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Taco John 01-04-2013 06:25 PM

Trillion dollar coin
 
Anyone else excited about this idea?


With President Obama having kicked off debt ceiling negotiations by vowing not to negotiate over the debt ceiling, a new option for paying off the nation’s considerable tab is gaining momentum with cheeky fiscal and monetary wonks.

It goes like this: Should Congress fail to extend the U.S. debt limit — reached again on Dec. 31 — the president could ask the Treasury to begin printing trillion dollar coins (in a process explained mostly seriously by Jim Pethokoukis on his American Enterprise Institute blog), a number of which could then be put toward fulfilling debt obligations in the event new legislation stalls in Congress.

While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint melt and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills.

The more difficult part comes sometime after the decision is made to coin the platinum and before the Mint gets to work in sculpting the pieces.

At that point, the American people must decide whose face will adorn the trillion dollar trinket. The process to determine the “specs” of the coin, U.S. Mint Public Affairs Specialist Genevieve Billia warns, must be “determined by legislation,” creating the potential for another congressional impasse.

Also to note: The likeness sculpted into its side must belong to a dead person, ruling out early favorite Ikea Monkey, but boosting the candidacies of Ronald Reagan and John Maynard Keynes.

http://abcnews.go.com/blogs/politics...ng-end-around/

Taco John 01-04-2013 06:27 PM

I'm all for these kinds of ideas that blatantly show what a joke our current monetary system is.

stonedstooge 01-04-2013 06:45 PM

So the value of the coin would be the value of platinum in the coin?

Taco John 01-04-2013 08:55 PM

Quote:

Originally Posted by stonedstooge (Post 9282535)
So the value of the coin would be the value of platinum in the coin?

No. The value of the coin is 1 trillion dollars. Dont you see? It's valued at 1 trillion dollars because it will say "1 trillion dollars" on it and will be issued by the government.

notorious 01-04-2013 08:58 PM

Just make 20 of them and pay off our debt.


What bad would come from that?

Munson 01-04-2013 09:02 PM

Quote:

Originally Posted by notorious (Post 9283384)
Just make 20 of them and pay off our debt.


What bad would come from that?

Why stop there?

Just print off a $100 trillion coin, pay off the $16 trillion national debt, and have a $84 trillion surplus.

Obamabucks for everybody! PBJ

notorious 01-04-2013 09:05 PM

Quote:

Originally Posted by Munson (Post 9283416)
Why stop there?

Just print off a $100 trillion coin, pay off the $16 trillion national debt, and have a $84 trillion surplus.

Obamabucks for everybody! PBJ

I am all for printing 300 million - 1 million dollar coins so that every person in the USA can be rich!

Of course, we would all be taxed in the highest bracket..........

Thig Lyfe 01-04-2013 09:07 PM

http://www.stopliberallies.com/wp-co...ollar-bill.png

notorious 01-04-2013 09:09 PM

Quote:

Originally Posted by Thig Lyfe (Post 9283448)

Right.

Mr. Burns has the original bill.

Sorter 01-05-2013 01:03 AM

Quote:

Originally Posted by Taco John (Post 9283364)
No. The value of the coin is 1 trillion dollars. Dont you see? It's valued at 1 trillion dollars because it will say "1 trillion dollars" on it and will be issued by the government.

LMAO

FD 01-05-2013 01:39 AM

This is roughly as stupid as the "debt ceiling."

CoMoChief 01-05-2013 04:31 AM

We went over the Fiscal Cliff long ago....just more hyped up BS from mainstream media.

Ace Gunner 01-05-2013 04:31 AM

I want me one

BigRedChief 01-05-2013 08:41 AM

Quote:

Originally Posted by FD (Post 9284229)
This is roughly as stupid as the "debt ceiling."

We pay our debts. It is mandated in the constitution. Congress authorized and spent the money. We have to pay it back. For Congress to default on our debts that they authorized is a violation on the constitution is it not ?

BucEyedPea 01-05-2013 10:51 AM

Quote:

Originally Posted by notorious (Post 9283434)
I am all for printing 300 million - 1 million dollar coins so that every person in the USA can be rich!

Of course, we would all be taxed in the highest bracket..........

That and our food bills would be $10,000 per week....for just the middle-class or less.:mad:


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