This brilliant idea was floated last month and it’s still apparently being seriously considered.
Coins are not printed
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.
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.
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.
If they mint it, it will end up being melted down for the metal value in 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.
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”.
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.
This story enrages me. I don’t know why this pushes my buttons more than other stories, but it does.
Fraud, enslavement and mockery.
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.
So what do you buy with it?
The White House?
Congress?
Wait.... those things are already bought and paid for... nevermind!
Trillion dollar coins and unicorn manure will save the economy, but mostly unicorn manure. You just have to find some.
