Skip to comments.Obama Admin Drafted Memos on Trillion-Dollar Coin During Debt Ceiling Showdown
Posted on 12/03/2013 9:45:54 AM PST by Para-Ord.45
Fans of economic policy may recall that during one of the many recent debt ceiling showdowns, the idea to mint a trillion-dollar platinum coin came to the fore. It turns out that the Obama administration took the idea seriously enough to have the Justice Departments Office of Legal Counsel draft memos pertaining to its legality, a fact belied by the White Houses out-of-hand dismissal of the option in January.
In response to the Huffington Posts Freedom of Information Act request, the OLC confirmed that memos about the legality of minting a high-value platinum coin had been written since Obama took office, but declared them not appropriate for discretionary release. HuffPost filed the FOIA request during this falls debt ceiling battle.
(Excerpt) Read more at mediaite.com ...
I`ve concluded this on the basis that they seriously thought of minting Trillion dollar coins and rolling them down the street to pay off the national debt without realizing it would collapse the fiat paper currency system in a nanosecond 100%.
Will it have Moochelle on one side? Each pound representing part of the trillion value?
Nuts? Maybe. Absolutely beyond question incompetent? YES!
It's like "deeming" a bill to have passed.
Or declaring a huge spending proposal a "tax" because it originated in the Senate.
Politicians do what they want, through any means necessary. They are playing a game by pretending to do things "in accordance with some law" when in reality they are just giving us the finger and ruling over us like little lords.
He should hire Zimbabwe’s currency design team.
This is every teeny bopper’s answer to their high school econ teachers question ‘how do we solve the debt crisis’.
Why even mint the coin. Just hit the delete button and its gone!
Yep. And they did so at the suggestion of the liberal lunatic Paul Krugman of The New York Times:
They stole the trillion dollar coin idea from Bo Gritz:
“He should hire Zimbabwes currency design team.”
Bo Gritz of Ruby Ridge fame?
LOL - Thanks for the laugh.
EXACTLY TRUE !!
THat would make this 'two bit government' grossly
overpaid, and not worth the electrons inconvieneced !!
I gave my wife 100 Billion Dollars for Christmas a few years ago (one Zimbabwe note - $100,000,000,000).
It’s on the wall in her office.
I could have paid about $2.50 more and purchased a 100 Trillion bill, but the reference to the Austin Powers made us laugh. I believe it was $5.00 on eBay with shipping.
She understands a bit more about bad governments and inflation now. A great gift!
“Batshit” F’n nuts? Please use the term with respect.
You big tipper you.. Ohhh gruuuuuu vaaaay.
Hmmm, that would be a 21,000 ton gold coin. I want one!
Aside from the value of the platinum in the coin, the trillion dollar coin would be worth about as much as the trillion dollar paper bank notes issued by Zimbabwe.
The lunacy is carried through with the idea of using platinum. Like that makes it comparably worth something.
Better to just use aluminum or better yet a dog turd.
Yep. Those guys think big:
In my mind I pictured the coins being that large since it matches the ridiculousness of the idea itself.
More convenient than a wheelbarrow, especially when heading to the ER for stitches.
what comes after a trillion?, because Zimbabwe printed some of those and never released them.
“...collapse the fiat paper currency system...”
That’s part of his plan.
I think what we just witnessed with the Nuclear Option proves that they will stop at NOTHING to complete their agenda.
It’s so true,, get rid of physical money and you control everyone and everything.. Well,, that’s the theory anyway.
Remember the scene from the Graduate.. The future is in.. Plastic ..uhhh EBT cards..
Talk about ‘swiping’ the herd blind..
I think it would be BETTER if the government printed the money themselves. Printing money debases the currency, no matter who prints it (US Treasury or the Federal Reserve), but if we cut out the Fed we would at least not have additional debt and interest due. What am I missing?