Ace of Spades HQ

January 10, 2013

On the Platinum Coin Trick
— Gabriel Malor

I really didn't want to write about this. When we first heard about it a year ago, everybody laughed. When it came up again last week, there were snickers, contemptuous really of the idea that the government of the United States would have to pull a trillion dollar coin out of its ass to keep paying its bills.

Well, nobody's laughing anymore. "Serious thinkers" on both the right and the left are seriously thinking about whether the platinum coin trick is something the government can or should do to avoid a debt default if we blow through the debt ceiling.

There are actually three questions tied up in the platinum coin trick. Is it constitutional? Is it legal? Is it a good idea? Actually, there's a fourth question, and we'll start there: Is it even necessary? The answer to this fourth question, of course, is "no, it is not necessary, at least, not in the short term." If we hit the debt ceiling, it will require that Treasury start prioritizing its payments. Normally, Treasury would have to pay our creditors first, in order to keep our national credit rating from dropping, and pay for federal spending out of what remains. Hitting the debt ceiling would mean that some federal spending would have to be curtailed since there wouldn't be enough money left after making our debt payments. We're not in a normal situation, though, because the Democrats in the White House claim that they would rather continue spending money than make principle and interest payments on what the U.S. owes.

There are some things Treasury can do to make funds stretch, but none of that is a long-term solution. The long-term solution is to reduce spending and, given current spending obligations, the medium-term solution is to raise the debt ceiling. That's why the GOP leadership is demanding spending cuts in an amount equal to or greater than the amount Obama and the Democrats want to raise the debt ceiling.

Which brings us back to the platinum coin trick. As I wrote above, some "serious thinkers" don't like the concept of a debt ceiling. They thing it's silly and they'd like to avoid it forever. Since they know Congress won't repeal the debt ceiling, and even Obama has rejected the pathetically errant idea that he can simply ignore it, the platinum coin trick is one way of putting off dealing with it. By minting a $1 trillion coin and depositing it with the Fed, the government would be credited with enough money to put off a collision with the debt ceiling for another year.

Before I get into constitutionality or legality, though, here's what we're talking about. 31 U.S.C. Â§ 5112(k):

The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.

So, is the platinum coin constitutional?

Some interesting folks have suggested that it is not, including John Carney in two posts here and here. His argument is that Congress cannot delegate to the Secretary of the Treasury the authority to mint platinum coins without some "intelligible principle" to guide the Secretary's discretion.

In fact, Congress has placed some constraints on the Secretary's authority to issue platinum coins, including whether or not they must be legal tender (they must), whether or not they are numismatic items (they are not), and how the Secretary must account for the difference between the amount the nominal value of a coin minted from platinum exceeds the cost of the metal used to mint it (in short: creative accounting).

Congress has also set on the Secretary a guiding principle for the minting of all coins: "The Secretary of the Treasury . . . shall mint and issue coins . . . in amounts the Secretary decides are necessary to meet the needs of the United States." Note the word "shall" in the preceding mandate. Congress has also set on the Secretary some discretionary authority, namely he may borrow on the credit of the United States, but not more than the debt ceiling. And he is obligated to transfer to federal agency sub-accounts amounts appropriated by Congress in its occasional appropriations bills.

Carney thinks this isn't enough of an "intelligible principle" to guide the Secretary's discretion when it comes to the platinum coin. I am here to tell you that if it went to the Supreme Court, the justices would say this was more than enough (with Justice Thomas dissenting). The Supreme Court has upheld broad grants of generalized authority to executive agencies for sixty years now and this is no different. See, for example, the FDA, the IRS, and HHS.

Is the platinum coin legal?

Several folks on the left have taken the lead claiming that the platinum coin trick is illegal. Kevin Drum over at Mother Jones and Tom Maguire at Just One Minute are in that camp, but this argument takes two flavors.

Drum argues that the platinum coin trick is illegal because it's not what Congress intended by the platinum coin statute. I'm not sure where Drum has been living all these years, though, because what Congress intends and what the laws actually accomplish do not generally have much to do with each other. Certainly there is no legal requirement that laws accomplish Congress' purpose in passing them. Look no further than the so-called Affordable Care Act.

Legally, if statutory text is unambiguous on its face, there is no reason to look outside the text -- at either the context or at congressional intent -- to determine its meaning. In short, if the text is clear, we already know its meaning. It is irrelevant what one, two, or even a hundred legislators intended when they passed something if the text is clear.

In the case of the platinum coin statute, the language is simple and direct. There is no ambiguity and it therefore doesn't matter a lick what Congress thought it was doing when it passed the law.

Maguire raises a different objection. He says the platinum coin must be a "bullion" coin and claims that the value of a bullion platinum coin can only equal the market value of platinum at the time of minting plus the costs of manufacture and distribution. He is wrong about this.

Congress very specifically stated in the statute that bullion gold and silver coins must be valued at the market value of the metal plus costs. That is extensively prescribed by statute. Congress placed no similar restriction on the value of a bullion platinum coin and, in fact, Congress dropped from the proposed statute such a provision when it considered it in 1995. In short, unlike for gold and silver bullion coins, Congress left the value of a bullion platinum coin up to the Secretary.

(A side note for numismatists: a separate section of the statute requires that "[t]he bullion coins minted under this Act shall be issued in both proof and uncirculated qualities." Again note the obligatory "shall." I read that as meaning Treasury would have to issue proof and uncirculated versions of the $1 trillion coin. What they would be valued at, I have no idea and the statute provides little guidance on that.)

Is the platinum coin a good idea?

The final question is probably the easiest: no, it's not a good idea.

Some economists, Paul Krugman foremost among them, insist it will not lead to debilitating inflation because QE 1, 2, and 3 didn't lead to bad inflation. That's not so much a guiding economic principle, but an admission that they're not sure what's happening, but it hasn't been that bad yet. But there's more to consider than just inflation.

Pulling a platinum coin out of thin air is likely to lead to a credit rating downgrade whether we continue to pay our creditors or not because it signals a serious problem with U.S. government finances. It also sets a terrible precedent. And, of course, the very point of the platinum coin trick is to push our day of reckoning further into the future when we're going to be less likely to deal successfully with our spending problem.

Megan McArdle had a particularly noteworthy rant about the merits of the platinum coin trick yesterday. I encourage you to read it.

In short, the platinum coin trick an unnecessary idea and a bad one, but it is not, as some have argued, unconstitutional or illegal.

Posted by: Gabriel Malor at 07:18 AM | Comments (432)
Post contains 1429 words, total size 9 kb.

1 I am pushing North Korea to mint a quintrillion won coin. Even at a 4000 to 1 won to US dollar that will be more than enough to purchase all of the US debt and assets.

Posted by: ALL_IS_LOST at January 10, 2013 07:24 AM (T/L2Z)

2 Is the White House gift shop selling replicas of the coin yet?

Posted by: CDR M at January 10, 2013 07:24 AM (cqZXM)

3 To coin a phrase, "the demise of our economy is greatly overstated."

This "coin" is another shiny object to scare people about the evol nasty wepublicans who are willing to put people out on the street, take food from the mouths of babes and close the EPA that will result in instant nasty dirty smoggy air.

But getting spending under control is a MUST and this shiny coin is a symbol of the Democrat mantra of "not having enough to spend and pay bills."

Posted by: Deli LLama at January 10, 2013 07:24 AM (lGu1O)

4 I just want the obammy coin. Someone previously said it would be an excellent physical example of the stupidity of this generations leadership.

Posted by: gigg at January 10, 2013 07:25 AM (41VCE)

5 I say go for it. Nothing will make the debt markets freak the fuck out like the fact that HOLY FUCK THEY ARE MAKING TRILLION DOLLAR COINS!!

Haironfire.gif

Posted by: Zakn at January 10, 2013 07:26 AM (zyaZ1)

6 It shows that our currency is shit and worth absolute dogshit

Posted by: Zakn at January 10, 2013 07:27 AM (zyaZ1)

7 Gabe this nonsense is already going on with SDR and Fed Gold Certificates.

http://tinyurl.com/3ob2yw

Posted by: Billy Bob, pseudo intellectual at January 10, 2013 07:27 AM (tWFaN)

8 Someone commented yesterday that the law they are relying on only allows commemorative coinage to be struck. Any truth to that?

Posted by: toby928© for TB at January 10, 2013 07:28 AM (evdj2)

9 The whole thing is more smoke and mirrors. The coin will have no intrinsic value of its own. It is not worth anything. A five dollar chip in Vegas will at least let you place a bet.

Posted by: Sherry McEvil, Wilde Wrepublican Wench at January 10, 2013 07:28 AM (W77/H)

10 @7

See 5

Posted by: Billy Bob, pseudo intellectual at January 10, 2013 07:28 AM (tWFaN)

11 And I guess I should read the post itself for my answer.

Posted by: toby928© for TB at January 10, 2013 07:30 AM (evdj2)

12 If I steal the coin, am I the richest man on earth?

Posted by: DarrenODaly at January 10, 2013 07:30 AM (EqXTp)

13 Minting $Trillion coins whose worth is one Billionth the value of metal would show the ridiculousness that the current monetary situation is. Who would have faith in our currency knowing that the Gov't can pull such crap from it's collective ass?

