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NOBEL PRIZE WINNER PAUL KRUGMAN: Obama Must Be Ready To Mint The Trillion Dollar Platinum Coin
TBI ^ | 1-7-2013 | Joe Weisenthal

Posted on 01/07/2013 6:33:46 AM PST by blam

NOBEL PRIZE WINNER PAUL KRUGMAN: Obama Must Be Ready To Mint The Trillion Dollar Platinum Coin

Joe Weisenthal
January 7, 2013

The movement to mint a trillion dollar platinum coin gets its biggest backer yet: Paul Krugman.

In a new post up titled Be Ready To Mint The Coin he writes:

It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin.

As for whose face goes on it, he says it's obvious:

This still leaves the question of whose face goes on the coin — but that’s easy: John Boehner. Because without him and his colleagues, this wouldn’t be necessary.

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: debt; krugman; platinumcoil; platinumcoin; trilliondollarcoin

1 posted on 01/07/2013 6:34:06 AM PST by blam
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To: blam

Like I said before; they need to make the coin out of Fool’s Gold, it would be more appropriate.


2 posted on 01/07/2013 6:38:07 AM PST by MCF
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To: blam

Krugman is dumber than a bag of rocks.

If they mint one such coin, it won’t be long before they are coining them faster than arcade tokens.

Will a soda machine take a trillion dollar coin? Answer: It will in the near future.


3 posted on 01/07/2013 6:40:28 AM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: blam
We are having enough problems getting rare earth metals so taking them out of the industrial use. No more catalytic converters on cars would mean no more new cars. Oil production would cease because of the same catalysts. Who knows what else unintended consequences would happen?
4 posted on 01/07/2013 6:40:45 AM PST by mountainlion (Live well for those that did not make it back.)
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To: blam

Unbelievable.

I am amazed people are even discussing this foolishness.

Buy American. Now.


5 posted on 01/07/2013 6:43:30 AM PST by Cringing Negativism Network
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To: blam
Article 1
Section 8

The Congress shall have Power . . . To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Clearly this power is not in the president's hands.

6 posted on 01/07/2013 6:46:24 AM PST by Sgt_Schultze (A half-truth is a complete lie)
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To: blam

Why can’t we genetically modify unicorns to crap these on demand?


7 posted on 01/07/2013 6:46:32 AM PST by CrazyIvan (Obama's birth certificate was found stapled to Soros's receipt.)
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To: blam

A Nobel prize in a subject other than the sciences is a complete joke.

Examples: Obama - peace, Krugram - economics.

QED.


8 posted on 01/07/2013 6:46:32 AM PST by Da Coyote
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To: blam

Does anyone understand how this coin is supposed to work?

It reminds me of the Underpangs Gnomes in South Park:

Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profit

ie:
Phase 1: Make big platinum coin
Phase 2: ?
Phase 3: Solvency


9 posted on 01/07/2013 6:48:39 AM PST by chrisser (Senseless legislation does nothing to solve senseless violence.)
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To: blam

Does anyone understand how this coin is supposed to work?

It reminds me of the Underpants Gnomes in South Park:

Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profit

ie:
Phase 1: Make big platinum coin
Phase 2: ?
Phase 3: Solvency


10 posted on 01/07/2013 6:48:57 AM PST by chrisser (Senseless legislation does nothing to solve senseless violence.)
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To: blam
I guess Krugman hasn't heard that the great “platinum coin” scam to bypass the congress on the debt ceiling has been debunked. Because even though the president can authorize a new currency, the law says the design of such currency has to be approved by congress before it can be minted, therefore Obama could never legally mint or issue the “platinum coin” without congressional approval.
11 posted on 01/07/2013 6:49:54 AM PST by apillar
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To: blam

Obama is already on record as saying he will not do this, nor will he exercise any extraordinary powers under the Constitution.

Apparently he is fully confident that he can roll Boehner and the Pubbies on this one.


12 posted on 01/07/2013 6:50:33 AM PST by Buckeye McFrog
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To: SampleMan

What do you mean it won’t work. Why just look at Zimbabwe for a perfect example of how to print your way out of debt....wait....what?


13 posted on 01/07/2013 6:51:04 AM PST by PJammers (I can't help it... It's my idiom!)
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To: blam

He’s not a Nobel Prize winner. He got the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel which is awarded by the Swedish Central Bank in Nobel’s honor but doesn’t have anything more with the actual Nobel prizes to do than that the winner gets to sit at the same table as the actual Nobel winners. Also, economic “sciences” is about as scientific as astrology, and Krugman in particular is at the bottom of the barrel among those in that mumbo-jumbo field.

