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 ...
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
“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?
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.
That’s handy info
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.
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
Seems like the media is calling the shots these days.
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
And......?
I’ve started calling these wackjobs “coiners.” I’m surprised that the term hasn’t sprung up elsewhere.
What bread? I was in the ration line and they ran out, unless you know something...comrade. :-)
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.
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.
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.
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
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....
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?
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