Posted by: jim at January 10, 2013 07:31 AM (VwhRo)

Why not produce 17 coins?

Pay off the debt and have some change left to by some votes.

Better yet 139 so it covers unfunded liabilities.

Posted by: YIKES! at January 10, 2013 07:31 AM (mETGQ)

15 I would bet that actually trying this flimflam would mean that we would no longer be the reserve currency of the world before year end.

Posted by: toby928© for TB at January 10, 2013 07:32 AM (evdj2)

16 A serious question to this insane trillion dollar coin deal. If the coin was stolen from the FED, what would happen? I don't mean that some thief is a trillion dollars richer based on a two thousand dollar coin.Im asking what would happen being this coin is floating around out there out of the governments hands and yet they spent a trillion dollars based on it. What are the possible ramifications.

Posted by: Drider at January 10, 2013 07:32 AM (HaJD9)

17 Quoting Gabriel Manor: "In short, the platinum coin trick an unnecessary idea and a bad one, but it is not, as some have argued, unconstitutional or illegal"

I was thinking the same thing, GM. In my humble opinion, the reason why these coins won't work is because no one will be able to use them purchase anything (as no one will be able to afford them), and so no one with therefore value them. This is the whole key in the value of a currency.

Posted by: Mr_Write at January 10, 2013 07:32 AM (CLkAH)

18 BTW, foreign creditors will not want to be paid in these coins. Why not make $Billion coins and pay off the Chinese that way? LOL

Posted by: jim at January 10, 2013 07:33 AM (VwhRo)

19 Republications should embrace the trillion dollar coin. The commies will go against anything the Republicans want so the issue goes away. Easy, peasy.

Posted by: Ammo Dump at January 10, 2013 07:33 AM (YYyqq)

20 I have no knowledge , so don' t kick my ass for asking .

platinum is considered a valuable metal right? what is different in using this to back our tendered than gold?
which i've read we do not have enough of any case to back the dollars that have been produced already?

Posted by: ette- at January 10, 2013 07:33 AM (nqBYe)

21 Everybody chill, I am sending 100 trillion dollars in with my tax return with a note that the irs can keep the change. Commiefornistan will also receive a Z$100T bailout from me. Yer welcome.

Posted by: sum(random) at January 10, 2013 07:34 AM (71nnc)

22 >>Is the White House gift shop selling replicas of the coin yet?
Posted by: CDR M
---

http://bit.ly/WSH15D

I think yes.

Posted by: sTevo at January 10, 2013 07:34 AM (v4kT7)

23 I am pushing North Korea to mint a quintrillion won coin. Even at a 4000 to 1 won to US dollar that will be more than enough to purchase all of the US debt and assets.

I own you, roundeye imperiarist dogs. I OWN YOU!!!!

Posted by: Kim Jong Un at January 10, 2013 07:34 AM (FITsd)

24 I don't care if it's legal or Constitutional. It's retarded as shit. Anyone stupid enough to even entertain the notion must have zero grey matter. And we elected these mental halflings. What does that say bout us? How embarrassing.

Posted by: red sweater at January 10, 2013 07:35 AM (CUi62)

25 Short form: Unneeded, technically legal, but a very bad idea. So, par for the course then.

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 07:35 AM (GBXon)

26 The point is, if they do this, then is an admission of abject failure and a screaming warning siren to the rest of the world that the US govt intends to enter a Wiemar era where the dollar can no longer be considered the world's "benchmark" currency.

THE DOLLAR NO LONGER A STANDARD

Wrap your head around all the ripples that emanate from that. That's not a pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized

Posted by: @PurpAv at January 10, 2013 07:35 AM (BNacf)

27 This makes no sense.

Posted by: eleven at January 10, 2013 07:36 AM (KXm42)

28 If I steal the coin, am I the richest man on earth?

Posted by: DarrenODaly at January 10, 2013 11:30 AM (EqXTp)

Yes, but no vending machine on Earth can make the proper change.

Posted by: Cicero (@cicero) at January 10, 2013 07:36 AM (FITsd)

29 Congress placed no similar restriction on the value of a bullion platinum coin and, in fact, Congress dropped from the proposed statute such a provision when it considered it in 1995. In short, unlike for gold and silver bullion coins, Congress left the value of a bullion platinum coin up to the Secretary.

Time to amend that to make platinum coins illegal if they are minted in excess of their metal value.

Posted by: EC at January 10, 2013 07:36 AM (GQ8sn)

30 Hope the trillion dollar magic coin is duly dedicated to Robert Mugabe and SCOAMF. Or maybe Super Mario since the coins he picks up in his video games will have the same value.

Posted by: Wonkish Rogue at January 10, 2013 07:36 AM (1kPLg)

31 Purp, thanks for that post.

Posted by: ette- at January 10, 2013 07:37 AM (nqBYe)

32 If this happens I will blame Gabe. Why? Because I don't appreciate EoJ's tone, that's why.

Posted by: Ammo Dump at January 10, 2013 07:37 AM (YYyqq)

I just came to the realization that I'm going to end up living out the rest of my days wondering if tomorrow will bring about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into one horrifying reality show in which I play the starring role.

God help us all.

Posted by: Jaws at January 10, 2013 07:38 AM (4I3Uo)

34 (An interesting side note for numismatists, a separate section of the statute requires that "he bullion coins minted under this Act shall be issued in both proof and uncirculated qualities." Again note the obligatory "shall." I read that as meaning Treasury would have to issue proof and uncirculated versions of the $1 trillion coin. What they would be valued at, I have no idea and the statute provides little guidance on that.)

Nice point, but meaningless if no one has standing to have the courts force Treasury to issue both versions. Who would have standing Gabe?

Posted by: John P. Squibob at January 10, 2013 07:38 AM (kqqGm)

35 Next thing you know, they'll be using leaves as currency and declaring wars on trees.

Posted by: Dent Arthur Dent at January 10, 2013 07:39 AM (CUi62)

36 I would bet that actually trying this flimflam would mean that we would no longer be the reserve currency of the world before ~~year~~ month end. FIFY

Posted by: rickb223 at January 10, 2013 07:39 AM (GFM2b)

37 Jaws-- I'm hoping for The Book of Eli myself

Posted by: L, elle at January 10, 2013 07:40 AM (0PiQ4)

38 Minting $Trillion coins whose worth is one Billionth the value of metal would show the ridiculousness that the current monetary situation is. Who would have faith in our currency knowing that the Gov't can pull such crap from it's collective ass?
Posted by: jim at January 10, 2013 11:31 AM (VwhRo)

It is for this reason that I like the idea. It ought to constitute an "Emperor has no Clothes" moment for the nation.

Posted by: DiogenesLamp at January 10, 2013 07:40 AM (bb5+k)

39 Why stop at a measly terabuck for the coin's value? Declare the coin worth an exabuck (10^18 dollars), and then the government won't need tax revenue to fund itself for hundreds of thousands of years! No more taxes! STIMULUS! MOAR STIMULUS!

Posted by: Cobalt Shiva at January 10, 2013 07:41 AM (OY/SZ)

40 Again note the
obligatory "shall." I read that as meaning Treasury would have to issue
proof and uncirculated versions of the $1 trillion coin. What they would
be valued at, I have no idea and the statute provides little guidance
on that.)

missed that.

Posted by: ette- at January 10, 2013 07:41 AM (nqBYe)

41 I think its a terrible idea, and I hope they do it. This is exactly how the burning starts. This forces them to acknowledge, for all time, that deficit spending is quite literally "printing money." This whole thing is going to end in tears, but that die was cast November 6th, if not earlier.

Posted by: DanInMN at January 10, 2013 07:41 AM (XqeyF)

42 I would bet that actually trying this flimflam would mean that we would no longer be the reserve currency of the world before year end.

You think it would take that long?

Posted by: John P. Squibob at January 10, 2013 07:41 AM (kqqGm)

43 QE1-3 did lead to bad inflation:   what are the prices of bread, meat, and gasoline today as compared to 4 years ago? As well:   the price of homes has NOT deterioated to where it should be... a continuation of that bubble, due to inflation.

Posted by: john b at January 10, 2013 07:41 AM (Jx060)

44 A serious question to this insane trillion dollar coin deal. If the coin was stolen from the FED, what would happen? I don't mean that some thief is a trillion dollars richer based on a two thousand dollar coin.Im asking what would happen being this coin is floating around out there out of the governments hands and yet they spent a trillion dollars based on it. What are the possible ramifications. No need to steal it. Counterfeit it.

Posted by: rickb223 at January 10, 2013 07:42 AM (GFM2b)

45 I'm begging them to mint that coil with Obama's face on it. It would be the perfect visual metaphor for his out of control deficit spending.

Posted by: Max Entropy at January 10, 2013 07:42 AM (L55Uk)

46 Guys, the Fed has been using Special Drawing Rights and Fed Gold Certificates for years. This idea is just an extension of that fraud.

