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Can Trillion Dollar Coins Save the Economy?
Yahoo via ABC ^ | 4 Jan 2013 | Gregory J. Krieg

Posted on 01/04/2013 7:50:49 AM PST by shove_it

With President Obama having kicked off debt ceiling negotiations by vowing not to negotiate over the debt ceiling, a new option for paying off the nation's considerable tab is gaining momentum with cheeky fiscal and monetary wonks. It goes like this: Should Congress fail to extend the U.S. debt limit - reached again on Dec. 31 - the president could ask the Treasury to begin printing trillion dollar coins (in a process explained mostly seriously by Jim Pethokoukis on his American Enterprise Institute blog), a number of which could then be put toward fulfilling debt obligations in the event new legislation stalls in Congress...

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News
KEYWORDS: trilliondollarcoin

1 posted on 01/04/2013 7:50:52 AM PST by shove_it
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To: shove_it

This brilliant idea was floated last month and it’s still apparently being seriously considered.


2 posted on 01/04/2013 7:54:03 AM PST by shove_it (the 0bama regime are the people Huxley, Orwell and Rand warned us about)
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To: shove_it
...the president could ask the Treasury to begin printing trillion dollar coins...

Coins are not printed

3 posted on 01/04/2013 7:56:40 AM PST by Sgt_Schultze (A half-truth is a complete lie)
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To: Sgt_Schultze

Good point. I’m wondering if they’ll work in vending machines.


4 posted on 01/04/2013 7:58:56 AM PST by shove_it (the 0bama regime are the people Huxley, Orwell and Rand warned us about)
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To: Sgt_Schultze

Genuine coins are not printed.


5 posted on 01/04/2013 7:59:08 AM PST by faithhopecharity
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To: shove_it

2 massive, bodacious end-runs are coming:

1) They’ll do this on the debt ceiling

2) Harry Reid will use Nuclear Option and end the filibuster

Then we’ll be Off to the Races in our Brave New Socialist World.


6 posted on 01/04/2013 8:04:12 AM PST by Buckeye McFrog
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To: shove_it

With the Fed’s quantitative easings and Obama’s Marxist policies we may soon need 100 trillion dollar coins or bills to buy a loaf of bread just like in Zimbabwe.


7 posted on 01/04/2013 8:10:51 AM PST by The Great RJ
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To: shove_it

These people obviously live in a fantasy world. Imagine the laughter and scorn of the rest of the planet if we did something so foolish.


8 posted on 01/04/2013 8:11:13 AM PST by Max in Utah (A nation can survive its fools, and even the ambitious. But it cannot survive treason from within.)
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To: shove_it; faithhopecharity
Bill Still talked about this about a year ago ... retiring the debt by issuing money the Fed does not control - quarters ( link ).
9 posted on 01/04/2013 8:11:29 AM PST by Sgt_Schultze (A half-truth is a complete lie)
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To: shove_it
When I heard about this coin the first time, it reminded me of the Mark Twain short story The £1,000,000 Bank-Note.
10 posted on 01/04/2013 8:13:39 AM PST by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
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To: Buckeye McFrog

If the filibuster is ended the GOP has vowed to grind the Senate to a halt, no business will ever will get done. I doubt Reid will actually do it because if he does, the GOP will do it they retake the Senate some day which will happen.


11 posted on 01/04/2013 8:14:40 AM PST by Perdogg (Mark Levin - It's called the Bill of Rights not Bill of Needs)
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To: shove_it

If they mint it, it will end up being melted down for the metal value in it.


12 posted on 01/04/2013 8:16:02 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: kosciusko51

You know that is probably where they got the idea. Nothing new or original in DC or Hollyweird.


13 posted on 01/04/2013 8:17:38 AM PST by ScottinSacto (Liberals support abortion on demand and gay marriage....sounds like a great strategic plan!)
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To: Perdogg

You must have more faith in those GOP vows than I do.


