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A Clever Way To Avoid The Debt Ceiling Crisis -- A $1Trillion Coin!!
2 years ago  ::  Jan 07, 2013 - 8:19PM #1
61in61
Posts: 18,538
In case you didn't know about this plan here is the idea in a nutshell. The President authorizes the US Mint to create a $1Trillion platinum coin and then deposit it in the treasury. Pooof...the debt ceiling crisis vanishes.
 
The Republicans are so afraid of having the rug pulled out from under their blackmail attempt that they are trying to pass a law that prohibits the minting of said coin.

I guess the worm turns.
2 years ago  ::  Jan 07, 2013 - 8:33PM #2
GlenninVirginia
Posts: 6,399

That will go down in YES Boards history as the dumbest thing ever posted.

2 years ago  ::  Jan 08, 2013 - 12:08AM #3
61in61
Posts: 18,538

Jan 7, 2013 -- 8:33PM, GlenninVirginia wrote:


That will go down in YES Boards history as the dumbest thing ever posted.




Hey, I didn't make it up. Its an actual plan being considered as a counter-measure to any Republican stonewalling of raising the debt ceiling.




Trillion-dollar coin could let President Obama bypass debt-ceiling impasse


Far-fetched, perhaps, but it is legal for the Treasury Department to make such a coin. Federal law permits it to mint platinum coins for any amount.



2 years ago  ::  Jan 08, 2013 - 11:48AM #4
Bronxbob
Posts: 3,238

Why not mint 100 and then purchase one of these.


At $1572.00/ounce how big would the coin be ?


http://i.ebayimg.com/t/SPECIAL-MINT-UNC-100-TRILLION-ZIMBABWE-DOLLAR-BILL-HYPER-INFLATION-NOTE-CURRENCY-/00/s/MTYwMFgxNjAw/$(KGrHqZ,!l!E8EwCnyIdBPQ+vdZdNQ~~60_12.JPG

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2 years ago  ::  Jan 08, 2013 - 12:35PM #5
61in61
Posts: 18,538

Jan 8, 2013 -- 11:48AM, Bronxbob wrote:


Why not mint 100 and then purchase one of these.


At $1572.00/ounce how big would the coin be ?


http://i.ebayimg.com/t/SPECIAL-MINT-UNC-100-TRILLION-ZIMBABWE-DOLLAR-BILL-HYPER-INFLATION-NOTE-CURRENCY-/00/s/MTYwMFgxNjAw/$(KGrHqZ,!l!E8EwCnyIdBPQ+vdZdNQ~~60_12.JPG




The coin doesn't actually have to have a trillion dollars worth of platinum. Just the face value has to be $1Trillion. There are laws that regulate the printing of paper money, and gold and silver coins. But a loophole in the law excludes platinum. The law was written that way to allow companies the right to mint platinum commemorative coins without violating our counterfeiting laws.


The theory is that a $1 trillion platinum coin is minted and placed on deposit with the treasury. The countries money supply doesn't change, so hence no inflation. But, when the accounting is done our country is $1 trillion short of the debt ceiling. Therefore there would be no need to ask congress to raise the debt limit.


The idea is that the Republicans would find the minting of this coin more distasteful than raising the debt ceiling.

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