The Fed is a Ponzi scheme. Ron Paul was at least right about that.

Posted by: Billy Bob, pseudo intellectual at January 10, 2013 07:42 AM (tWFaN)

47 I'd love to design this thing.

Karl Marx fucking a bald eagle on one side ...

Posted by: Waterhouse at January 10, 2013 07:42 AM (ryAWr)

48 No need to steal it. Counterfeit it. Posted by: rickb223 at January 10, 2013 11:42 AM (GFM2b) Well whoever spends it gets arrested. We know there'd only be one of them.

Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 07:42 AM (FsUAO)

49
With a trillion dollar coin winning big in the state lottery is a sure thing.

Posted by: YIKES! at January 10, 2013 07:43 AM (mETGQ)

50 Evolve, ape men, evolve! Please, don't let the telephone sanitizers and management consultants be our future!

Posted by: Dent Arthur Dent at January 10, 2013 07:43 AM (CUi62)

51
26The point is, if they do this, then is an admission of abject failure and a screaming warning siren to the rest of the world that the US govt intends to enter a Wiemar era where the dollar can no longer be considered the world's "benchmark" currency.

THE DOLLAR NO LONGER A STANDARD

Wrap your head around all the ripples that emanate from that. That's not a pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized

---------

^This.^

This is what no one seems to be talking about, PurpAv.

And even without this 'Platinum Coin' nonsense...the prospect of this is looming.

Question is, what would replace the US Dollar as the world's benchmark currency?

Posted by: wheatie at January 10, 2013 07:43 AM (fH4X9)

52 The trillion dollar coin takes care of this year's deficit. Now then - what about next year's deficit? What trick will be necessary for that?

Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 07:43 AM (hLRSq)

53 I just came to the realization that I'm going to end up living out the rest of my days wondering if tomorrow will bring about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into one horrifyingreality show in which I play the starring role.

God help us all.
Posted by: Jaws at January 10, 2013 11:38 AM (4I3Uo)

uh hmm, the wondering is killing me. Losing all faith is a plus to this administration i suspect. But it is happening non the less. the bastards

Posted by: ette- at January 10, 2013 07:43 AM (nqBYe)

54 What happens if somebody steals the coin? Are they Sultan of the Earth?

Posted by: Bevel Lemelisk at January 10, 2013 07:43 AM (Ezq3m)

55 The Constitution, with all it's faults, has served this Country well for the last 200 odd years. obama should stop fucking with it.

Posted by: Nevergiveup at January 10, 2013 07:44 AM (9Bj8R)

56 Minting a $1T coint to dodge the debt celing is illegal for one reason only. It is a gimmick to violate the law creating the debt ceiling. The coin if valued more than the worth of the platinum is nothing more than a $1T metallic T-bill. In short is is borrowing money without authority to borrow money in violation of law.

Posted by: Vic at January 10, 2013 07:44 AM (53z96)

57
No need to steal it. Counterfeit it.

Posted by: rickb223 at January 10, 2013 11:42 AM (GFM2b)

I think they could check the serial number (0001) and see if it is real.

Posted by: jwest at January 10, 2013 07:44 AM (ZDsRL)

58 Karl Marx fucking a bald eagle on one side ... ...and Barack Obama fucking us on the other

Posted by: Sean Bannion at January 10, 2013 07:44 AM (1SE1j)

59 Short form: Unneeded, technically legal, but a very bad idea. IOW, Full speed ahead!!

Posted by: rickb223 at January 10, 2013 07:44 AM (GFM2b)

60 bevel gmta....i was just thinking that very same thing!

Posted by: phoenixgirl at January 10, 2013 07:44 AM (GVxQo)

61 I just came to the realization that I'm going to end up living out the rest of my days wondering if tomorrow will bring about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into one horrifyingreality show in which I play the starring role.

God help us all.
Posted by: Jaws at January 10, 2013 11:38 AM (4I3Uo)

That's a pretty good summation of what I see coming as well.

One Coin to bring them all, and in the darkness bind them.

Posted by: DiogenesLamp at January 10, 2013 07:45 AM (bb5+k)

62 52 Mikey

Wouldn't it only take care of like 70% of this year's deficit?

Too bad nothing can erase Washington's mental deficit.

Posted by: red sweater at January 10, 2013 07:45 AM (CUi62)

63 Our debt is about ten - fifteen times greater than the digits we have found so far for pi. Tell me were not fu*ked and it isn't going to burn spectacularly. (we reached 10 trillion digits for pi last year)

Posted by: RWC at January 10, 2013 07:45 AM (fWAjv)

64 because the Democrats in the White House claim that they would rather continue spending money than make principle and interest payments on what the U.S. owes

We all know the Dems have no principles but is the principal being paid down or are they interest payments only?

Posted by: Robin Banks at January 10, 2013 07:45 AM (EjsOc)

65 how much will it cost to make the coin?.....

Posted by: phoenixgirl at January 10, 2013 07:45 AM (GVxQo)

66 And I say again on the Constitution, if they want to kill it fine. Let's make it a felony to be a Democrat or to vote for a Democrat.

Posted by: Vic at January 10, 2013 07:45 AM (53z96)

67 Put my name in the "I hope they do it and make themselves laughing stocks" column. That's why they won't, though. Someone woke up and told the president ixnay on the oincay.

Posted by: Pentangle at January 10, 2013 07:46 AM (D4PP9)

68 Lets go back to the Yap Island Currency standards.

Posted by: Anna Puma (+SmuD) at January 10, 2013 07:46 AM (KnIgz)

69 When you owe more than you're taking in and can't borrow any more to make up the difference, you need to sell some assets to get rid of your debt.

Posted by: jwest at January 10, 2013 07:47 AM (ZDsRL)

70 Fuck, make it a ring inscribed with the Black Speech.

Posted by: Bevel Lemelisk at January 10, 2013 07:47 AM (Ezq3m)

71 This morning Stuart Varney said he was going to use the 14th amendment dodge anyway. Equally stupid.

Posted by: Vic at January 10, 2013 07:47 AM (53z96)

72 I used to get called a "racist" for saying Obama "Keynesian" economic policies wouldn't work, but it appears his "Kenyan" economic policies are A-OK with the leftists.

Posted by: MrCaniac at January 10, 2013 07:48 AM (Zd/NW)

73 Well, let's see. If it's bad for America, it's good for Barack Obama. Therefore, the trillion dollar coin will be minted and all of us would be smart to buy futures in wheelbarrows. I still can't believe this SCOAMF POS was re-elected. L.I.F.B.

Posted by: RoxyDoxy at January 10, 2013 07:49 AM (de5gG)

74 After this government collapses (and it will I just don't know if its a few years or a few decades down the road) If a new Republic is formed rather than tyranny springing up I hope they implement what our founders tried to do with *own property to vote* in some fashion so that only the people that fund government get to vote. This FSA BS of "give me more cake and circuses or I won't vote for you" kills governments/societies every time.

Posted by: Palerider at January 10, 2013 07:49 AM (5CusZ)

75 When you owe more than you're taking in and can't borrow any more to make up the difference, you need to sell some assets to get rid of your debt.
Posted by: jwest at January 10, 2013 11:47 AM (ZDsRL)

Or kill off your debtors. I often think this was the plan all along.

Posted by: DiogenesLamp at January 10, 2013 07:49 AM (bb5+k)

76 Americaaaaa's chickens are coming home to roost!

Posted by: The Prophet Jeremiah Wright at January 10, 2013 07:49 AM (0PiQ4)

77 I think they could check the serial number (0001) and see if it is real. A good counterfeit would also have 0001 on it. So who has the real one? LOL

Posted by: rickb223 at January 10, 2013 07:50 AM (GFM2b)

78 What is platinum used for besides jewelry? What applications does it have?

Posted by: cajun carrot at January 10, 2013 07:50 AM (UZQM8)

79 Weimar Republic? Never heard of it...

Posted by: Charlie Gibson at January 10, 2013 07:50 AM (FcR7P)

80 Sometimes an idea is so stupid on it's face that one is left slackjawed as to how argue with it.

Posted by: toby928© for TB at January 10, 2013 07:50 AM (evdj2)

81 A good counterfeit would also have 0001 on it. So who has the real one? LOL Posted by: rickb223 at January 10, 2013 11:50 AM (GFM2b) Again, if it was stolen, whatever, they'd just not accept the coin... They'd print a new one and de-certify the last one.

Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 07:51 AM (FsUAO)

82 zimbabwe

Posted by: ette- at January 10, 2013 07:51 AM (nqBYe)

83 52 The trillion dollar coin takes care of this year's deficit. Now then - what about next year's deficit? What trick will be necessary for that? Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 11:43 AM (hLRSq) A colorized version of the same coin?

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 07:51 AM (Jcd0S)

84
"Or kill off your debtors. I often think this was the plan all along. "

This would be the first option if your debtors wern't also your customers.

Got to think ahead in this game.

