Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.
“Some economists and legal scholars have suggested that the “platinum coin option” is one way to defuse a crisis if Congress can’t or won’t lift the debt ceiling soon......”
They are due a refund from their schools for turning out defective products.
Congress, not the Bureau of the Mint, has the power “to coin money, and regulate the value thereof”.
“Unless Congress reaches an agreement to raise that borrowing limit, the government will no longer be able to borrow enough money to pay all its bills. Last year, Republicans in Congress resisted lifting the debt ceiling until the last minute — and then only in exchange for spending cuts.”
There you have it.
“We can’t pay our bills at our current spending rate, so we’ll just borro wmore money because it’s too hard to stop spending. Then we’ll spend MORE!”
Also, they believe it is possible to spend ten dollars when you only have three dollars in your pocket.
Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.
Rule of Aquisition 102: Nature decays, but latinum is/lasts forever.
Obama has been looking for a way to completely dynamite the US. Could this be it? His present methods are so labor intensive and require hard work to keep eating at the foundations of society. This could do it all at once.
Some platinum is more equal than other platinums. But so long as they can mint a coin out of platinum that is “worth” $1 trillion, they could print it on paper, too. After all, the melt value of the platinum (even if $60 million because it’s a ton) is negligible compared to the $1 trillion just like the burn-value of the paper would be.
“I like it,” says Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it.”
Then why stop there Mr. Gagnon? Make a $20 trillion coin, pay off the debt, and cancel all taxes for the next two years. After that, we just strike a $5 trillion coin annually and live like kings!
So what happens when they actually mint the damned thing and post pictures on the news site and some creative individual with a milling machine and small bar of platinum load the image into a 3-D model and “mint” the damned thing then sell it to a country that hates us and that country takes it and demands payment in full?
Or china makes duplicate coinage?
Wouldn’t be the first time china has made fake coins... That we know of....
This idea is dumb dumb dumb....
To actually be any value the coin itself would need be made up of 90 cubic METERS of platinum!
So ball park estimate that is enough platinum to fill a decent sized football stadium up like a giant bowl of platinum soup or a coin the size of most large metro areas!!!!
That is if you wanted to stay honest about the amount of platinum in the coin ACTUALLY representing the VALUE of the coin!
Anything else is a complete debasement of the currency and will lead to hyper inflation...
There’s some rich mineral deposits near Ely Minnesota.
Maybe the government can use some of it.
I’m trying to remember if platinum is on the list; I recall reading some mineral starting with “p”.
Why not just stamp one TWO trillion dollar coins instead of a pair of one trillion dollar coins. They still print $2 bills for some reason.
Once upon a time, the smartest people in the country would apply all their brain power in a serious fashion to actually solve real problems.
It’s an indictment of the times we live in that the people in charge apply all their brain power to come up with the cleverest methods they can to *avoid* solving serious problems.
If this crowd was around during World War II, I’d expect them to have built a cardboard cut-out in the shape of “Fat Man” and then claim they were working on the design of an atomic bomb.
Well, our national default that these guys are working overtime to draw nearer, is likely to take some face-saving form like this.
And we have the Marine Corps to make the rest of the world play along.
He’s going to do that for the entire two or four years?
One side will give in between now and then and we can guess which one it will be from past experience.
How about some more automatic delayed Military cuts like with the last deal? Look how well that worked for the GOP . Maybe this time the GOP can demand some (more) automatic delayed tax increases too.
At least this should give us a whole new admiration for the Greeks, who, even in their darkest economic hours over the past few years never turned to insane economists to try to solve their problems. There’s hope for them, but I’m not sure about us.
If the U.S. government runs out of money, all it will have to do to avoid bankruptcy is declare a week or two of unpaid leave for all non-essential Federal employees, that is, the great majority of them.
That would give Congress enough time to pass a law declaring that all non-essential Federal workers who retire or leave for other reasons would not be replaced until our budget was in better condition.
Beam me up Scotty, I'm ready to go!.
Make more money. That won’t cause hyper-inflation. Honest.
It seems to me that the clear intent of the US Constitution is that the US Congress, particularly the House, initiates entirely new monetary resources.
No matter how you cut it, a trillion dollar coin is new resources.
Also, any effort to assign the value of a trillion dollars to a coin flies is fraud. The market price of platinum is available for all to see, the historic price is available, and the futures price is available.
For anyone to claim they have a trillion dollars worth of platinum would require that they have more than a single coin or that the single coin be the size of a mountain.
Otherwise, they are perpetrating fraud.