Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Theater of the Absurd: Administration won't rule out minting $1 trillion platinum coin
American Thinker ^ | 01/10/2013 | Rick Moran

Posted on 01/10/2013 7:23:38 AM PST by SeekAndFind

click here to read article


Navigation: use the links below to view more comments.
first 1-2021-39 next last

1 posted on 01/10/2013 7:23:48 AM PST by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

Lawrence “Lost” Tribe.


2 posted on 01/10/2013 7:27:39 AM PST by massgopguy (I owe everything to George Bailey)
[ Post Reply | Private Reply | To 1 | View Replies]

To: massgopguy

Then why not issue 16 of them and get rid of all of the debt?


3 posted on 01/10/2013 7:30:48 AM PST by garyb
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

If minting a 1 trillion dollar platinum coin is the end point of Obama economic policy that has failed to produce real wealth, then the Administration will have jumped the shark and be laughed out of office. Chinese must be really happy holding 2 trillion in treasury notes and just can’t wait to trade them in for two of those coins. Delusional and comical , but emblematic of a declining America that consumes more than it produces.


4 posted on 01/10/2013 7:31:29 AM PST by allendale
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

What do democrats do when they aren’t stealing money from taxpayers, tearing down America, trashing Christianity, promoting homosexualism, pedophilia, juvenille sex and abortions?

They dream up schemes like this to bypass and undermine the US Constitution and promote one party tyranny.


5 posted on 01/10/2013 7:34:05 AM PST by Iron Munro (I Miss America, don't you?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: garyb
Then why not issue 16 of them and get rid of all of the debt?

And make them out of chocolate so they have some use.

6 posted on 01/10/2013 7:36:02 AM PST by Iron Munro (I Miss America, don't you?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind
Okay, then, Mr. Tribe: why stop there?? Let's mint a single 1 Quintillion dollar coin and declare that we have enough money on deposit at the federal reserve for the next 1000 years of Democrat Party chaotic spending. Then mint a second one.

New Democrat mantra: Great power means exercising no responsibility whatsoever.

7 posted on 01/10/2013 7:36:22 AM PST by alancarp (Obama will grab your guns and ship them to Mexican drug mobs.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
Lets look on the bright side ... we only gotta sell 17 of them. Some Saudi friends of his maybe will take this one.

Personally, I might go with a Saint-Gaudens $20 Gold Double Eagle or 1916-1947 silver Walking Liberty half dollars.

I'll pass on the political gimmicks.

8 posted on 01/10/2013 7:36:26 AM PST by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

What good is minting a coin if you can’t buy anything with it?

And if you COULD buy something with it, what would that “something” be? Congress? Yosemite?
What exactly?

And who would end up “owning” the coin? The People of the United States? The Federal government?

The PRIVATE BANK, the Federal Reserve?

No way this can end up good.


9 posted on 01/10/2013 7:37:06 AM PST by djf (Conservative values help the poor. Liberal values help them STAY poor!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
The idea is for the Treasury Department to mint a platinum coin and declare it to be worth $1 trillion.

Any of these a$$ clowns familiar with the economic concept of intrinsic value? Let's see... the last time I checked, the current spot price of platinum was around $1,600/ounce, so that coin is going to have to be awfully large. Third world economics espoused by the idiots surrounding a Third World dictator wannabe....

10 posted on 01/10/2013 7:37:19 AM PST by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
So obviously the Treasury has no balance sheet relationship between assets and liabilities. Striking a coin that costs a buck or two somehow puts $1 trillion onto the asset side. No bonds need to be sold, no liabilities need to be debited - poof, more "money" is magically available to spend or pay bills. No inflation adjustments need to be made to indexed obligations like Social Security.

No wonder why Dingy Harry hasn't bothered to approve a budget in 4 years!

11 posted on 01/10/2013 7:40:53 AM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: allendale
If minting a 1 trillion dollar platinum coin is the end point of Obama economic policy that has failed to produce real wealth, then the Administration will have jumped the shark and be laughed out of office.

In order for laughter to ensue, the audience needs to comprehend the joke. The end result will be much like an obscure, highbrow Dennis Miller joke.

