I'll even let 'em keep the change! :-P
I'll even let 'em keep the change! :-P
How long before said platinum coins won’t buy a pair of shoelaces?
Got a whole stack of 1Trillion Zimbabwe dollars for them to try.
The protest in Zimbabwe was when people at night went out and glued these on public buildings like wallpaper— they were worth so little.
So, NO two coins won’t “do” it. Nor will it stop spending before ceiling is reached, which is the real cause. That and keynesian bs.
why not simply print a Trillion Dollar Bill??? same/same, neither is of any value...A Trillion dollar coin that contained 1 trillion in platinum at the current value of the metal would require more platinum than has ever been mined.
Minting a coin which in which the face value does not reasonably reflect, when issued, the value of the metal in it is either counterfeiting or it has no more value than a paper dollar.
“Can a $1 Trillion Coin End Debt Ceiling Crisis?”
Is this the best “funny money” ya ever heard of, or what?
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Quite possibly they are serious... and if so it highlights a peculiarly Inner Beltway delusion: that the “Debt Ceiling” is something that can be fixed by law or regulation. The reason for a ‘legal’ debt ceiling is to avoid the debt ceiling that really counts: the one imposed by bond and currency markets. When the ‘legal’ debt ceiling loses credibility through stunts like this proposal, the US dollar and US debt denominated in dollars will be discounted just like the debt of fiscally incontinent European states like Greece, Portugal, Italy, and Spain.
A review of 20th century examples: http://www.globalfinancialdata.com/news/Articles/Century_of_Inflation.doc
http://www.globalfinancialdata.com/news/Articles/Century_of_Inflation.doc