Posted by: jwest at January 10, 2013 07:51 AM (ZDsRL)

85 6 It shows that our currency is shit and worth absolute dogshit
Posted by: Zakn at January 10, 2013 11:27 AM (zyaZ1)

This, I'm pushing for assets like gun ammo booze food and if I can some metals if I still have anything left after I'm done.

Posted by: cajun carrot at January 10, 2013 07:52 AM (UZQM8)

86 After this government collapses (and it will I just don't know if its a few years or a few decades down the road) If a new Republic is formed rather than tyranny springing up I hope they implement what our founders tried to do with *own property to vote* in some fashion so that only the people that fund government get to vote. This FSA BS of "give me more cake and circuses or I won't vote for you" kills governments/societies every time.
Posted by: Palerider at January 10, 2013 11:49 AM (5CusZ)

Like I said. Repeal the last three words of the 24th amendment.

Posted by: DiogenesLamp at January 10, 2013 07:52 AM (bb5+k)

87 how much will it cost to make the coin?..... Every thing you have.

Posted by: toby928© for TB at January 10, 2013 07:52 AM (evdj2)

88 Posted by: cajun carrot at January 10, 2013 11:50 AM (UZQM Catalytic converters and ????

Posted by: RWC at January 10, 2013 07:52 AM (fWAjv)

89 Like the Lay's commercial, you can't just mint one. Zimbabwe here we come!

Posted by: SpongeBob Saget at January 10, 2013 07:52 AM (epxV4)

90 A colorized version of the same coin?
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:51 AM (Jcd0S)

having a renowned artiste' do the graphics?

Posted by: ette- at January 10, 2013 07:52 AM (nqBYe)

91 How about some reporter make his bones by asking the President in some public setting: "Mr President, can you give us a date certain when the United States will begin to pay the principle on our debt, or will we rack up more debt into the distant future? And if we are not going to pay off any of the principle, how large do you think the debt can grow before it sinks the US economy and you will have to take vacations that cost less than 20 million, while millions of Americans don't know if they will have a roof over their heads next year?"

Posted by: Jehu at January 10, 2013 07:53 AM (cSD32)

92 This is who TFG and those who are good with the coin remind me of.

http://en.wikipedia.org/wiki/Emperor_Norton

Posted by: Anna Puma (+SmuD) at January 10, 2013 07:53 AM (KnIgz)

93 When did our governing "betters" decide that life was nothing more than a series of kindergarten recess-level pranks? I mean, hell, I convinced my brother to try to eat a "real cookie" made of dried clay once, but that was years ago...

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 07:53 AM (Jcd0S)

94 What is platinum used for besides jewelry? What applications does it have?

HEY MORONS!

THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.

YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.

Posted by: John P. Squibob at January 10, 2013 07:53 AM (kqqGm)

95 Posted by: SpongeBob Saget at January 10, 2013 11:52 AM (epxV4)

But in Zimbabwe, everyone pays their fair share!

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 07:53 AM (Cnqmv)

96 Republicans should put up minimal opposition to the idea and then ridicule it mercilessly once it's put into effect. There's really not that much else that so perfectly encapsulates the absurdity of liberal governance. Give them what they want then hang them with it.

Posted by: wte9 at January 10, 2013 07:54 AM (ZL7LA)

97 What is platinum used for besides jewelry? What applications does it have?

Platinum is valuable because it many industrial, scientific, and medical uses.

For example, it is used it chemotherapy (cisplatin), your car's catalytic converter, a catalyst for industrial applications, etc.

Posted by: EC at January 10, 2013 07:54 AM (GQ8sn)

98 One coin to rule them all...

Posted by: Mama AJ at January 10, 2013 07:54 AM (SUKHu)

99 Well, economy sux and we're boned, waiting for a civil war. Hmmm Well, time for HIGH SPEED CAT FLIPPING VIDEO now with physics! http://tinyurl.com/9flsqug

Posted by: RWC at January 10, 2013 07:54 AM (fWAjv)

100 This, I'm pushing for assets like gun ammo booze food and if I can some metals if I still have anything left after I'm done. Lead, brass, & copper. 2013's new precious metals.

Posted by: rickb223 at January 10, 2013 07:55 AM (GFM2b)

101 If the coin was stolen from the FED, what would happen?

They just make another and surreptitiously slip it in the shoebox. A thief could only melt it down into scrap platinum.

No fence on earth would touch it, and if you went public with the theft, the govt would simply claim you were pimping a forgery since the "real one" is still safely in the shoebox.

Might as well make it out of recycled tuna can steel and spray paint it silver and save a few grand.

Posted by: @PurpAv at January 10, 2013 07:55 AM (BNacf)

102 Platinum is valuable because it many industrial, scientific, and medical uses.

For example, it is used it chemotherapy (cisplatin), your car's catalytic converter, a catalyst for industrial applications, etc.

Posted by: EC at January 10, 2013 11:54 AM (GQ8sn)

Had to ask cause we all know these a-holes didn't think about the consequences.

Posted by: cajun carrot at January 10, 2013 07:55 AM (UZQM8)

103 37 Jaws-- I'm hoping for The Book of Eli myself Posted by: L, elle at January 10, 2013 11:40 AM (0PiQ4) We'll end up with "The Road."

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 07:55 AM (l86i3)

104 Of course by the end of Obamao's second term a trillion dollar coin won't by a loaf of bread... So sure why not; let it burn - let it all burn.

Posted by: An Observation at January 10, 2013 07:55 AM (ylhEn)

105 Republicans should put up minimal opposition to the idea and then ridicule it mercilessly once it's put into effect. There's really not that much else that so perfectly encapsulates the absurdity of liberal governance. Give them what they want then hang them with it.
Posted by: wte9 at January 10, 2013 11:54 AM (ZL7LA)

Mrs H and have discussed this many times and come to the same conclusion, namely, that a minority party that never speaks out on the many serious issues facing the country is basically happy with the status quo. And by speak out, I mean on the Capitol steps EVERY FRICKING DAY!

I am not holding my breath waiting for a real opposition response from the Repubs on anything.

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 07:56 AM (Cnqmv)

106 101 Oooooooooo! Shiny!

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 07:56 AM (Jcd0S)

107 We'll end up with "The Road."

In this case, "The Choad".

Posted by: EC at January 10, 2013 07:56 AM (GQ8sn)

108 HEY MORONS! THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC. YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE. Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm) First rule of AOSHQ: Never ever google anything hat a Moron tells you to Google.

Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 07:56 AM (FsUAO)

109 HEY MORONS!

THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.

YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.

People do like to converse. That's why there's message boards.

Posted by: eleven at January 10, 2013 07:57 AM (KXm42)

110 If I steal the coin, am I the richest man on earth? Ha-ha! You stole MINUS one trillion dollars!

Posted by: Nelson Muntz at January 10, 2013 07:57 AM (FcR7P)

111 The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time. Delegation doctrine, motherfuckers, do you speak it? For the record, I agree with Gabe that the Supremes would uphold this as sufficient. That doesn't mean such a ruling should be correct. I would like to see enforcement of the delegation doctrine (which should be the non-delegation doctrine why do people reverse terms like this it's just to upset me I know it is look chemtrails!) even more than a resumption of sanity to the Commerce Clause. Sigh. That's it, I'm going to eat brownies for my nutritious lunch today. I figure the least I can do for the Horde is make sure there's enough flesh on my bones to feed the Horde compound for a year or so.

Posted by: alexthechick - SMOD. Seriously, Sheldon/Penny to the end. at January 10, 2013 07:57 AM (VtjlW)

112 Cajun Carrot, #78: "What is platinum used for besides jewelry? What applications does it have?" RWC had it at #88. Catalysts for a number of fairly important processes. Interesting applications of its salts in hydrocarbon transformations, but these aren't industrial yet. Expensive as hell, but if your process is efficient enough, you use a pinch to make a whole lot of product (or clean up a lot of exhaust).

Posted by: JPS at January 10, 2013 07:58 AM (QhzoI)

113 20 -ette "platinum is considered a valuable metal right? what is different in using this to back our tendered than gold?
which i've read we do not have enough of any case to back the dollars that have been produced already?"

Platinum is used to get around Constitutional and legal distinctions regarding "coining" vs "tendering", and legal rules regarding platinum vs. gold or silver.

Posted by: JohnJ at January 10, 2013 07:58 AM (Tt6ky)

114 US Government, making Monopoly Money valuable.

Posted by: Anna Puma (+SmuD) at January 10, 2013 07:58 AM (KnIgz)

115 I really don't see the trillion $ coin becoming reality. Http://conservativeradical.com

Posted by: Matt at January 10, 2013 07:58 AM (clC8d)

116
>>First rule of AOSHQ: Never ever google anything hat a Moron tells you to Google.

Lord knows what obscene uses for platinum you people would find.

Posted by: Mama AJ at January 10, 2013 07:58 AM (SUKHu)

117 No fence on earth would touch it, and if you went public with the theft, the govt would simply claim you were pimping a forgery since the "real one" is still safely in the ~~shoebox~~ lockbox, right next to the SS Trust Fund. Sorry. Had to do it.