My point is, he’s an idiot and nobody should care what he says, unless they’re looking to be entertained at his expense.


14 posted on 01/07/2013 6:51:10 AM PST by Wyoming Cowboy
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To: blam

Illusions work best when not recognized as an illusion.


15 posted on 01/07/2013 6:51:23 AM PST by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Da Coyote
"A Nobel prize in a subject other than the sciences is a complete joke."

There was a time when the Nobel Prize for Literature meant something, but that committee squandered its credibility long ago.

16 posted on 01/07/2013 6:52:25 AM PST by Joe 6-pack (Que me amat, amet et canem meum)
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To: blam; ding_dong_daddy_from_dumas; DoughtyOne; Gilbo_3; Impy; stephenjohnbanker; NFHale; ...

The debt limit really isnt the issue anyway, congress passes the spending and the tax increases and cuts.

So passing those with deficits means that money has to be borrowed, the House has to pass all those bills just like they passed tax cut extensions less than a week ago with some pork added, for them to happen (sure maybe at gun-point in some caes) ..

Here’s the question :

Why does holding off of allowing borrowing for spending already passed into law make more sense than just refusing to pass the spending and letting O and Reid shutdown the government if they want by ignoring the House spending bills because it doesnt have what they demand in it?

I think the problem is congressional Rs dont want to cut spending NOW, they want to cut entitlements ~ 10 years in the future, so they take credit for deficit reduction while a future congress gets the blame for the future cuts in benefits.

And I hope Republicans dont actually demand the automatic spending cuts get repealed, they already delayed them as part of the tax deal.


17 posted on 01/07/2013 6:53:08 AM PST by sickoflibs (Fight like Dems, fight to win !)
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To: blam

If such a “coin” were actually minted, American currency would immediately be devalued. The “coin” of course would not reflect any production of real wealth which is the basis for the value of a political entities currency. If Obama actually tried to use the “coin” to pay debts say to the Chinese, it would be a cause for war. Paul Krugman is a dangerous man. He is the guiding force behind Obama’s economic policies. It would seem appropriate that given his defacto role, he release his medical records and disclose what psychiatric drugs he has been prescribed.


18 posted on 01/07/2013 6:57:10 AM PST by allendale
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To: PJammers

We all will use them to buy bread


19 posted on 01/07/2013 6:59:22 AM PST by reefdiver
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To: blam

20 posted on 01/07/2013 7:12:58 AM PST by Orbiting_Rosie's_Head (argh)
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To: blam

Such an act would be nothing more than monetization. It is so clear that a blind man could see it. Here’s an article (by someone far from blind on economic issues) on the subject: http://jessescrossroadscafe.blogspot.com/2013/01/platinum-coin-crossing-monetary-rubicon.html


21 posted on 01/07/2013 7:17:07 AM PST by Ancesthntr (Banning guns to prevent crime is like banning cars to prevent drunk driving.)
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To: Wyoming Cowboy
he’s an idiot and nobody should care what he says, unless they’re looking to be entertained at his expense.

Pair him up with Robert B. Reichhhhhh and it could be the best thing since Abbott & Costello.


22 posted on 01/07/2013 7:20:16 AM PST by Buckeye McFrog
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To: Orbiting_Rosie's_Head

“I promise to pay the bearer on demand 100,000,000,000,000 Dollars” This is a schoolboy’s joke, not a policy at all.

On another note, three rocks in a pile doesn’t look like much of a cultural triumph to me. Compared to the pyramids, this is not much of a showing.

But hey, who wouldn’t want to be a centi-trillionaire?


23 posted on 01/07/2013 7:25:08 AM PST by headsonpikes (Mass murder and cannibalism are the twin sacraments of socialism - "Who-whom?"-Lenin)
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To: SampleMan
Will a soda machine take a trillion dollar coin? Answer: It will in the near future.

Ain't it the truth? Once they do this, would any nation want to get in line for their trillion dollar coin? Who would want to buy this monopoly money? Seems like it would be a significant step into admission that we're not serious about paying our obligations. Hopefully they'll make them quarter-sized so I can buy a bottle of soda with a couple of them.

