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Title: Trillion Dollar Coins: The Ultimate Debt Ceiling End-Around?
Source:
ABC NEWS
URL Source: http://abcnews.go.com/blogs/politic ... imate-debt-ceiling-end-around/
Published: Jan 4, 2013
Author: Gregory Krieg
Post Date: 2013-01-04 12:35:40 by noone222
Keywords: None
Views: 135
Comments: 10
The Saint-Gaudens double eagle, a twenty-dollar gold coin, or double eagle, produced by the United States Mint from 1907 to 1933. (United States Mint/Wikimedia Commons) 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. Poster Comment: Reminds one of trading some baubles to the Indians for Jew York.
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#1. To: noone222 (#0)
The so-called and badly named Federal Reserve needs to be abolished, not given anything for "safekeeping." 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. What utter nonsense. Just write a check - the idiots holding the debt obviously believe in paper already. Treason has conspired with Greed and colluded with Murderers to overthrow "OUR" country. "Bankers" - Kill em all and let Satan sort em out" !!!
Maybe FedGov should give the Chinese New York as payment for the loan the Chinese floated? Works for me.
Think they'd take it ??? (All those fucking Jews would be hard to stomach). But, hey, if they'd take it I'd be for it ! Treason has conspired with Greed and colluded with Murderers to overthrow "OUR" country. "Bankers" - Kill em all and let Satan sort em out" !!!
One thing's for sure. The Chinese wouldn't tolerate any whining or attempt at manipulation. The Chinese are quite efficient at eliminating "problematic" individuals, as history shows.
Absolutely. That is the ONLY thing the thieves at the Federal Reserve should get, just more worthless scraps of paper, certainly not our platinum. They've already stolen most of the gold and silver that has ever been mined. What the Congress could do is just order the mint to stamp out a bunch of subway tokens or something similar, have 1 trillion printed on them and say debt's done. Since they don't honor their duty to mint gold and silver coins which is the only money the Constitution mentions and have allowed a bunch of criminal bankers to rob us blind, I see no reason they can't do that. Or, they could even take it a step further than that and issue some 100 trillion "dollar" "notes" like Zimbabwe did. Look in the center of that, looks like three big turds. If the politicians keep it up we are rapidly approaching the time that they will need some of those Zimbabwe "notes." So you want a trillion dollar platinum coin? Ok: here are some facts: •Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare. In other words, putting a coin that is worth $1 trillion in perspective to all the platinum ever mined, would look something like this: For scale: On a long enough timeline the survival rate for everyone drops to zero. Hey now, that's a Zim skyscraper! Just wait 'til some kooky A-Rabs fly a plane into them and the three rocks turn into powder. Boy, things will really get shitty for them then. Been there, done that. On a long enough timeline the survival rate for everyone drops to zero. "Print" coins? I reckon that would be a good trick. But whoever came up with the idea of "printing" platinum coins and then giving them to the Federal Reserve is obviously deranged. Still looks like three big turds to me. ahaha. 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
"It is the habit of unhappiness to rewrite our lives and from a different beginning come to a different ending. We cling to the past and what it could have been; what we wanted, or thought we wanted, before we were taught by a broken heart that our own good intentions have little effect on the way things are."
D. W. Buffa, Breach of Trust
#2. To: James Deffenbach (#1)
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.
#3. To: noone222 (#0)
Reminds one of trading some baubles to the Indians for Jew York.
#4. To: scrapper2 (#3)
Maybe FedGov should give the Chinese New York as payment for the loan the Chinese floated? Works for me.
#5. To: noone222 (#4)
#6. To: noone222 (#2)
(Edited)
What utter nonsense. Just write a check - the idiots holding the debt obviously believe in paper already.
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"It is the habit of unhappiness to rewrite our lives and from a different beginning come to a different ending. We cling to the past and what it could have been; what we wanted, or thought we wanted, before we were taught by a broken heart that our own good intentions have little effect on the way things are."
D. W. Buffa, Breach of Trust
#7. To: noone222, 4um (#0)
Putting A Trillion Dollars Of Platinum In Perspective
•It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
•The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.
•A coin valued at $1 trillion and made out of platinum would, at today's price of $1557/ounce, weigh in at 642.3 million ounces.
•642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum in circulation.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#8. To: James Deffenbach (#6)
Look in the center of that, looks like three big turds.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#9. To: noone222 (#0)
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
"It is the habit of unhappiness to rewrite our lives and from a different beginning come to a different ending. We cling to the past and what it could have been; what we wanted, or thought we wanted, before we were taught by a broken heart that our own good intentions have little effect on the way things are."
D. W. Buffa, Breach of Trust
#10. To: Esso (#8)
Hey now, that's a Zim skyscraper!
"It is the habit of unhappiness to rewrite our lives and from a different beginning come to a different ending. We cling to the past and what it could have been; what we wanted, or thought we wanted, before we were taught by a broken heart that our own good intentions have little effect on the way things are."
D. W. Buffa, Breach of Trust
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