Posted by: rickb223 at January 10, 2013 07:58 AM (GFM2b)

118 If we're going to mint a platinum coin I want it to be real, solid platinum. Not one of those fake clad ones. I mean we're talking a trillion dollars here, give the people their money's worth.

Posted by: Jinx the Cat at January 10, 2013 07:58 AM (l3vZN)

119
how much will it cost to make the coin?.....

How big will it be? Current price of platinum is $1632/oz. That's going to be a really really big coin.

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 07:58 AM (yiIja)

120 Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm) It puts the caps in the bucket or it gets the stompyboot.

Posted by: alexthechick - SMOD. Seriously, Sheldon/Penny to the end. at January 10, 2013 07:59 AM (VtjlW)

121 Mrs H and have discussed this many times and come to the same conclusion, namely, that a minority party that never speaks out on the many serious issues facing the country

( is basically happy with the status quo.)

And by speak out, I mean on the Capitol steps EVERY FRICKING DAY!

I am not holding my breath waiting for a real opposition response from the Repubs on anything.

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 11:56 AM (Cnqmv)

or complicit.

Posted by: ette- at January 10, 2013 07:59 AM (nqBYe)

122 I like the idea of the platinum coin. It's so wonderfully absurd and symbolic, it reveals what the Obama crowd is all about. Put Obama's face on the thing.

Posted by: AmishDude at January 10, 2013 07:59 AM (xSegX)

123 If they mined a trillion dollars worth of Platinum and made a big ass coin out of it I would definitely be on board.

Posted by: polynikes at January 10, 2013 07:59 AM (m2CN7)

124 Fuck, make it a ring inscribed with the Black Speech. It is Precious to him...

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 07:59 AM (GBXon)

125 I know! Let's mint a palladium coin worth 6.023 x 10^23 dollars and call it "The Mole"!

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 07:59 AM (Jcd0S)

126 71, Cajun Carrot. Platinum has industrial uses as catalytic mesh at the very least. Don't know how much that uses or what other ways it's used.

Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 07:59 AM (wbeNt)

127 No fence on earth would touch it, and if you went public with the theft, the govt would simply claim you were pimping a forgery since the "real one" is still safely in the shoebox. There are quite a few hostile nation-states who would want the thing. This is like stealing a Legion's Eagles. You won't get a trillion, but you'll get some money. I'm sure Putin would love to have it on his desk.

Posted by: Bevel Lemelisk at January 10, 2013 07:59 AM (IyKYr)

128 I object to this coin being struck at this time. We've been given no prior notice he'd actually be struck. No discovery of any tests conducted or reports prepared. And as the court is aware, the defense is entitled to advance notice of any lunacy, particularly to those who will give scientific evidence, so that we can properly prepare for disembowelment, as well as to give the defense an opportunity to have the reports reviewed by a sane expert, who might then be in a position to contradict the veracity of the conclusions.

Mr. Malor?

Yes, sir?

That is a lucid, intelligent, well thought-out objection.

Thank you.

Overruled.

Posted by: BCochran1981 at January 10, 2013 08:00 AM (da5Wo)

129 Put Nancy Pelosi's face on it. No one will steal it then.

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:00 AM (KnIgz)

130 A followup to my reporter from another planet is: "Mr President, according to my calculations if we continue to spend at the same rate and accure more debt, then by 2028, which is about the time your daughters may be married and getting punished with babies, then the interest on the debt will be over three trillion dollars a year, far more than the income of the US, even with more borrowing. How will your predecesor manage such an impossible burden? Will the US even survive, can it survive such fiscal madness?"

Posted by: Jehu at January 10, 2013 08:00 AM (cSD32)

131
Platinum is used to get around Constitutional and legal distinctions regarding "coining" vs "tendering", and legal rules regarding platinum vs. gold or silver.

Posted by: JohnJ at January 10, 2013 11:58 AM (Tt6ky)

Thank you, JohnJ.

Posted by: ette- at January 10, 2013 08:00 AM (nqBYe)

132 The people pushing this plan appear to be in the position of the hack author who realizes, hey, this is just fiction. I donÂ’t have to be believable. I donÂ’t have to maintain an internal consistency. I can just have them all get hit by a truck. Without realizing that the fiction works only because other people are willing to accept the fiction. One person accepting the fiction is a crazy man trying to pay for booze with monopoly money. We maintain the fiction only if we maintain the fiction. We start acting as if money has no worth (even though, of course, it doesnÂ’t) then the rest of the world will treat us like a boozer with monopoly money.

Posted by: Stephen Price Blair at January 10, 2013 08:00 AM (QF8uk)

133 -ette

I think I totally misunderstood your question. I believe we don't have enough precious metals of any type to back the amount of money we have in circulation. But why back our money when we can just pass a law mandating its value, right?

Next, we should pass a law making it illegal to get too cold. Then maybe we can pass a law making the earth flat.

Posted by: JohnJ at January 10, 2013 08:00 AM (Tt6ky)

134 I'm sure Putin would love to have it on his desk. Posted by: Bevel Lemelisk at January 10, 2013 11:59 AM (IyKYr) Next to Obamas head cased in lexan.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:00 AM (l86i3)

135 HEY MORONS! THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC. YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE. Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm) What are those?

Posted by: RWC at January 10, 2013 08:00 AM (fWAjv)

136 since the "real one" is still safely in the ~~shoebox~~ lockbox, right next to the ~~SS Trust Fund~~ Ark of the Covenant. ...about the same level of reality, no?

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:01 AM (GBXon)

137 122 I like the idea of the platinum coin. It's so wonderfully absurd and symbolic, it reveals what the Obama crowd is all about. Put Obama's face on the thing. Posted by: AmishDude at January 10, 2013 11:59 AM (xSegX) And Mooch's fat ass on the reverse, with the motto, "Kiss It, You Raaaaacist Peasants!"

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 08:01 AM (Jcd0S)

138 OSP which Obama head? And what did Lexan ever do to you?

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:01 AM (KnIgz)

139
>>I'm sure Putin would love to have it on his desk.

Now *that's* a reset button.

Posted by: Mama AJ at January 10, 2013 08:01 AM (SUKHu)

140 It would only take a coin that weighs 625,000 lbs.

Posted by: polynikes at January 10, 2013 08:01 AM (m2CN7)

141 OSP which Obama head? And what did Lexan ever do to you? Posted by: Anna Puma (+SmuD) at January 10, 2013 12:01 PM (KnIgz) Hmm, good point.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:02 AM (l86i3)

142 Posted by: ette- at January 10, 2013 11:59 AM (nqBYe)

or "aiding and abetting"

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 08:02 AM (Cnqmv)

143 This is all just accounting bullshit. The reality is that we will borrow the funds, regardless of any sleight-of-hand with a platinum coin.

Posted by: CharlieBrown'sDildo at January 10, 2013 08:02 AM (GsoHv)

144 The Canadians have the ""Loonie", what should we call this trillion dollar coin? The "Barry"?

Posted by: Nighthawk at January 10, 2013 08:02 AM (RSqz2)

145 How will your predecesor manage such an impossible burden? I think you mean successor, but why would I have a successor?

Posted by: Barack Obama at January 10, 2013 08:03 AM (FcR7P)

146 If it is funny money, then why use platinum? Zinc is a whole lot cheaper and would save the taxpayers some money.

Posted by: Jinx the Cat at January 10, 2013 08:03 AM (l3vZN)

147 So if we need more platinum mined , will the EPA and assorted green groups allow it?

Posted by: ette- at January 10, 2013 08:03 AM (nqBYe)

148 Putin would use the coin to open every hockey game in Moscow. First puck.

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:03 AM (KnIgz)

149 It would only take a coin that weighs 625,000 lbs. And more platinum by value than has been mined in human history.

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:03 AM (GBXon)

150
>>What are those?

GOOOOOGLE THEM TO FIND OUT!

Posted by: Mama AJ at January 10, 2013 08:03 AM (SUKHu)

151
Imagine if this discussion was occurring under the BOOOSH! Administration.

SNL fodder for months.

Posted by: Captain Obvious of the SS Tired But Always Applicable Trope at January 10, 2013 08:03 AM (BrQrN)

152 Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 11:59 AM (GBXon)

Look around.

It's pretty fucking obvious that ~~Sauron~~Obama has the ring already.

Posted by: CharlieBrown'sDildo at January 10, 2013 08:03 AM (GsoHv)

153 And here's where I really have to admire the Left. This is a completely stupid idea- economically, financially, morally- it is reckless and ridiculous and yet And yet They will continue to push this idea in one form or another over and over again through hacks through the MFM through Hollywood until the tsunami of stupid builds high enough that the public demands the inflationary demise of the US. Honestly, Obama's first and second terms can simply be boiled down to looting present and future generations to give their cronies enough money to survive and thrive during the economic collapse they're creating. Awesome.

