CONGRESSMAN INTRODUCES LAW TO BAN THE TRILLION DOLLAR PLATINUM COIN!!! | |
Anonymous Coward (OP) User ID: 31681724 Portugal 01/07/2013 12:33 PM Report Abusive Post Report Copyright Violation | Developing. Congressman Greg Walden of Oregon has introduces a law to prevent the Treasury from creating a platinum coin to pay the debt ceiling. ---------------------------- Greg Walden plans to introduce bill to stop U.S. Treasury from creating trillion dollar platinum coins to pay bills and expand debt THE DALLES, Ore. – U.S. Rep. Greg Walden (R-Ore.) today announced plans to introduce a bill to stop a proposal to mint high-value platinum coins to pay the federal government’s bills. “Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Rep. Walden said. “My wife and I have owned and operated a small business since 1986. When it came time to pay the bills, we couldn’t just mint a coin to create more money out of thin air. We sat down and figured out how to balance the books. That’s what Washington needs to do as well. My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order,” Rep. Walden said. Within the last week, numerous media reports (example here) have suggested that the U.S. Mint could create trillion dollar platinum coins, which would then be deposited into the Federal Reserve to be used to pay the federal government’s bills or avoid hitting the debt ceiling. Rep. Jerrold Nadler, the ranking member of the Judiciary Committee’s Subcommittee on the Constitution, touted the proposal last week (story here). New York Times columnist and Princeton professor Paul Krugman suggested the idea in an article as well (click here). Other leaders in Washington, including House Minority Leader Nancy Pelosi, have urged the President to raise the debt limit unilaterally without permission from Congress. Representative Walden, a member of the House Republican leadership, represents the Second District of Oregon, which includes 20 counties in the southern, central and eastern regions of the state. Read more: [link to www.businessinsider.com] |
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abeliever
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Anonymous Coward (OP) User ID: 31681724 Portugal 01/07/2013 01:47 PM Report Abusive Post Report Copyright Violation | 3 Huge Myths About The Trillion Dollar Coin Plan To Save The Economy Read more: [link to www.businessinsider.com] |
Anonymous Coward (OP) User ID: 31681724 Portugal 01/07/2013 02:26 PM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider Here's How The Government Would Actually Make A $1 Trillion Coin To Avert A Debt Ceiling Crisis [link to read.bi] |
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Anonymous Coward (OP) User ID: 31681724 Portugal 01/07/2013 02:53 PM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider Terrifying Presentation Shows What A Massive Legal And Economic Catastrophe It Would Be If We Hit The Debt Ceiling [link to read.bi] |
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Anonymous Coward (OP) User ID: 31681724 Portugal 01/07/2013 04:50 PM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider CONGRESSMAN: Here's Why I'm Introducing Legislation To Ban The Trillion-Dollar Platinum Coin [link to read.bi] |
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Anonymous Coward User ID: 31519086 Australia 01/07/2013 04:59 PM Report Abusive Post Report Copyright Violation | how the trillion dollar coin could be stolen: "What would the plot of a hypothetical Ocean's 14 centered around the heist of this coin involve? I feel like, you get Julia Roberts to seduce Tim Geither, or something? And Matt Damon pretends to be a tourist who bumps into Ben Bernanke and picks the coin out of his pocket? Just spitballing here." [link to gawker.com] |
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Anonymous Coward User ID: 31745981 Portugal 01/08/2013 06:35 AM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider FORMER MINT DIRECTOR: I Helped Created The Platinum Coin Law — Here's Why The Trillion Dollar Coin Would Work [link to read.bi] |
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Anonymous Coward User ID: 4239460 United States 01/08/2013 07:01 AM Report Abusive Post Report Copyright Violation | I don't see how this would work. They make trillion $ coin, take it to fed. The fed does what print a trillion $? How would that not cause inflation or some kind detrimental effect to our economy. The people running our country are seriously retarded. |
Anonymous Coward User ID: 31745981 Portugal 01/08/2013 08:20 AM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider Stephen Colbert Takes On The Campaign To Mint A Trillion Dollar Platinum Coin [link to read.bi] |
NSF001
User ID: 31679713 United Kingdom 01/08/2013 08:38 AM Report Abusive Post Report Copyright Violation | OMG this is the single most retarded thing I think I've ever read. 'Shit they're on to us, we can't just keep printing money' 'muhahah, well then, we'll simply mint a coin worth one trillion dollars' 'ahh, yes. these fools will never notice this is exactly the same as printing more money' [link to gawker.com] Or am I missing something? I don't think so, he's up there with the others laying low, vying with those who you've traded your life to to bless your soul, |
Anonymous Coward User ID: 26165384 United States 01/08/2013 09:10 AM Report Abusive Post Report Copyright Violation | OMG this is the single most retarded thing I think I've ever read. 'Shit they're on to us, we can't just keep printing money' 'muhahah, well then, we'll simply mint a coin worth one trillion dollars' 'ahh, yes. these fools will never notice this is exactly the same as printing more money' [link to gawker.com] Or am I missing something? I don't think you're missing a thing. It's important to note that t he coin will not have a true value of the platinum weight. THat's impossible THe key is the y just make a coin and say "Well, this platinum coin is worth one trillion dollars". THey make several, possibly 3. Years from now one shows up at an estate sale or on Pawn Stars, or even the American Pickers find it in an old barn. It's purchased for $300. and later valued at $600. An unknown collector purchases it and it disappears again for a few decades. |
