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Obama Admin Drafted Memos on Trillion-Dollar Coin During Debt Ceiling Showdown
http://www.mediaite.com ^ | December 3rd, 2013 | Evan McMurry

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 Department’s Office of Legal Counsel draft memos pertaining to its legality, a fact belied by the White House’s out-of-hand dismissal of the option in January.

In response to the Huffington Post’s 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 fall’s debt ceiling battle.

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


TOPICS: News/Current Events
KEYWORDS: moneymaking; obamalegacy; trilliondollarcoin; usmint
These guys are batshit F`n nuts.

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%.

1 posted on 12/03/2013 9:45:54 AM PST by Para-Ord.45
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To: Para-Ord.45

Will it have Moochelle on one side? Each pound representing part of the trillion value?


2 posted on 12/03/2013 9:48:03 AM PST by Antihero101607
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To: Para-Ord.45
They could call it a bitcoin.

/johnny

3 posted on 12/03/2013 9:48:33 AM PST by JRandomFreeper (Gone Galt)
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To: Para-Ord.45

Nuts? Maybe. Absolutely beyond question incompetent? YES!


4 posted on 12/03/2013 9:50:35 AM PST by meatloaf
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To: Para-Ord.45
This was known at the time.

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.

5 posted on 12/03/2013 9:51:23 AM PST by ClearCase_guy
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To: Para-Ord.45

He should hire Zimbabwe’s currency design team.


6 posted on 12/03/2013 9:52:18 AM PST by NormsRevenge (Semper Fi)
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To: Para-Ord.45

This is every teeny bopper’s answer to their high school econ teachers question ‘how do we solve the debt crisis’.


7 posted on 12/03/2013 9:52:40 AM PST by skeeter
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To: Para-Ord.45

Why even mint the coin. Just hit the delete button and its gone!


8 posted on 12/03/2013 9:53:38 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Para-Ord.45

Yep. And they did so at the suggestion of the liberal lunatic Paul Krugman of The New York Times:

http://mobile.nytimes.com/blogs/krugman/2013/01/07/be-ready-to-mint-that-coin/


9 posted on 12/03/2013 9:53:50 AM PST by BuckeyeTexan (There are those that break and bend. I'm the other kind. ~Steve Earle)
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To: Para-Ord.45

They stole the trillion dollar coin idea from Bo Gritz:
http://comeletusreasontogether.com/where-does-mint-coin-pay-debt-idea-originate


10 posted on 12/03/2013 9:54:56 AM PST by oblomov
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To: NormsRevenge

“He should hire Zimbabwe’s currency design team.”

Exactly!!!


11 posted on 12/03/2013 9:56:31 AM PST by JimSEA
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To: oblomov

Bo Gritz of Ruby Ridge fame?


12 posted on 12/03/2013 9:58:09 AM PST by RushIsMyTeddyBear (Great vid by ShorelineMike! http://www.youtube.com/watch?v=KOZjJk6nbD4&feature=plcp)
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To: JRandomFreeper
They could call it a bitcoin.

LOL - Thanks for the laugh.

13 posted on 12/03/2013 9:59:01 AM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: JRandomFreeper
JRandomFreeper :" They could call it a bitcoin."

EXACTLY TRUE !!
THat would make this 'two bit government' grossly
overpaid, and not worth the electrons inconvieneced !!

14 posted on 12/03/2013 10:00:33 AM PST by Tilted Irish Kilt (Enlightened statesmen will not always be at the helm. -- James Madison)
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To: RushIsMyTeddyBear

Yes.


15 posted on 12/03/2013 10:01:38 AM PST by oblomov
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To: NormsRevenge

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!


16 posted on 12/03/2013 10:03:19 AM PST by BBB333 (Q: Which is grammatically correct? Joe Biden IS or Joe Biden ARE an idiot?)
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To: Para-Ord.45
The collapse of the fiat “money” system is on the path to communism. They realize this all too clearly. The trillion dollar coin is a distraction, disregard.

“Batshit” F’n nuts? Please use the term with respect.

R/ Bat

17 posted on 12/03/2013 10:03:20 AM PST by BatGuano (You don't think I'd go into combat with loose change in my pocket, do ya?)
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To: Para-Ord.45

18 posted on 12/03/2013 10:05:39 AM PST by Red Badger (Proud member of the Zeta Omicron Tau Fraternity since 2004...................)
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To: BBB333

You big tipper you.. Ohhh gruuuuuu vaaaay.


19 posted on 12/03/2013 10:11:00 AM PST by NormsRevenge (Semper Fi)
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To: Red Badger

Hmmm, that would be a 21,000 ton gold coin. I want one!


20 posted on 12/03/2013 10:11:19 AM PST by jpsb (Believe nothing until it has been officially denied)
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To: Para-Ord.45

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.


21 posted on 12/03/2013 10:14:28 AM PST by The Great RJ
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To: Para-Ord.45

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.


22 posted on 12/03/2013 10:16:06 AM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: NormsRevenge
"He should hire Zimbabwe’s currency design team."

Yep. Those guys think big:


23 posted on 12/03/2013 10:23:10 AM PST by BarnacleCenturion
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To: Red Badger

In my mind I pictured the coins being that large since it matches the ridiculousness of the idea itself.


24 posted on 12/03/2013 10:34:07 AM PST by Para-Ord.45 ( Americans, happy in tutelage by the reflection that they have chosen their own dictators.)
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25 posted on 12/03/2013 10:34:16 AM PST by Rio (Proud resident of the State of Jefferson)
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To: Para-Ord.45

More convenient than a wheelbarrow, especially when heading to the ER for stitches.


26 posted on 12/03/2013 10:37:47 AM PST by Ezekiel (All who mourn the destruction of America merit the celebration of her rebirth.)
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To: BBB333

what comes after a trillion?, because Zimbabwe printed some of those and never released them.


27 posted on 12/03/2013 10:37:57 AM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: Para-Ord.45

“...collapse the fiat paper currency system...”

That’s part of his plan.


28 posted on 12/03/2013 10:51:08 AM PST by carriage_hill (Peace is that brief glorious moment in history, when everybody stands around reloading.)
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To: Para-Ord.45

I think what we just witnessed with the Nuclear Option proves that they will stop at NOTHING to complete their agenda.


29 posted on 12/03/2013 10:58:40 AM PST by Buckeye McFrog
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To: carriage_hill

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..


30 posted on 12/03/2013 12:31:45 PM PST by NormsRevenge (Semper Fi)
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To: Para-Ord.45
Well, the Fed is creating about $85B per month out of thin air and then lending it to us. The effect is to reduce the value of our currency by that $85B anyway, correct?

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?

31 posted on 12/03/2013 1:23:06 PM PST by BlueMondaySkipper (Involuntarily subsidizing the parasite class since 1981)
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