Posted by: naturalfake at January 10, 2013 08:03 AM (UgFxe)

154 The coffeeandmarkets dude said you can't put the image of a living person on a US coin.

Posted by: Waterhouse at January 10, 2013 08:03 AM (ryAWr)

155 Make it a foot in daimeter with douche's face on it and he can wear it around his neck like Flava Flav at his inaugural address.

Posted by: eleven at January 10, 2013 08:03 AM (KXm42)

156 So if we need more platinum mined , will the EPA and assorted green groups allow it? Posted by: ette- at January 10, 2013 12:03 PM (nqBYe) We'll have to borrow the money to buy it from China.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:03 AM (l86i3)

157 In a couple of years (or one) we'll have to seize the Popigai Crater to pay for a hamburger.

Posted by: RWC at January 10, 2013 08:04 AM (fWAjv)

158
Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm)

To stick to the conversation I ask here first, I'll google later after Ace puts up a movie review.

I'm curious about beyond inflation because putting a price on a certain sized platinum coin will have repercussions beyond thunder dome.

Posted by: cajun carrot at January 10, 2013 08:04 AM (UZQM8)

159 So how many seashells for a burger? No just the meat, need to save some shells.

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:05 AM (KnIgz)

160 It really does not matter if it's legal or illegal, it signals the United States is officially a banana republic, it's leaders unserious.

The only way forward is the following:

Reduce the debt ceiling by 1 trillion dollars.

Spending will have to be reduced by default.

You lower the debt ceiling by 250 million dollars every year after that forcing more spending reductions and belt tightening.

The US has more than enough money to operate the government and meet it's mandatory spending and debt servicing.

The President and the Donks will cry but so what let them.

THE SOLVENCY OF THE U.S. IS A HILL TO DIE ON!

Posted by: General Woundwort at January 10, 2013 08:05 AM (RrD4h)

161 Fifth question! Heads or Tails? Sixth question! 2 out of 3? Or, 3 out of 5?

Posted by: Waldo Truth at January 10, 2013 08:05 AM (ymJbM)

162 If they do this, the underground economy will no longer be accepting US dollars. You're gonna have to cough up Canadian dollars, Pesos, Rubles, etc

The good news is all the drug lords sitting on warehouses full of baled dollars are gonna find out they might as well just burn it for fuel.

Posted by: @PurpAv at January 10, 2013 08:05 AM (BNacf)

163 The coin itself doesn't have to be formed with the actual one trillion in weight. It can be any size, it's just going to be stamped at one trillion dollars.

Posted by: EC at January 10, 2013 08:05 AM (GQ8sn)

164 Forget Bammy's face on the coin. Make it as a replica of Jerry Ford's 'Whip Inflation Now' button. I have a feeling we'll be needing that soon too.

Posted by: Jinx the Cat at January 10, 2013 08:05 AM (l3vZN)

165 Instead of a trillion dollar coin maybe a quadrillion dollar might be better to cover for inflation.

Posted by: YIKES! at January 10, 2013 08:06 AM (mETGQ)

166 It would only take a coin that weighs 625,000 lbs.

I think it's funny you did the math on that.

Posted by: eleven at January 10, 2013 08:06 AM (KXm42)

167
So if we need more platinum mined , will the EPA and assorted green groups allow it?
Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)

------------

We don't have very much platinum here in the US.

Most of it is in Africa....like 80% of the known deposits.

Posted by: wheatie at January 10, 2013 08:06 AM (fH4X9)

168
I'm against the idea of the platinum coin for a host of reasons (doesn't actually address the issues, creates further risk), but seeing as we're basically doing the same thing already with QE2 (creating money for the purpose of purchasing treasury bonds), I think Republicans should dare Obama into doing this. I seriously doubt he will let us default on our debt with this option in his pocket and we probably won't get a deal that does anything to fix the fundamental spending and growth issues that are creating our huge deficits; so make him go in front of the American people and announce that his plan to avoid default is this idiotic sidestep. It will look totally ridiculous to everyone and maybe drive home just how dire our situation is and how unserious he is about addressing it. The platinum coin is really a status quo move in my mind, force his hand in this battle and make him come out the loser.

Posted by: Uncle Milty at January 10, 2013 08:06 AM (YsFN3)

169 Posted by: Nighthawk at January 10, 2013 12:02 PM (RSqz2)

Maybe Khrushchev's translation was flawed (like the Reset button was) and he really said "One day we will Barry you!"

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 08:06 AM (Cnqmv)

170 it signals the United States is officially a banana republic, it's leaders unserious.

We're 4 years down that path already.

Posted by: @PurpAv at January 10, 2013 08:06 AM (BNacf)

171 The coffee and markets dude said you can't put the image of a living person on a US coin. Why? Because of some silly assed law? Bwahahahahaha!

Posted by: rickb223 at January 10, 2013 08:06 AM (GFM2b)

172 Just mint 1,000 $1 billion coins and pay off our debt to China will a bunch of them. I'm sure they will be thrilled to have us pay them what we owe them. Let's see how that works out, huh?

Let's pay foreign aid that way, too. Oh, Egypt, you want $2 billion from us? Sure here are two $1 billion dollar coins. Knock yourself out.

You want mone from us UN? No problem, have a few of these nifty coins.

Posted by: Marmo at January 10, 2013 08:07 AM (QW+AD)

173 Weren't miners on strike at the platinum mines being mowed down with machine guns last summer? Think Barry had anything to do with this?

Posted by: Waldo Truth at January 10, 2013 08:07 AM (ymJbM)

174 GOOOOOGLE THEM TO FIND OUT! Posted by: Mama AJ at January 10, 2013 12:03 PM (SUKHu) GOOOOOGLE? Is that something like Lycos or AskJeeves?

Posted by: RWC at January 10, 2013 08:07 AM (fWAjv)

175 119 Yes, it would be *huge*. In which case, why don't they use paladium or somethi n g like that which is even more valuable than platinum? I suspect they're knowledge is so limited that they don't knoe there is such a thi ng.

Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 08:07 AM (wbeNt)

176
And more platinum by value than has been mined in human history.

Ah, but you haven't taken into account Fractional Reserve Mining.

Posted by: Entropy at January 10, 2013 08:07 AM (TULs6)

177 It would only take a coin that weighs 625,000 lbs.,,
I'll need to create a larger purse.

Posted by: ette- at January 10, 2013 08:07 AM (nqBYe)

178 It would only take a coin that weighs 625,000 lbs.

I think it's funny you did the math on that.

Posted by: eleven at January 10, 2013 12:06 PM (KXm42)

Only on AoS!

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 08:08 AM (Cnqmv)

179 Zimbabwe has a bunch of printing presses that the USA can buy for   just pennies on the quadrillion dollar.

Posted by: Roy at January 10, 2013 08:08 AM (VndSC)

180 Couple of issues: 1) nobody on the right is seriously considering this. If a person is seriously considering this, you can conclude that they are not really on the right. 2) nobody on the left is a serious thinker. Not when it comes to solving our problems.

Posted by: Truman North at January 10, 2013 08:08 AM (Tyae+)

181 Couldn't it just be a scrumptious coin made of chocolate and wrapped in platinum foil instead?

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 08:08 AM (Jcd0S)

182 Weren't miners on strike at the platinum mines being mowed down with machine guns last summer? Think Barry had anything to do with this?
Posted by: Waldo Truth at January 10, 2013 12:07 PM (ymJbM)

It's called shorting the market.

Posted by: George Soros at January 10, 2013 08:08 AM (mETGQ)

183 So, you could mint this coin from a cube of platinum that is 30.5 feet per side to make it real.

Posted by: t-bird at January 10, 2013 08:09 AM (FcR7P)

184 We're going to be using exponents on our currency real soon.

Look at what I have in my wallet! It's a 10^12 dollar bill!

Posted by: EC at January 10, 2013 08:09 AM (GQ8sn)

185 >>>What is platinum used for besides jewelry? What applications does it have?

It is an important irreplaceable catalyst in some reactions that are obviously too technical for the timbre of the discussion.

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:09 AM (0q2P7)

186 It's pretty fucking obvious that ~~SauronObama~~ Ogollum has the ring already. So, Kilauea would be our Mt. Doom stand-in, then? ...oh hell, I'm too lazy to denounce myself.

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:09 AM (GBXon)

187 147 So if we need more platinum mined , will the EPA and assorted green groups allow it?

Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)

You dream general, there goals are one in the same.

Posted by: cajun carrot at January 10, 2013 08:09 AM (UZQM8)

188
Maybe Khrushchev's translation was flawed (like the Reset button was) and he really said "One day we will Barry you!

Posted by: Hrothgar - LIB or SMOD

Oh, very nice.

Posted by: Lurking Canuck at January 10, 2013 08:10 AM (BrQrN)

189 We don't have very much platinum here in the US.

Most of it is in Africa....like 80% of the known deposits.

Posted by: wheatie at January 10, 2013 12:06 PM (fH4X9)

that might make it more convenient . just wondering if the left will still shrilly scream about the raping of the erf.

