costs a lot of money every year. The obvious solution would be to dispose/destroy them, but because they are legal tender, if they’re destroyed then over $880,000,000 disappears and that doesn’t look good. So we taxpayers pay to store $1 coins no one will ever use.
Pretty sure I lost one of those in the sofa cushions.
No, I do not think congress could get that bill passed.
So at the current point in time they can only use platinum.
But it seems unlikely.
You guys don’t know where money comes from.
It comes from the Fed. It is created whimsically. You have all avoided learning what Quantitative Ease is, but maybe that will change.
The Fed has already said that if there is no debt ceiling increase they will buy defaulted Treasury bonds with money created from nothing and sell T bonds in inventory not defaulted.
This is all a game. The Fed has been creating money in the trillions since the devastation of 2008. Nothing was fixed since then. The Fed just created money and enshrouded the process in complicated verbage to conceal what they were doing. Other central banks dared do nothing other than exactly the same thing.
You didn’t really think capitalism solved that problem, did you? The debt is $30Trillion, borrowed substantially from the Fed. It’s all absurd, but no one dares complain because the system will, indeed, fall apart.
“I met a guy who said he was a billionaire. I said,’Oh, yeah? Prove it.’ He pulled out two half-billion dollar bills out of his wallet. They had pictures of Bert Convy on them.” — Steven Wright
“ No, I do not think congress could get that bill passed.”
That wasn’t my question.
Do you believe they have the authority to do it? Obviously debt based money is going to have to be ended, the perpetual questions are, who benefits and who gets screwed?
Huh I wasn’t aware of that.😳
I think the US increasingly will back the dollar with criminal activities. Make sure all illicit drug trafficking human trafficking and arms sales are conducted in dollars. That’s ok and the criminals will basically get a pass after paying a fee. If crimes are conducted in any currency other than the dollar, the criminals will be shot on the spot. The US police state has a long international reach and they can still enforce their criminal protection racket in many places throughout the world.
This is what the DEA does with drug trafficking right now.
It seems only fitting that the US government would be engaging in criminal activities to advance Satan’s empire.
How about a plutonium coin?🤔💥
But to print trillions that are worth anything, there has to be a demand for dollars. Now that the petrodollar is dying, where will the demand for dollars come from?
Demand for dollars from criminal activities which will be protected by the police state. The US police state has an international reach and will force criminals to use dollars for drugs, arms and human trafficking.
You can just feel it in your bones that the US government wants to become the vehicle for Satanic enterprises.
I am sick of them molesting my country and her laws.
Why not mint a Coin out of one of those Science Fiction Metals?
The trillion dollar coin is back. This was proposed by that dope Paul Krugman during the Fauxbama days. It will take a bag of them now.
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