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 ...
There! Fixed it!
Regards,
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.
CROOKS CROOKS CROOKS! OFF WITH THEIR HEADS OR LOCK THEM UP NOW! CW!!
Vibranium!
Whoa.
You nailed it (and educated me, too).
This stupid idea again...
Call the new $1 Trillion coin “The Amero”!! ;-)
https://www.thebalance.com/the-amero-conspiracy-1345011
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
(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,
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.
Wouldn’t the government need to buy the platinum? Would that be with borrowed money? I don’t get this workaround.
They can find this small loophole but don’t know how to read the words straight forward words in the Constitution?
No worries...
Just as phony as the rest of the Biden administration.
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.
Biden’s next great plan is to sell off moon rocks to lower the debt ceiling.
Really? So you can go to a bank and get a one oz. gold coin denominated as $100.00 for $100.00?
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