Posted by: ette- at January 10, 2013 08:10 AM (nqBYe)

190
Hmm, I just looked up the gold price: $1676/oz.

Platinum = $1632/oz.

The other conversion factor is that they are measured in Troy ounces, not English ounces. One Troy pound only has 12 Troy ounces, making them weigh more than English ounces.

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 08:11 AM (yiIja)

191 oh and despots stealing another countries assets.

Posted by: ette- at January 10, 2013 08:11 AM (nqBYe)

192 There's actually a hashtag on twitter #mintthecoin where libs are advocating the idea.

Posted by: zmdavid at January 10, 2013 08:11 AM (AH6ig)

193 I love that some of you think Barky and His Buds would consider making the coin out of a sufficient amount of platinum that would equal one trillion dollars. You're missing the whole point of this MacGuffin... (I know you're really not, BTW)

Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 08:11 AM (Jcd0S)

194 The coin itself doesn't have to be formed with the actual one trillion in weight. It can be any size, it's just going to be stamped at one trillion dollars. Each penny will now, per my decree, be worth $1 billion!

Posted by: Lord Barry at January 10, 2013 08:11 AM (FcR7P)

195
Seems to me, this coin would be easily counterfeited, now I just have to find someone to take it....hmmmm....I know! Krugman!

Or I could by a pack of gum at Wal-Mart.....here is your change sir....999 Billion 999 Million 999 thousand 999 dollars and 69 cents.

Posted by: Guy Mohawk at January 10, 2013 08:11 AM (p/cQy)

196 It's important to note that every Rome eventually finds its Nero.

Posted by: Mitch at January 10, 2013 08:12 AM (vge4w)

197 The good thing about a coin that weighs 300 tons is you don't really need to guard it. Someone would have to steal the Shuttle crawler just to make off with it, and at a speed of a foot/sec or so, they'll won't get far before they're caught.

Posted by: @PurpAv at January 10, 2013 08:12 AM (BNacf)

198 Just the fact that this is being discussed is frightening. Mint a coin and put one trillion on it (and somehow expect the world to find you sane)?

Posted by: ejo at January 10, 2013 08:12 AM (GXvSO)

199 Hmm, I just looked up the gold price: $1676/oz. Platinum = $1632/oz. The other conversion factor is that they are measured in Troy ounces, not English ounces. One Troy pound only has 12 Troy ounces, making them weigh more than English ounces. BURN THE MATH WITCH!

Posted by: rickb223 at January 10, 2013 08:12 AM (GFM2b)

200
So, you could mint this coin from a cube of platinum that is 30.5 feet per side to make it real.

We're gonna need a bigger press.

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 08:12 AM (yiIja)

201 Two things--- First, as with the danger of factions, we should be clearly seeing that when it comes to the dangers of a national debt, that many of the Founders were right and our-ever-so-modern-day-intellectuals, who thought the Founders paranoid, are wrong. Second--spending precious metal wealth on consumption (including military) really helped Spain in the long run, didn't it? Of course, before you can do that you actually have to have a Polosi, and for some strange reason I'm somewhat doubtful of the United States getting one anytime soon.

Posted by: T. at January 10, 2013 08:12 AM (qFVoe)

202
that might make it more convenient . just wondering if the left will still shrilly scream about the raping of the erf.

The coin itself doesn't need to be $1 trillion in weight. It can be any size. It's just going to be stamped at $1 trillion in value.

For example, a 1oz coin is worth around $1600-$1700 dollars, but will be stamped by the mint as "One Trillion US Dollars".

Posted by: EC at January 10, 2013 08:12 AM (GQ8sn)

203 33 More like the most recent Simpsons episode. You know Tom Waits as the Prepper.

Posted by: Mike Hunt at January 10, 2013 08:13 AM (G6kli)

204 I don't think their are rules governing electronic currency....so avoid the physical thing and just say it exists in the interwebs.

Posted by: ALL_IS_LOST at January 10, 2013 08:13 AM (T/L2Z)

205 Next, we should pass a law making it illegal to get too cold. Then maybe we can pass a law making the earth flat.

A story being circulated about 4 years ago was that some Obama-wonks were discussing some proposed changes in minimum mileage on cars with the Big 3. Someone told them wonks that some of the things they proposed could not be done due to the Laws of Physics. The wonk's response was that since they controlled Congress they'd get them to change the law.

Posted by: John P. Squibob at January 10, 2013 08:13 AM (kqqGm)

206
>>>Look at what I have in my wallet! It's a 10^12 dollar bill!

The 100,000 dollar bill was last printed in 1935. I could definitely see a comeback. Ironically apropos they are not green they are red, and they feature a portrait of Woodrow Wilson.

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:13 AM (0q2P7)

207 :::32 If this happens I will blame Gabe. Why? Because I don't appreciate EoJ's tone, that's why. Posted by: Ammo Dump at January 10, 2013 11:37 AM (YYyqq):::: There's nothing wrong with my tone, asshole. You watch YOUR fucking tone.

Posted by: Empire of Jeff at January 10, 2013 08:13 AM (A+odv)

208 If this happens can we officially call the great experiment of the USA over?

Posted by: Mr. Moo Moo at January 10, 2013 08:13 AM (HDgX3)

209
why don't they use paladium or somethi n g like that which is even more valuable than platinum?

No it's not.

Paladium is actually one of the cheapest PGM (platinum group metals).

Posted by: Entropy at January 10, 2013 08:14 AM (TULs6)

210 And I have a letter in the pile that I just opened. It says I am pre-approved for a loan of up to $417,000. Suddenly I feel like the White House pondering this stupid trillion dollar coin.

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:14 AM (KnIgz)

211 It would only take a coin that weighs 625,000 lbs.

I think it's funny you did the math on that.

Posted by: eleven at January 10, 2013 12:06 PM (KXm42)

Only on AoS!

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:08 PM (Cnqmv)

What's more funny is I did the math wrong. I think I left off a zero.

Posted by: polynikes at January 10, 2013 08:14 AM (m2CN7)

212 There's nothing wrong with my tone, asshole. You watch YOUR fucking tone. Posted by: Empire of Jeff at January 10, 2013 12:13 PM (A+odv) I look for my adjustments in Bass, treble, balance and fade.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:14 AM (l86i3)

213 Potosi, not Polosi. Sorry.

Posted by: T. at January 10, 2013 08:14 AM (qFVoe)

214 The coffee and markets dude said you can't put the image of a living person on a US coin. Fine. Saul Alinsky.

Posted by: AmishDude at January 10, 2013 08:15 AM (xSegX)

215 By the way, a brief history on platinum coins: http://en.wikipedia.org/wiki/Platinum_coin

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:15 AM (GBXon)

216 Maybe Khrushchev's translation was flawed (like the Reset button was) and he really said "One day we will Barry you!"

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:06 PM (Cnqmv)

That happened in 1960, Barry was born the next year. Maybe Barry Sr. was a commie agent for Nikky. Go to the US, find yourself a commie whore, knock her up and then you can skip town if you like. We'll raise the bastard as a perfect commie to destroy America

Posted by: TheQuietMan at January 10, 2013 08:15 AM (1Jaio)

217 I need a platinum coin to tip the barmaid.

Posted by: Joe Biden at January 10, 2013 08:15 AM (DrC22)

218 One Troy pound only has 12 Troy ounces, making them weigh more than English ounces. Oops, I had calculated with English ounces. One second... Ok, then it's a cube 33.5 feet on a side, weighing 50.6 million pounds.

Posted by: t-bird at January 10, 2013 08:16 AM (FcR7P)

219 203 33

More like the most recent Simpsons episode. You know Tom Waits as the Prepper.
Posted by: Mike Hunt at January 10, 2013 12:13 PM (G6kli)

_________

I know right. Those preppers are so stupid. It's not like a natural disaster, say a hurricane, could wipe out civilization in major city like say New Orleans or Staten Island leaving millions of people without food, water and creating total chaos.

What a bunch of right wing nutjobs!

Posted by: Mr. Moo Moo at January 10, 2013 08:16 AM (HDgX3)

220 All the F'ing geniuses in government when the solution is so damn simple. Dear China http://tinyurl.com/apbymvf

Posted by: RWC at January 10, 2013 08:16 AM (fWAjv)

221 Milton Friedman, "Money Mischief" available on Amazon. Apparently few people have read it , or understand it. The brightest, best educated, most articulate elite, our betters, those more superior to us merely ordinary people should read this book. It is obvious that few have.

Posted by: Skandia Recluse at January 10, 2013 08:16 AM (aGpJN)

222 Holy shit, there's a lot of math on this post!!!

Posted by: EC at January 10, 2013 08:16 AM (GQ8sn)

223 My reporter from another planet could ask: "Mr President, do you actually have a plan to address America's debt crisis? And if so is it similar to the budgets submitted by your Dem-controlled senate in the past 3 years?"

Posted by: Jehu at January 10, 2013 08:16 AM (cSD32)

224
some of the things they proposed could not be done due to the Laws of Physics. The wonk's response was that since they controlled Congress they'd get them to change the law.