24 posted on 01/07/2013 7:30:45 AM PST by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
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To: Wyoming Cowboy

That’s handy info


25 posted on 01/07/2013 7:32:07 AM PST by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: apillar

Apparently, someone gave the Fed the power to mint platinum coins. In any case, the Fed doesn’t need to do that as it’s already printing about a trillion dollars per year through its Treasury bond and mortgage purchases with money it creates out of thin air.


26 posted on 01/07/2013 7:46:53 AM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: blam
A TIRLLION dollar coin (at today's dollar rate) made out of anything would weigh so much it would take a crane to lift. Just because it is platinum doesn't mean it is worth a TRILLION dollars when you put that on the surface.
27 posted on 01/07/2013 7:49:28 AM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: blam

We the people have a way to get deficit spending under control through our state legislatures. If there was ever a good reason to constitutionally restrict our federal government, this is it.

http://www.freerepublic.com/focus/bloggers/2975143/posts?page=31#31


28 posted on 01/07/2013 7:51:59 AM PST by Let_It_Be_So (Once you see the Truth, you cannot "unsee" it, no matter how hard you may try.)
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To: blam

Seems like the media is calling the shots these days.


29 posted on 01/07/2013 7:53:28 AM PST by jersey117
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To: blam

We the people have a way to get deficit spending under control through our state legislatures. There are times when it is necessary to amend the rules of the game, and this is one of those times in my opinion.

http://www.freerepublic.com/focus/bloggers/2975143/posts?page=31#31


30 posted on 01/07/2013 7:54:42 AM PST by Let_It_Be_So (Once you see the Truth, you cannot "unsee" it, no matter how hard you may try.)
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To: Buckeye McFrog
Obama is already on record as saying he will not do this

And......?

31 posted on 01/07/2013 7:58:43 AM PST by mykroar ("I'm afraid I can't use a mule. I have several hundred up on Capitol Hill." - Ronald Reagan)
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To: blam

I’ve started calling these wackjobs “coiners.” I’m surprised that the term hasn’t sprung up elsewhere.


32 posted on 01/07/2013 8:01:25 AM PST by Mr. Know It All
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To: reefdiver

What bread? I was in the ration line and they ran out, unless you know something...comrade. :-)


33 posted on 01/07/2013 8:01:55 AM PST by PJammers (I can't help it... It's my idiom!)
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To: blam

I believe the underlying intent of these coins is to thoroughly debase the currency and immediately wipe out all of the accumulated savings of Americans. They would have to introduce a “New Dollar” and you would be required to trade your old dollars at 1,000:1 or 10,000:1. All of your 401k savings, 403b savings, and any other savings would be gone and we would all be living off government “largesse.” It’s the communist plan.


34 posted on 01/07/2013 8:07:05 AM PST by ProtectOurFreedom
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To: blam; MCF; SampleMan; mountainlion; Cringing Negativism Network; Sgt_Schultze; CrazyIvan; ...

Ok freepers - sometimes you have to mock these geniuses to their faces -

Please sign and help promote the following White House Petition:

Produce a Trillion Dollar Coin for Every U.S. Citizen for the Purpose of Paying Taxes

Activities and services pledged by the U.S. government exceed the ability to pay based on current tax revenue. The budget deficit is added to the national debt, and federal taxes are used in part to pay for the debt and interest.

“Trillion dollar” coins are being considered to pay the national debt, however, we petition the U.S. Government to mint an adequate quantity of “trillion dollar” coins to pay off the national debt, and enough additional coins to provide one for each citizen of the United States.

These coins can only be used to pay federal, state, and miscellaneous taxes for the lifetime of the recipient. Residual funds from each coin will be available to heirs of the recipients, and will be exempt from inheritance tax.

https://petitions.whitehouse.gov/petition/produce-trillion-dollar-coin-every-us-citizen-purpose-paying-taxes/6rPprh5c


35 posted on 01/07/2013 8:43:16 AM PST by rusty millet
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To: rusty millet

Heck nobody used those Suzy B’s. There’s got to be a couple 100 billion of them lying around. Of course we’d need an army of container ships to haul them to China.

Might not be worth it.


36 posted on 01/07/2013 9:00:04 AM PST by PJammers (I can't help it... It's my idiom!)
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To: blam
The value of the material used for the coin should match the face value. There isn't enough platinum nor a building big enough. The intent is clearly fraud. They might as well stamp the "coin" out of a dried cow pie. Thieves in action.
37 posted on 01/07/2013 9:19:48 AM PST by Myrddin
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To: blam

The Mint already produced the platinum coins authorized by Congress in 1996, and the Mint web site says so. The Mint started selling the platinum bullion and proof coins in 1997.