14 posted on 01/04/2013 8:18:51 AM PST by ScottinSacto (Liberals support abortion on demand and gay marriage....sounds like a great strategic plan!)
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To: Sgt_Schultze

Thanks. Having run up the debt, the govt can’t repay it. “Magic coins” (inherently worth a few cents but “printed” in trillion dollar denominations) would effectively repudiate the debt. This has always been a surefire trigger to wars, assassinations, coups, insurrections and/or riots, however. (There is really no such thing as a free lunch, alas)


15 posted on 01/04/2013 8:20:42 AM PST by faithhopecharity
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To: faithhopecharity
would effectively repudiate the debt.

Which is inevitable. And all the bad things that follow that you mentioned, too.

Just not yet, not this year.

16 posted on 01/04/2013 8:23:30 AM PST by NeoCaveman (Let it burn, let it burn, let it burn)
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To: shove_it

“To coin money and regulate the value thereof” is a reserved power of Congress. Simple legislation cannot transfer this authority to the Treasury Department.

If the Congress were to authorize the minting of trillion dollar coins made of platinum (or in fact of anything), the antional debt could legally be paid off that way. There is no requirement in the Constitution that Congress establish a specific dollar - metal parity, and in fact minor changes in coinage weights in the 19th century, although perfectly constitutional, caused major political headaches.

Of course, with a platinum market price of around $1500, this would be exactly the same as outright repudiation, and the consequences would be the same.


17 posted on 01/04/2013 8:24:00 AM PST by Jim Noble (Diseases desperate grown are by desperate appliance relieved, or not at all)
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To: shove_it

I can’t believe they haven’t had a “Debt Relief” Concert for America yet. I would have thought that would have been on the table by now.


18 posted on 01/04/2013 8:28:20 AM PST by napscoordinator (GOP Candidate 2020 - "Bloomberg 2020 - We vote for whatever crap the GOP puts in front of us.")
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To: shove_it

As America becomes Zimbabwe.


19 posted on 01/04/2013 8:29:00 AM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: The Great RJ
That some serious seigniorage* right there...minting a coin containing perhaps a few thousand dollars worth of platinum, and denominating it as $1 trillion. Can't see how this wouldn't effectively end the U. S. dollar as a viable currency, however.

*the difference between the cost of the bullion plus minting expenses and the value as money of the pieces coined, constituting a source of government revenue.
20 posted on 01/04/2013 8:29:08 AM PST by Milton Miteybad (I am Jim Thompson. {Really.})
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To: shove_it
One theory as to why the pResident is out to destroy the economy and the Dollar is to bring in a North American Euro type cone the Amero to finish of the destruction of our country.
21 posted on 01/04/2013 8:35:09 AM PST by mountainlion (Live well for those that did not make it back.)
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To: NeoCaveman

Maybe not this year. But maybe yes. Predicting exact time for market moves is very difficult


22 posted on 01/04/2013 8:38:51 AM PST by faithhopecharity
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To: shove_it
Easier than this, I guess.


23 posted on 01/04/2013 8:41:20 AM PST by SargeK
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To: Perdogg

I like your optimism, but really I see no indication that the Repubs are going to take anything back in this lifetime.

They have gone WAY stupid.


24 posted on 01/04/2013 8:44:18 AM PST by SargeK
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To: American in Israel

If there were really were enough platinum mined since the beginning of time for the United States to be in possession of one trillion dollars worth of it at current prices, I’d say go ahead — that’s (almost) real money as defined in the Constitution.

But this is pure chicanery at every level, and is yet another example of the abject lawlessness of anybody who wants to pretend that it is in any way a legitimate, moral, and truly legal solution. (Oh, I see that Paul Krugman has given it his blessing. There’s a surprise, huh.) They might as well print it on a piece of paper as pretend that a symbolic 100-oz coin or two is worth a trillion dollars.


25 posted on 01/04/2013 8:45:30 AM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: mountainlion
Apparently it's a no-no to put the face of a living person on money. 0bama will ignore that little detail and have his image on struck on the coin ...


26 posted on 01/04/2013 8:47:02 AM PST by shove_it (the 0bama regime are the people Huxley, Orwell and Rand warned us about)
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To: jiggyboy

More Modern Monetary Theory.


