Posted on 01/11/2013 4:50:37 AM PST by Renfield
......As analyst Chris Krueger from Guggenheim Securities’ Washington Research Group explains to the American Enterprise Institute, “There are limits on how much paper money the U.S. can circulate and rules that govern coinage on gold, silver and copper. BUT, the Treasury has broad discretion on coins made from platinum.”
“Although the Treasury can't just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins of any denomination, and the thinking is that [Secretary of the Treasury] Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Treasury's bank account,” adds Joe Weisenthal of Business Insider.
Although the idea seems outrageous, it’s been discussed repeatedly in the media since the start of 2013, and has even been brought up by an influential member of Congress....
(Excerpt) Read more at rt.com ...
....Didn’t all those supposedly counterfeit bearer bond scandals involve gold-backed bearer bonds issued not by the US Treasury but by the Federal Reserve? Could there then be a relationship between this story and the facts (1) that several countries are now wanting to audit and/or repatriate their gold from London and New York (think GERMANY and BRAZIL here folks), (2) that it appears that the amounts of gold bullion have been massively obfuscated, (3) that it also appears that whatever bullion DOES exist, has been rehypothecated many times over (4) that many gold bars upon delivery have been filled with tungsten, (5) that the bearer bonds scandals represent a possible reality, rather than being mere counterfeits as the government (and some academics) keep reminding us?
Bottom line: I suspect there’s MUCH more going on with this story than meets the eye, but one thing we might conclude from this (crazy) idea: if it’s being talked about quietly but openly, then it is possible that a vast system of corruption is close to being exposed.
If this coin idea is valid then we can just mint a coin of infinite value and live in exquisite luxury for eternity.
I think the idea first came up on the Simpsons.
“it’s been discussed repeatedly in the media since the start of 2013”
That’s the money phrase; perhaps with the idea that repetition begets legitimacy.
—here’s another good one on the subject—last paragraph especially pertinent—
—http://www.mineweb.com/mineweb/content/en/mineweb-political-economy?oid=169218&sn=Detail
We can have the EU send us a 1T Euro coin, and we can send them a 1T dollar coin, and then we can all resume spending.
Or we could give the Chicoms the trillion-dollar coin as security and borrow on it.
No problem, I think the change in my pocket is going to be worth a trillion dollars in the near future.
http://historysshadow.files.wordpress.com/2012/01/zimbabwe-inflation.jpg
Rumor has it they have minted several and lost one already. Keep an eye out fer it in your pocket change. They say it has a picture of Bigfoot on it.
I seen it on the History Channel.
Why be so weak in our approach?
Send them the coin and tell them all is now "Paid in Full"!
As someone said the other day, they can also mint enough billion dollar coins for each family in America and immediately end all debt and all poverty. The markets will boom, taxes all be rescinded in favor of coin minting, and every American can hire illegals to perform "work".
But we can't let them have citizenship or they'll get their coin, too.
/sarc
A trillion dolllar coin....with dear leaders face on it? Wow!
The Obama groat rammed down your throat?
Talk about massive deflation.
I ‘ll take poker chips from Vegas first, thank you.
Bottom line: I suspect there’s MUCH more going on with this story than meets the eye, but one thing we might conclude from this (crazy) idea: if it’s being talked about quietly but openly, then it is possible that a vast system of corruption is close to being exposed. >>>>>>>>>>>>>
Actually, out t5hug politicians will create a war with countries like Brazil , Germany , who want their gold back.
Note that Iran repatriated all of its gold from Europe back in the early 2000, or late 1990s, if I remember correctly.
Only problem is when they try to exchange it for real dollars.
Then what happens to the economy?
It damage would be less if we defaulted.
You can take your POKER CHIPS from Las Vegas, but I get all of the money in the MONOLOPY games...I’ll buy them up off of Ebay, at Goodwill and I’ll corner the market...and I’ll but up all of the trillion dollar coins!!!
So, where would all the platinum for this coin come from?
Of course, they could just mint a dime-sized coin out of platinum and call it a trillion dollars.
The monetary system is all smoke and mirrors anyway.
At the current price, all the platinum ever mined is nowhere near $1 trillion. Therefore, this is nothing more than printing money to pay a debt. They might as well be honest about it and start printing $1 trillion bills. That anyone with (supposedly) more maturity and insight than a 5th grader is even talking about this is emblematic of the rot and stupidity of our political culture in this country. Hyperinflation, here we come!
Sooo uhhh.. what happens when the person they paid with the coin wants to exchange it for cash?
They’ll simply issue a Platinum-CLAD tungston coin.
We’d never know the difference.
ABCCBSCNNNBCFOX/AP and at least half of America wouldn’t DARE question it.
Sooo uhhh.. what happens when the person they paid with the coin wants to exchange it for cash?
No Problem:
http://historysshadow.files.wordpress.com/2012/01/zimbabwe-inflation.jpg
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