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Thread: The trillion dollar platinum coin |
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Thread Status: Active Total posts in this thread: 39
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges: 
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Tired of hearing about the budget wrangling in Washington, DC? I sure as hell am. I really hope Obama seriously considers this idea and tells the tea baggers what they can do with their agenda.
----------------------------------------The basic idea is this. There are no controls on what denomination coin the president can tell the US mint to mint if that coin is minted in platinum. So in theory, he can tell them to mint a $1T (trillion) or $10T coin which would be 'legal tender.' That would then be deposited with the Federal Reserve in the account of the US Treasury and the UST would then use the money to pay our bills. This cuts Congress out of the loop entirely and it's perfectly legit. Of course if you read the article, you'll see that the president actually has the power under the 14th amendment to tell Congress to stuff it anyway, but he's already said that he won't do that. I don't really understand why, since as he's already pointed out, Congress has no right to avoid paying bills it has already incurred. Not only that, this route does have that Looney Tunes flavor about it don't you think? But maybe that's what it takes to highlight how ridiculous all of this partisan bickering has been.   |
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
this """"idea""" shows we are in a massive economical brothel !!! it's authorized by law but could you imagine the message sent by USA doing it !!!!
it's insane !!! |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges:
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I think we should do it and put Yosemite Sam firing 2 six-guns over his head on the obverse and Wile E. Coyote on the reverse in drag as Lady Liberty.
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
are you really sure that that guy would use it for paying our bills? I would think that he would just create anouther bill..
----------------------------------------[Edit 1 times, last edit by Former Member at Jan 12, 2013 11:47:48 PM] |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges:
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Congress is, AFAIK, the only branch of govt that can authorize NEW spending.
----------------------------------------The trouble right now is that people think that the debt ceiling has something to do with NEW spending. It doesn't. It has to do with paying for spending that Congress has ALREADY authorized. THAT's what's so screwed up about this whole "debate" - so-called. |
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BladeD
Ace Cruncher USA Joined: Nov 17, 2004 Post Count: 28976 Status: Offline Project Badges: 
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That would work for me!
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Hypernova
Master Cruncher Audaces Fortuna Juvat ! Vaud - Switzerland Joined: Dec 16, 2008 Post Count: 1908 Status: Offline Project Badges:
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Tired of hearing about the budget wrangling in Washington, DC? I sure as hell am. I really hope Obama seriously considers this idea and tells the tea baggers what they can do with their agenda. The basic idea is this. There are no controls on what denomination coin the president can tell the US mint to mint if that coin is minted in platinum. So in theory, he can tell them to mint a $1T (trillion) or $10T coin which would be 'legal tender.' That would then be deposited with the Federal Reserve in the account of the US Treasury and the UST would then use the money to pay our bills. This cuts Congress out of the loop entirely and it's perfectly legit. Of course if you read the article, you'll see that the president actually has the power under the 14th amendment to tell Congress to stuff it anyway, but he's already said that he won't do that. I don't really understand why, since as he's already pointed out, Congress has no right to avoid paying bills it has already incurred. Not only that, this route does have that Looney Tunes flavor about it don't you think? But maybe that's what it takes to highlight how ridiculous all of this partisan bickering has been. I know there are banknotes legal tender of 10'000 US$. I saw a 100 of them (or 1 M$) on display thirty years ago in a casino in Las Vegas. I do not see why they could not just print a bill with 1 Billion or 1 Trillion dollars face value. I saw a banknote that my grandfather had kept of 100 Billion Reichsmark that were made during the terrible german economic crisis of 1923. Because printing and paper value was more than the face value these were banknotes of 100 Reichsmark that were surcharged. Nothing has changed really. Paper money after having been freed by any solid physical guarantee (gold, silver or whatever other physical object with some intrinsic value) has been the biggest holdup in history. The real value is just the paper + ink + production costs. As an example a 1 US$ banknote costed 9.6 cents to produce in 2010. To make it simple if you have in your hand a 1 US$ banknote then 90% of its value is pure vaporware.  [Edit 1 times, last edit by Hypernova at Jan 13, 2013 10:39:56 AM] |
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branjo
Master Cruncher Slovakia Joined: Jun 29, 2012 Post Count: 1892 Status: Offline Project Badges:
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Here is (probably) the highest nominal value of a banknote in the history of monetary system (no Photoshopped, just scanned
---------------------------------------- )  Some economy highlights from that years (1st half of 1990's) in Serbia - former Yugoslavia: - Daily inflation: 100% - My parents' monthly wage: < 1 West German Mark (depends on the time when they exchanged Dinars for Marks on black market) - Cost of a Lager (to use correct word  ) in pub: 0.5 West German Marks- Cost of monthly treatment for my mother's late stage of breast cancer: 100 West German Marks - ... Funny? Not really. Keep away of such "problems solving solutions" recommended by politicians   and so-called economy experts   Cheers and good luck   Crunching@Home since January 13 2000. Shrubbing@Home since January 5 2006  [Edit 1 times, last edit by branjo at Jan 13, 2013 2:17:46 PM] |
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
No, the highest value on a banknote was an hungarian pengo :
1.000.000.000.000.000.000 writed on a banknote |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges:
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I do not see why they could not just print a bill with 1 Billion or 1 Trillion dollars face value. There are restrictions on how much paper money can be in circulation I think plus there are also restrictions on minting coins using metals other than platinum. Platinum coins are the one clear legal exception under the law that the president has to mint a coin in any denomination that he chooses. I was just watching a segment on this this morning on CNN. Apparently this is a provision of some law governing the US Mint passed by Congress. So this is a pretty straight forward legal exception. Using the 14th amendment provision to issue new debt to cover our existing obligations is only legally arguable by comparison, so the trillion dollar coin option is actually the better choice here regardless of how silly it sounds. |
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