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$1 trillion platinum coin hogwash if it should happen, buy gold and silver
Mineweb ^ | 11 jan 2013 | Lawrence Williams

Posted on 01/11/2013 5:19:18 AM PST by rellimpank

Far be it for me to argue with a Nobel prizewinning economist, members of Congress and however many thousands have signed the White House petition to mint it, but this whole idea of a trillion dollar platinum coin is ludicrous.

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


TOPICS: Constitution/Conservatism; Culture/Society; Government; News/Current Events
KEYWORDS: gold; platinum

1 posted on 01/11/2013 5:19:26 AM PST by rellimpank
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To: rellimpank

“... but this whole idea of a trillion dollar platinum coin is ludicrous.”

Yes it is. Why does it keep showing up here.


2 posted on 01/11/2013 5:27:16 AM PST by ILS21R (Everything is a conspiracy. No? You're living in one.)
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To: rellimpank

I propose the following law: For all government communications, internal (in bills and the like) and external (published for the citizenry), the word “TRILLION” is never to be used.

If you are going to spend thousands of billions, then say so. “This bill will create 4,000 billion dollars of debt.”


3 posted on 01/11/2013 5:42:48 AM PST by freedumb2003 (MOLON LABE)
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To: rellimpank

Massive inflation.


4 posted on 01/11/2013 5:45:08 AM PST by mountainlion (Live well for those that did not make it back.)
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To: rellimpank

The amount of the platinum in this coin would only be worth a few thousands of dollars so this would still be fiat money whose value is only because the government says it is worth the face amount of the coin. This is no different than any of our current coins. Why not join Zimbabwe in printing worthless 10 trillion dollar bank notes and pass them out like free Obama phones? This idea is ludicrous.


5 posted on 01/11/2013 5:49:50 AM PST by The Great RJ
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To: rellimpank

it would have to be a pretty damn big coin ... current spot price on platinum is only $1632 per ounce, slightly LESS THAN GOLD


6 posted on 01/11/2013 5:51:03 AM PST by TheRightGuy (I want MY BAILOUT ... a billion or two should do!)
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To: TheRightGuy

—for some Friday silliness—it would have to include more platinum than has been mined in the history of the world—


7 posted on 01/11/2013 5:59:02 AM PST by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: rellimpank
What ever happened to the silly idea of selling land options to the Fed for $1 trillion and letting them expire? Sadly, we have enough congresscritters who would appropriate for such silliness...and then say...*I didn't read the bill.*

Krugman [NYT] .....*It's an artifice that allows for business as usual. It is, as he says, undignified but at least it would avoid economic disaster.*


8 posted on 01/11/2013 6:02:45 AM PST by Daffynition (Self-respect: the secure feeling that no one, as yet, is suspicious. ~ HLM)
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To: rellimpank
To heck with platinum.
9 posted on 01/11/2013 6:06:19 AM PST by FlingWingFlyer (Impeach Obama Now.)
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To: ILS21R
The fact that the idea continues to be bandied about should lower America's credit rating at least one notch.
10 posted on 01/11/2013 6:40:41 AM PST by fhayek
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To: FlingWingFlyer
The dollar will be worth about....


11 posted on 01/11/2013 7:03:51 AM PST by Daffynition (Self-respect: the secure feeling that no one, as yet, is suspicious. ~ HLM)
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To: rellimpank

Oh I’m already heavily invested in gold and silver. As I watch this nightmare go forth, VERY glad I am. I know a bunch of my fellow Freepers see the light on that as well.


12 posted on 01/11/2013 7:23:10 AM PST by RIghtwardHo
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To: ILS21R

Yes it is. Why does it keep showing up here.


I can only speak of this particular thread, but I appreciate the article pointing out what a lot of people don’t fully grasp in this whole thing.

It’s like the gun grab thing. Those of us who understand the second amendment and the current culture outside of nutcases in government offices have nothing to worry about. It is in the vein of something I’m a tinfoil nutter myself: I believe that both parties were in on the fraud to ensure Obama was re-elected and for one simple reason: If he lost, our cities would burn and we could have fallen into complete anarchy based civil war.

And I believe the consequences of any new “gun ban” would be similar, but play out differently. And I think “they” do too.


13 posted on 01/11/2013 7:28:32 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: rellimpank

The fact that this is even proposed shows that were no longer a serous nation. Just ridiculous.


14 posted on 01/11/2013 7:54:21 AM PST by desertfreedom765
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To: TheRightGuy

The coin would only need to weigh around 19-20 million tons, as long there are no bridges to cross I see no problem.


15 posted on 01/11/2013 8:02:34 AM PST by WinMod70
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To: WinMod70
"The coin would only need to weigh around 19-20 million tons, as long there are no bridges to cross I see no problem. "

Since such a coin cannot easily be minted, moved or stored, the coins value would be largely symbolic correct?
Isn't that just the same as printing more paper money and saying, "Look, we have all this money, we must be rich and have no debt?"
16 posted on 01/11/2013 8:12:05 AM PST by The Louiswu (it's all downhilll from here!!!)
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To: The Louiswu

Actually, the sticking point is the time it would take to amass that amount of platinum. At today’s production rate of 130 tons/year, it would take 150,000 years to produce.

So symbolic is correct, might as well just right an IOU with a crayon on a napkin.


17 posted on 01/11/2013 8:25:19 AM PST by WinMod70
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To: WinMod70

So why is this stupid idea given any airtime?


18 posted on 01/11/2013 10:38:00 AM PST by The Louiswu (it's all downhilll from here!!!)
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To: Daffynition

A Rhodesian dollar used to be worth more than an American one, and if you’d told all the moon-eyed enthusiasts for Zimbabwe-Rhodesia that this would happen in about 20 years from selling out the country to communists and black supremacists, none would believe you and you’d have been promptly labelled a racist. But look at us now.


19 posted on 01/11/2013 12:33:39 PM PST by OldNewYork
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To: OldNewYork
SAVE THE WHALES!


20 posted on 01/11/2013 4:44:01 PM PST by Daffynition (Self-respect: the secure feeling that no one, as yet, is suspicious. ~ HLM)
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To: The Louiswu

LOL....That’s equivalent to 89 blue whales and a ballistic submarine......don’t need to cross no stinkin’ bridges! [see graphic #20] ;)


21 posted on 01/11/2013 4:48:29 PM PST by Daffynition (Self-respect: the secure feeling that no one, as yet, is suspicious. ~ HLM)
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To: Daffynition

Funnily enough, I’d be less concerned if they were really thinking about a coin the weight of a ballistic missile submarine. I imagine what they envision is something like a microscopically thin layer of platinum over the equivalent of a wooden nickel. Ben Bernanke’s ‘Quantitative Easing’ jive is too transparent for just about anyone aware of what happened in Weimar, Germany or the former Rhodesia, Zimbabwe. And this coinage issue is just more trickery upon that trickery. If they thought they had the authority to assign value to colorful wampum equal to debt or deficit, their media lackeys and low-to-medium information voters would be talking about that now.


22 posted on 01/11/2013 6:18:11 PM PST by OldNewYork
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