Skip to comments.Pennies, 40-Ton Trillion Dollar Platinum Coins and Our Impossible Deficits and Debt
Posted on 01/06/2013 11:56:56 AM PST by whitedog57
Jodie Miller of NewsBusted has a great clip where she points out that it costs 2 cents to produce 1 cent. And by government standards, thats a bargain.
This brings me to the inane calls for manufacturing trillion dollar coins made of platinum. As I have discussed before, this would send a signal of fear throughout the world that the USA has no intention of cutting spending, lowering its trillion dollar plus debt and escalating its $16 trillion debt.
But for the sake of discussion, platinum is currently trading at $1,560 an ounce. In order to produce a trillion dollar platinum coin of platinum, it would require 641,025,641.03 ounces of platinum. Or a coin weighing 40,064,102.56 lbs!
And if we use the U.S. Mint ratio of 2 cents to produce a 1 cent coin, that would be a 80,128,205.13 lb coin. Or a 40,064.10 ton coin.
Now, THATS a big coin. It would make the Canadian coin feel like a penny. In fact, the maximum allowed weight (most US highways) is 80,000 lbs (40 tons). So, a coin the size of a semi rig at full capacity.
Of course, a trillion dollar coin of platinum is purely symbolic, like our governments efforts to slow down spending and skyrocketing debt.
Spending, of course, is out of control. The latest attempt from Congress and the Administration to reduce the deficit, The American Taxpayer Relief Act of 2012, actually ADDS $4 trillion to the budget deficit. And spending is project to boldly go where no man nation has gone before (with the exception of Japan).
Likewise, Federal debt (hereafter called Feral debt) has been skyrocketing since President Carter, but has accelerated on a moonshot trajectory since the Democrats seized Congress in 2007 and President Obama became President in 2009.
Debt Held by the Public rose from $4,899,372,232,476.1 on January 12, 2007 to $11,578,257,530,277.50 on January 3, 2012, a 136% increase. Total Public Debt Outstanding rose from $8,674,251,191,808.76 on January 12, 2007 to $16,431,219,143,696.53 on January 3, 2012, an 89% increase.
The impossibility of slowing down this runaway train of spending and debt is apparent. How else do you explain trillion dollar coin made of platinum?
Perhaps we should mint wooden nickels. Just change nickel to $1 trillion dollars. It would be just as effective and a lot lighter.
If the Magic Negro couldn’t do it, maybe a Magic Dubloon can.
Our government has gone completely insane!
The latest example: The White House Economic Advisors acknowledge (and warn) we are “playing with dynamite” with our government debt. The proof of insanity is their proposed solution.
The dynamite of course, is the 16 TRILLION DOLLARS of US government debt, and the fuse is lit and rapidly burning down, with the explosion (US Sovereign default) projected in March.
The proposed solution? No need to remove some of the dynamite or extinguish the fuse. Simply add more dynamite and lengthen the fuse a little bit, and then pretend the problem has been solved.
Following is a link to the news release.
White House Adviser Krueger: Congress ‘Playing With Dynamite’ Over Debt Limit:
Pennies & nickels are soon gone:
"...Or a 40,064.10 ton coin..."
That's actually a coin the capacity of 1000 fully loaded semis... not just one.
Apparently, that is a ‘satire” story, although there are dozens of websites carrying it as “news”...
The government at all levels owns or controls about 1/3 of our national territory. I can imagine the federal government giving Saipan, Midway Islands, the Northern Mariana Islands or Palmyra Atoll to an expansionist China or selling them to Japan to make good on our debts. Land is an asset, and what isn’t in the continental 48 is easier to transfer.
Then they may just lease oil and mining rights to the Chinese to pay our debt, after refusing to let American companies drill for it.
No one proposed to actually use one trillion dollars worth of platinum to make the coin. (There’s only about 16 tons of platinum on the planet, anyway.)
The plan would be to make a pretty coin of perhaps a few ounces, and label it with a face value of $1,000,000,000,000.
Otherwise, you’re not making money out of nothing, you’re not devaluing the currency fast enough to kill off the masses, and you’re not realizing the Cloward-Piven strategy at a sufficiently accelerating rate.
I can tell you that if it became known that there is a US$ buyer for 640,000,000 ounces of Platinum, the price would probably rise to $10,000 per ounce before the order would be filled.
That would kill the dollar as it would end up costing something like $6,4000,000,000,000...raising our debt to $22,800,000,000 over night, that is unless we have a loose $Trillion sitting around that we can't find a use for.
Oh! What if another hack decided to sell... who has $6.4T sitting around to buy the 20+ ton hunk of metal?
Whoever the polihack who thought of this is should be recalled.
“In order to produce a trillion dollar platinum coin of platinum”
He’s assuming some sane equating of face value to inherent value.
The point is at there will NOT be any such correlation - the coin will be an ounce or so, with $1T marked thereon.
The point is to just create money from nothing, using whatever loophole possible.
Too much of modern satire is a rehash of reality.
Bring on the $Toony...
I sure got suckered!
A steelwasher the size of a penny costs 8 cents.
A steelwasher will rust
The penny will not rust, costs 1 cent and it takes about 10 seconds to drill the hole in it.
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