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.*
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 ...
“... but this whole idea of a trillion dollar platinum coin is ludicrous.”
Yes it is. Why does it keep showing up here.
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.”
Massive inflation.
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.
it would have to be a pretty damn big coin ... current spot price on platinum is only $1632 per ounce, slightly LESS THAN GOLD
—for some Friday silliness—it would have to include more platinum than has been mined in the history of the world—
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.*
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.
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.
The fact that this is even proposed shows that were no longer a serous nation. Just ridiculous.
The coin would only need to weigh around 19-20 million tons, as long there are no bridges to cross I see no problem.
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.
So why is this stupid idea given any airtime?
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.
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