12 posted on 01/10/2013 7:42:45 AM PST by 03A3
[ Post Reply | Private Reply | To 4 | View Replies]

To: SeekAndFind

I think it is a great idea. When someone wants to buy a loaf of bread I can charge people to haul a mountain of $100 bills in my pickup for them so they can make that purchase.

My charge would be a handful of those chocolate coins another poster mentioned. At least the chocolate has a bit of intrinsic value.


13 posted on 01/10/2013 7:48:58 AM PST by FerociousRabbit
[ Post Reply | Private Reply | To 1 | View Replies]

To: Common Sense 101

“…intrinsic value? Let’s see... the last time I checked, the current spot price of platinum was around $1,600/ounce, so that coin is going to have to be awfully large.”

We have fiat currency. That means that everybody agrees that it’s “worth” the value printed on it. (What that “value” will actually buy is a different matter.) I’m guessing that there’s a legal limit on the values you can place on paper currency. I know they did away with the $500 bill, likewise the $1,000 and the $10,000. These notes were originally used to satisfy debts between banks and not for general circulation, except the $500. They did away with that one to stop drug lords from easily moving huge sums. (Europe created a $500 pound EU bill because money held outside the system by drug lords is essentially an interest free loan for that amount.)

But the point of the platinum coin law was Congress didn’t set a limit on the fiat agreed “value.” So, why not just make a million, billion, trillion dollar coin and be done? No debt limit. No negotiations, just infinite spending.

I don’t think this would make it through the current Supreme Court. But it would give Obama some political theater and he could again blame the Republics for interrupting the flow of Obama phones and EBT cards.


14 posted on 01/10/2013 7:49:31 AM PST by Gen.Blather
[ Post Reply | Private Reply | To 10 | View Replies]

To: SeekAndFind

I can’t think of a better symbol for the hyperinflation ahead than a trillion dollar coin. The administration has signaled its intentions to write off the public debt by inflating the dollar’s value to virtually nothing. Those bass turds are totally bankrupt — spiritually, morally, fiscally.

I advise everyone to flee paper and invest in tangible assets, such as gold, land, ammo, tools and food.


15 posted on 01/10/2013 7:57:04 AM PST by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Gen.Blather

I was being somewhat facetious. On a side note... I believe the law these sociopaths are referring to pertains to the minting of commemerative coins of nominal value, and NOT intended for the perverted purpose forwarded by the libtards.


16 posted on 01/10/2013 7:58:05 AM PST by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: SeekAndFind

They debate the legal ‘loophole’ aspect of this but say nothing about whether or not it makes even a shred of economic sense. Again, the game is to beat the Republicans. The welfare of the country as a whole be damned.


17 posted on 01/10/2013 8:00:38 AM PST by fhayek
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

So exactly how is minting a single coin valued at one trillion dollars different from just printing one trillion dollar paper bills?

It isn’t!


18 posted on 01/10/2013 8:04:38 AM PST by diverteach (If I find liberals in heaven after my death.....I WILL BE PISSED!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: diverteach

This exposes their real intentions. They would LOVE to print a trillion dollars of extra paper money, but they are prohibited from doing so. But, if you do the exact same thing with a precious metal coin, you can skirt the law. Robert Mugabe would be so proud.


19 posted on 01/10/2013 8:11:01 AM PST by fhayek
[ Post Reply | Private Reply | To 18 | View Replies]

To: diverteach
So exactly how is minting a single coin valued at one trillion dollars different from just printing one trillion dollar paper bills?

It's different because Congress passed a law allowing the treasury to mint platinum coins in whatever denomination it wanted -- with no limit. There is no such law for any other kind of currency.

The law was a small measure intended to allow the treasury to mint collectable platinum coins. This actually generates revenue from coin collectors who buy such things.

Exploiting this law is a political stunt. If I were Obama, I'd be really worried about this backfiring. If they do the coin stunt, it will almost certainly end up in the courts.

On the other hand, there is some worry that it won't backfire and that it will be look upon as a "bold" move that Obama had to take because Congress is completely gridlocked. I think we can all agree that this would be a seriously bad outcome.

20 posted on 01/10/2013 8:40:01 AM PST by Mr. Know It All
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-39 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson