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The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin
businessinsider.com ^ | September 19, 2021 | Andy Kiersz and Joseph Zeballos-Roig

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 ...


TOPICS: Business/Economy; Government; News/Current Events; US: Florida; US: Kentucky; US: New York
KEYWORDS: biden; dcclowncar; floridaatlanticu; janetyellen; jonstewart; kentucky; mcconnell; mitchmcconnell; newyork; newyorkcity; newyorkslimes; newyorktimes; paulkrugman; williamluther
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To: hanamizu
Bullion coins issued by countries have a face value, always less more than the market value of the metal.

There! Fixed it!

Regards,

41 posted on 09/19/2021 10:59:39 PM PDT by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: lowbridge

During Obama’s 8 disastrous years it was suggested to mint two such coins, each worth 1/2 of the then current national debt and deposit the coins at Fort Knox. Everything old is new gain.


42 posted on 09/19/2021 11:07:17 PM PDT by ProfessorGoldiloxx
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To: lowbridge

CROOKS CROOKS CROOKS! OFF WITH THEIR HEADS OR LOCK THEM UP NOW! CW!!


43 posted on 09/19/2021 11:11:36 PM PDT by ldish (Isn't it time for the TRUTH on the COVID Virus/Vaccine Massacures?)
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To: Kickass Conservative

Vibranium!


44 posted on 09/19/2021 11:13:41 PM PDT by married21 (As for me and my house, we will serve the Lord.)
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To: Owen

Whoa.

You nailed it (and educated me, too).


45 posted on 09/19/2021 11:20:21 PM PDT by Lazamataz (I feel like it is 1937 Germany, and my last name is Feinberg.)
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To: lowbridge

This stupid idea again...


46 posted on 09/19/2021 11:38:51 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: All; lowbridge

Call the new $1 Trillion coin “The Amero”!! ;-)

https://www.thebalance.com/the-amero-conspiracy-1345011


47 posted on 09/19/2021 11:57:18 PM PDT by Drago
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To: alexander_busek
No, just the opposite.

While modern gold coins are also legal tender, they are not observed in everyday financial transactions, as the metal value normally exceeds the nominal value. For example, the American Gold Eagle, given a denomination of 10 USD, has a metal value of more than $800 USD (being around a half an ounce). - wiki

48 posted on 09/20/2021 3:07:13 AM PDT by Moltke (Reasoning with a liberal is like watering a rock in the hope to grow a building.)
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To: Moltke
Darn it: You're right! My apologies to the OP, too!

(There is, of course, also the case of certain low-denomination coins costing more to manufacture than their face value - we're talking pennies and nickels, here - but that is a separate issue, and governments have taken measures to correct that.)

Again: Pardon!

Regards,

49 posted on 09/20/2021 3:24:46 AM PDT by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: alexander_busek

No, threes a lot more silver value in a $1 silver eagle coin, the “$50” gold buffalo has nearly $1750 worth of gold in it.


50 posted on 09/20/2021 4:48:29 AM PDT by hanamizu
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To: lowbridge

Wouldn’t the government need to buy the platinum? Would that be with borrowed money? I don’t get this workaround.


51 posted on 09/20/2021 4:52:59 AM PDT by cymbeline
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To: lowbridge

They can find this small loophole but don’t know how to read the words straight forward words in the Constitution?


52 posted on 09/20/2021 4:54:19 AM PDT by Openurmind (The ultimate test of a moral society is the kind of world it leaves to its children. ~ D. Bonhoeffer)
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To: alexander_busek

No worries...


53 posted on 09/20/2021 5:34:13 AM PDT by Moltke (Reasoning with a liberal is like watering a rock in the hope to grow a building.)
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To: lowbridge

Just as phony as the rest of the Biden administration.


54 posted on 09/20/2021 5:59:06 AM PDT by ridesthemiles ( )
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To: hanamizu

Really? So you can go to a bank and get a one oz. gold coin denominated as $100.00 for $100.00?

That’s one serious ROE.


55 posted on 09/20/2021 6:17:40 AM PDT by AFreeBird
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To: lowbridge

Biden’s next great plan is to sell off moon rocks to lower the debt ceiling.


56 posted on 09/20/2021 9:01:50 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)
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To: AFreeBird

Really? So you can go to a bank and get a one oz. gold coin denominated as $100.00 for $100.00?


No, but you can go to the bank with a one oz. U.S. gold coin with a face value of $50 and get a nice $50 FR Note. The ROI not so good. Same thing would happen if I took 4 pre-’64 quarters to the bank, they’ll give me a nice $1 bill.


57 posted on 09/20/2021 9:11:47 AM PDT by hanamizu
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