Anonymous Coward User ID: 30529036 United Kingdom 01/08/2013 09:17 AM Report Abusive Post Report Copyright Violation | OMG this is the single most retarded thing I think I've ever read. 'Shit they're on to us, we can't just keep printing money' 'muhahah, well then, we'll simply mint a coin worth one trillion dollars' 'ahh, yes. these fools will never notice this is exactly the same as printing more money' [link to gawker.com] Or am I missing something? I don't think you're missing a thing. It's important to note that t he coin will not have a true value of the platinum weight. THat's impossible THe key is the y just make a coin and say "Well, this platinum coin is worth one trillion dollars". THey make several, possibly 3. Years from now one shows up at an estate sale or on Pawn Stars, or even the American Pickers find it in an old barn. It's purchased for $300. and later valued at $600. An unknown collector purchases it and it disappears again for a few decades. How you guys got to the moon I'll never fucking know? What the fuck happened to that generation? I miss that America.. |
NSF001
User ID: 31679713 United Kingdom 01/08/2013 09:21 AM Report Abusive Post Report Copyright Violation | a coin worth one trillion dollars Muhahahah This reads like the last act of a desperate madman. Hey, america, I've got half a roll sitting here but it's not just any roll, it's my special ltd edition quadrillion dollar roll. I'll trade you what I've got left for a couple of f-16 and a submarine. I don't think so, he's up there with the others laying low, vying with those who you've traded your life to to bless your soul, |
Anonymous Coward User ID: 26165384 United States 01/08/2013 09:34 AM Report Abusive Post Report Copyright Violation | OMG this is the single most retarded thing I think I've ever read. 'Shit they're on to us, we can't just keep printing money' 'muhahah, well then, we'll simply mint a coin worth one trillion dollars' 'ahh, yes. these fools will never notice this is exactly the same as printing more money' [link to gawker.com] Or am I missing something? I don't think you're missing a thing. It's important to note that t he coin will not have a true value of the platinum weight. THat's impossible THe key is the y just make a coin and say "Well, this platinum coin is worth one trillion dollars". THey make several, possibly 3. Years from now one shows up at an estate sale or on Pawn Stars, or even the American Pickers find it in an old barn. It's purchased for $300. and later valued at $600. An unknown collector purchases it and it disappears again for a few decades. How you guys got to the moon I'll never fucking know? What the fuck happened to that generation? I miss that America.. AC: You're on GLP and you still think us guys got to the moon? Read up. |
Anonymous Coward User ID: 30670070 United States 01/08/2013 05:04 PM Report Abusive Post Report Copyright Violation | How big would this Platinum coin be ...the size of a football stadium? Maybe the size of Switzerland? Quoting: Anonymous Coward 483639 It doesn't have to have a trillion dollars worth or platinum bullion in it. We probably have nowhere near that much in the world. It just has to say "one trillion dollars" on it and be authorized by the US government as money. It is basically fiat money, just like dollar bills. Or some of our coins for that matter, when the melt value is less than the denomination stamped on it. What it REALLY is, is an end-run around the Fed. Don't you Fed-haters see this? It's the US taking its authority to mint coins, which the Fed is not challenging, and saying "well we'll mint a really really valuable coin". It's effectively the same as when Kennedy printed US Notes. It's a currency that competes with the Fed, for which we don't pay any interest to the Fed. But the use of it is very limited. It's just sent to the Fed (and the Fed issues the government the same value in FRN) until the debt increase passes, then bought back with increased debt. We buy back the coin then and issue new government bonds under the expanded debt limit. But ... what if we decided to skip the second part, and just never raise the debt ceiling? Well that's where the exciting part comes in, because we've just found a way to run the government without paying interest to the Fed. We've got the FRN, and we just spend them. And since there's no interest bearing government bond to pay for it, we don't pay any interest to the Fed. This may be why it never gets done. The Fed may not want it. |
Anonymous Coward User ID: 30670070 United States 01/08/2013 05:26 PM Report Abusive Post Report Copyright Violation | Basically the government tells the Fed that it (the government) is the boss and says "here eat this" and shoves a trillion dollars worth of fiat currency up the Fed's ass. It forces the Fed to issue FRN's without receiving interest. Is that clear enough for ya? Yes I know what I am talking about. |
Anonymous Coward User ID: 30670070 United States 01/08/2013 05:33 PM Report Abusive Post Report Copyright Violation | Also I suppose the government could issue notes under Kennedy's EO, but I guess that would be politically difficult. This is effectively the same thing, also with the difference that the trillion dollar coin won't circulate. But it can be used to run the government, and to cause FRN's to circulate without interest, so it's effectively the same thing. Until Congress raises the debt ceiling and issues bonds and buys back the coin. But that would be stupid imho. If we eliminate these interesting and unique government powers, we become more like Europe, which really is slavery to the central bank. |
Anonymous Coward User ID: 31522045 United States 01/08/2013 05:56 PM Report Abusive Post Report Copyright Violation | A $10^12 one ounce platinum coin. Can these guys get any more ridiculous? Quoting: Anonymous Coward 961432 E15 gas voids auto warranty and blows out fuel systems and pistons. (And the EPA passed it for use) Thread: E15 gas voids auto warranty and blows out fuel systems and pistons |
Anonymous Coward User ID: 31819424 Portugal 01/09/2013 10:43 AM Report Abusive Post Report Copyright Violation | Business Insider‏@businessinsider Furious Republicans Slam 'Mint The Coin' And Say It Would Sink The Titanic [link to read.bi] |