27 posted on 01/04/2013 8:49:12 AM PST by shove_it (the 0bama regime are the people Huxley, Orwell and Rand warned us about)
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To: shove_it

They can take the opportunity to change the traditional “In God We Trust” to the new motto of our government: “Kick The Can Down The Road”.


28 posted on 01/04/2013 8:51:05 AM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: shove_it

A man gets a call from his broker about a great new deal that’s really going to “take off”. A small group have just discovered some very rare cans of sardines. If he act’s now they can be had for $100/can. He takes a chance and buys some. In a few weeks they go up to $1,000/can and then $5,000/can. Six months later these rare sardines are trading for $100,000/can. The cans change hands several times always with the price increasing. A wealthy entertainer finally decides to have a party and open one of the cans for his friends to taste. All are present at the gala when they roll the opener around the top and pull back the lid. They’re rotten! Completely rotten! The entertainer goes back to the fellow who sold them to him for $100,000 and complains. The seller’s response? Those were not “eating” sardines…they were “investing” sardines. It appears the government is trying to create a market for some “investing” sardines.


29 posted on 01/04/2013 8:51:53 AM PST by Portcall24
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To: shove_it

This story enrages me. I don’t know why this pushes my buttons more than other stories, but it does.

Fraud, enslavement and mockery.


30 posted on 01/04/2013 8:54:13 AM PST by fattigermaster
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To: fattigermaster

Me too. Mocking it helps (for me).


31 posted on 01/04/2013 8:57:47 AM PST by shove_it (the 0bama regime are the people Huxley, Orwell and Rand warned us about)
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To: shove_it
They could send one of them to China to redeem the trillion dollars worth of treasury bonds they hold...

32 posted on 01/04/2013 9:15:27 AM PST by Bobalu (It is not obama we are fighting, it is the media.)
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To: shove_it

Asked my two daughters if they could check with a coin manufacturing company if they would make each a coin equal to their respective mortgages and pay them off. Last I heard the coin could be made. Whoopeeeeeee! Got some other ideas.


33 posted on 01/04/2013 9:18:14 AM PST by Logical me
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To: shove_it

So what do you buy with it?

The White House?
Congress?

Wait.... those things are already bought and paid for... nevermind!


34 posted on 01/04/2013 9:33:09 AM PST by djf (Conservative values help the poor. Liberal values help them STAY poor!!!)
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To: shove_it
If the Magic Negro can't do it, the Magic Coin will surely be able to.
35 posted on 01/04/2013 9:46:58 AM PST by E. Pluribus Unum ("More law, less justice." --Cicero)
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To: kosciusko51

A wonderful story. Thanks.


36 posted on 01/04/2013 10:04:17 AM PST by ctdonath2 (End of debate. Your move.)
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To: kosciusko51

A wonderful story. Thanks.


37 posted on 01/04/2013 10:04:17 AM PST by ctdonath2 (End of debate. Your move.)
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To: Jim Noble

Good point. Which is why i always correct anyone who says “our children/grandchildren are being saddled with debt”. At some point they can issue all the currency they want or just give all the Social Security geezers one of these special coins and call it even.

Better give China some of those before their military gets any stronger.


38 posted on 01/04/2013 10:26:47 AM PST by FreedomNotSafety
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To: shove_it
" I’m wondering if they’ll work in vending machines."

Of course not. Vending machine owners require you to deposit something of value.

39 posted on 01/04/2013 5:21:20 PM PST by norwaypinesavage (Galileo: In science, the authority of a thousand is not worth the humble reasoning of one individual)
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To: shove_it

Trillion dollar coins and unicorn manure will save the economy, but mostly unicorn manure. You just have to find some.


40 posted on 01/04/2013 7:20:26 PM PST by Jabba the Nutt (.Are they stupid, malicious or evil?)
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To: SargeK
They have gone WAY stupid.

No, we have gone way stupid if we don't recognize that the GOP?Democrats are not our friend.

41 posted on 01/05/2013 12:42:23 AM PST by itsahoot (Any enemy, that is allowed to have a King's X line, is undefeatable. (USS Taluga AO-62))
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To: shove_it


42 posted on 01/05/2013 11:21:54 AM PST by x
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