The site says these are the coins authorized by Congress in 1996:

http://www.usmint.gov/mint_programs/american_eagles/index.cfm?Action=american_eagle_platinum

http://www.usmint.gov/mint_programs/american_eagles/?action=american_eagle_platinum_proof


38 posted on 01/07/2013 9:30:52 AM PST by ltc8k6
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To: Sgt_Schultze

Clearly this power is not in the president’s hands.

Uh huh, and the Constitution has proven such a great Obstacle for Oba-Mao to just walk around already....


39 posted on 01/07/2013 9:33:37 AM PST by GraceG
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To: ltc8k6

I don’t see any way they can produce a similar coin, claim that law authorizes it, and value it at $1T. It wouldn’t survive a legal challenge. We already have the coins that were authorized, and they aren’t valued at $1T.

If my 1oz platinum bullion coin from the mint is worth $1,700.00, how can yours be worth $1T?


40 posted on 01/07/2013 9:34:19 AM PST by ltc8k6
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To: chrisser

I have the same question as you. They can make all the coins and money they want. But when they mint money, they give it to someone who needs it as a symbol of value. For example, a bank, who then gives it to a customer who then uses it to buy an iPhone. Government doesn’t get an asset until the people who use those dollars pay taxes to the government. So how does creating the coin out of thin air create an asset that the government can use on its books? It seems to me it creates a debt, not an asset. But what do I know?


41 posted on 01/07/2013 10:21:13 AM PST by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: blam

We shouldn’t use the T-Coin to collateralize more debt.

We should simply send Krugman to China with it and have him tell the Chinese, “Here, this will pay off a trillion of our debt today. We’ll mint some more and bring them over as needed for you to put in YOUR treasury and pay off additional debt.”

After Krugman’s body is returned, I’m sure we can always find another Democratic volunteer to carry out additional payments.


42 posted on 01/07/2013 10:22:42 AM PST by wildbill (You're just jealous because the Voices talk only to me.)
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To: wildbill; All


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43 posted on 01/07/2013 10:28:29 AM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: rusty millet

Please explain to me how the government is going to get procure $1T worth of precious metals without raising the debt by $1T? The economics do now work out.


44 posted on 01/07/2013 11:47:35 AM PST by mountainlion (Live well for those that did not make it back.)
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To: mountainlion
Please explain to me how the government is going to get procure $1T worth of precious metals without raising the debt by $1T? The economics do now work out.

They aren't talking about using $1T of material for a $1T coin. They are talking about using maybe $170 dollars to make a $1T coin. The rest would be seignorage.

45 posted on 01/07/2013 11:51:06 AM PST by NeoCaveman (Let it burn, let it burn, let it burn)
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To: mountainlion

You are right - of course it does not work out. The proposal is to simply ignore the national debt. My contention is that if the government can simply wipe out the debt, why do we have to pay any taxes at all?

The coin proposal is a smokescreen on the part of the left. There is no reality here.

Either budgets mean something or not. Call them on it. Make a mockery of it.

Please sign and let others know about the petition!


46 posted on 01/07/2013 1:57:23 PM PST by rusty millet
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To: NeoCaveman

One other article talked about a 40 ton coin that had to be moved by a semi. These idiots have no qualifications to rule a dog pound let alone a country.


47 posted on 01/07/2013 2:17:29 PM PST by mountainlion (Live well for those that did not make it back.)
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To: mountainlion

Mountainlion - I think you’re missing the point. The trillion dollar coin idea is ridiculous. This points out its absurdity by taking it to the next level, while attacking the left’s tax message.

Obama’s AttackWatch site was supposed to be useful but it turned into a mockery as the right started using Alinsky tactics on it. The White House petition site is another attempt at showing the American people that O “cares”. Target it, immobilize it, and mock it.


48 posted on 01/07/2013 3:24:51 PM PST by rusty millet
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To: rusty millet

The other day I got sarcastic and they took me wrong and today I eased off and am still not understood. I think saying that it took a semi to move a coin was sarcastic.


49 posted on 01/07/2013 3:35:08 PM PST by mountainlion (Live well for those that did not make it back.)
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To: mountainlion

Got it! All good. The whole idea is so insane it can be skewered from any number of directions.


50 posted on 01/07/2013 5:34:59 PM PST by rusty millet
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