We need a BRAWNDO standard. BRAWNDO has what bankers crave.

Posted by: Entropy at January 10, 2013 08:17 AM (TULs6)

225 78 What is platinum used for besides jewelry? What applications does it have?

You have a car with a catalytic converter? You are driving around with some platinum.

Posted by: Billy Bob, pseudo intellectual at January 10, 2013 08:17 AM (tWFaN)

226
Barky just happens to have a logo that would fit perfectly on a coin.

They could call it the "O".

Posted by: wheatie at January 10, 2013 08:17 AM (fH4X9)

227 Paladium has been used in auto catalytic converters as well as platinum...I presume this was due to cost.

There's enough platinum in catalytic converters that thieves are rolling under cars with a sawzall and stealing them in parking lots and on the street.

I think the scrapyards are paying about $300 per

Posted by: @PurpAv at January 10, 2013 08:18 AM (BNacf)

228
The coin wouldn't need to weigh its worth of $1 Trillion in platinum for the same reason that a $100 bill doesn't weigh the same as $100 worth of paper.

Posted by: Uncle Milty at January 10, 2013 08:18 AM (YsFN3)

229 Every single US dollar is now backed by electrolytes.

Posted by: Entropy at January 10, 2013 08:18 AM (TULs6)

230 We need a BRAWNDO standard. BRAWNDO has what bankers crave.

We are already there. Look who's VP. He fits the doc's diagnosis perfectly! He talks like a tard and his shit's all fucked up.

Posted by: EC at January 10, 2013 08:18 AM (GQ8sn)

231 >>>here's nothing wrong with my tone, asshole. You watch YOUR fucking tone.

Now now, you have been singing a little flat lately. Maybe if you were more energetic. . .

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:18 AM (0q2P7)

232 One of the bits of useless trivia that I can never purge is that there were 400 $10,000 bills printed, and Salmon P. Chase's portrait was on them.

Posted by: Empire of Jeff at January 10, 2013 08:18 AM (A+odv)

233 Gabe, if you have some time, research the Swiss Debt Brake, and compare/contrast with the debt Ceiling. Nobody says the Swiss are dumb. I think its a subject that would deserve a post.

Posted by: sexypig at January 10, 2013 08:19 AM (dZQh7)

234 Sure, we accept trillion dollar coins. So sorry, we don't make change.

Posted by: Walmart at January 10, 2013 08:19 AM (FcR7P)

235 Electrolytium coins.

Posted by: Entropy at January 10, 2013 08:19 AM (TULs6)

236 I've asked libs this question and have yet to get a reply...if we can print a $1T coin, can we also print a $1 Gajillion coin?

Posted by: Mr. Moo Moo at January 10, 2013 08:19 AM (HDgX3)

237 I was in Poland when $20 bucks would get you over a million zlotys. Americans were greeting each other with, I'm a millionaire! I'm sure the Poles did not find it amusing.

Posted by: Waldo Truth at January 10, 2013 08:19 AM (ymJbM)

238 Now now, you have been singing a little flat lately. Maybe if you were more energetic. . . Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:18 PM (0q2P7) Booze weakens the muscles in the diaphram causes a flat tone.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:19 AM (l86i3)

239
There's enough platinum in catalytic converters that thieves are rolling under cars with a sawzall and stealing them in parking lots and on the street.

I think the scrapyards are paying about $300 per

Posted by: @PurpAv at January 10, 2013 12:18 PM (BNacf)

well it's a great business opportunity .

wish i had no scruples! or could run fatser.

Posted by: ette- at January 10, 2013 08:20 AM (nqBYe)

240 Yes, it is legal to mint coins.

It is also legal for me tow own a piano.

It is legal for me to to push my piano off a cliff on my own property and watch it be destroyed.

It is NOT legal for me to push the piano off my cliff with the intention of it landing on someone's head to kill them.

It is not legal for the gov to mint a $1T coin to exceed the debt limit.

Posted by: Vic at January 10, 2013 08:20 AM (53z96)

241 faster

Posted by: ette- at January 10, 2013 08:20 AM (nqBYe)

242 Mint not print.

Hey that sound catchy...might be usable for some type of protest.

Hey hey
Ho Ho
The mint and print has got to go

Posted by: Mr. Moo Moo at January 10, 2013 08:20 AM (HDgX3)

243
Has anybody sarcastically said yet why not just mint 17 obamacoins and pay off the debt?

Which is also the answer to why it won't work.
1. The coin idea is to keep spending, not pay off debt, silly.

2. If you did mint 17 and pay off debt, it is no difference to just declaring national bankruptcy if you think about it. (or printing $17 trillion). End result is the debt gets paid with useless dollars.

Posted by: Guy Mohawk at January 10, 2013 08:20 AM (p/cQy)

244 The government should just force everyone to have a micro chip implanted in their hands to record transactions where units are the currency instead of the dollar. It's the next greatest thing next to electronic voting.Ironclad and fool proof. As far as the value of the units, who cares.By not carrying we can spend as much or as little as we like.

Posted by: Drider at January 10, 2013 08:21 AM (HaJD9)

245
5 I say go for it. Nothing will make the debt markets freak the fuck out like the fact that HOLY FUCK THEY ARE MAKING TRILLION DOLLAR COINS!!

---------

And then next thing you know there'll be a little sign pasted at my local McDonalds telling me that, due the sudden large influx of counterfeit North Korean $1 trillion coins, they are no longer accepting change.

Posted by: Citizen Anachronda at January 10, 2013 08:21 AM (IrbU4)

246
Uh... Krugman is living in a fantasy world of normed Statistics if he thinks that inflation is NOT a problem.

They have gerrymandered the inflation numbers so that what would have been horrible inflation (at least 8%) in the past... is now less than half that...

And if you use the Chained CPI the Repubs want? It distorts inflation numbers even more....

There HAS been significant inflation for those of us who live in the Real World... They just do not want to admit it as it prooves that their MisReading of Keynes theory is wrong...

(and for the record, anytime you have inflation rates higher than the interest rates you can get on savings... as the Fed has ENGINEERED.. you have a very very bad economic model... as savings become a net negative).

Posted by: Romeo13 at January 10, 2013 08:21 AM (lZBBB)

247 McArdle's rant is pretty good, but she blames a fair amount of bad Pelosi/Reid/Obama policy on Republicans just to appear balanced. Sequestration came directly from the White House, for instance.

Posted by: Ian S. at January 10, 2013 08:21 AM (B/VB5)

248 Hey, the Furry on 'Justified' had a million dollar bill. We should tap him for a Treasury post.

Posted by: RWC at January 10, 2013 08:21 AM (fWAjv)

249 You miss the point of the trillion-dollar coin. It brings hope to the middle class.

Posted by: President Obama at January 10, 2013 08:21 AM (DrC22)

250 We coins of both types. Coins that are intrinsically worth less than the face value (e.g. quarter dollar) and coins that are intrinsically worth far more than their face value (e.g. gold eagles).

The argument that it is intrinsically worth 1 billionth of its face value is moot.

Posted by: Al at January 10, 2013 08:21 AM (V70Uh)

251
Barky Obumblefuck can print a $1 trillion dollar coin, but if I add ",000" after the ones on a dollar bill, they wouldn't be amused.

Posted by: Marmo at January 10, 2013 08:21 AM (QW+AD)

252 The grown-ups have left the room.

Posted by: Margarita DeVille at January 10, 2013 08:21 AM (C8mVl)

253 This whole platinum coin thing is absurd.

Mint the coin in Black Democratium. It's priceless! The gov't would have an infinite amount of money to draw upon. Pay off all debts! No more debt ceiling! Instant, eternal solvency!

Posted by: BCochran1981 at January 10, 2013 08:22 AM (da5Wo)

254 After we mint enough platinum coins, the price of platinum will rise to $1 trillion per whatever the coin weighs anyway. Actually, the dollar will be so worthless no one will care how many dollars it's worth.

Posted by: zmdavid at January 10, 2013 08:22 AM (AH6ig)

255 In the interests of comity, and giving Congress the historical deference to which it is entitled, it is my---what's that? Another WH party on Friday? Sure, I'll be there--conclusion that fuck yeah, it's constitutional.

Posted by: Chief Justice John Roberts at January 10, 2013 08:22 AM (HPRku)

256 It is not legal for the gov to mint a $1T coin to exceed the debt limit.

You gotta get over this quaint notion of legality Vic. The Rubicon has been crossed. Legal is whatever Obama says it is.

Posted by: @PurpAv at January 10, 2013 08:23 AM (BNacf)

257 Hey Rocky did ya ever see me pull a coin out of my .....

Posted by: Bullwinkle at January 10, 2013 08:23 AM (9Bj8R)

258 Barky just happens to have a logo that would fit perfectly on a coin. The "Eye of Borrow"...

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:23 AM (GBXon)

259 It is NOT legal for me to push the piano off my cliff with the intention of it landing on someone's head to kill them. It is not legal for the gov to mint a $1T coin to exceed the debt limit. Posted by: Vic at January 10, 2013 12:20 PM (53z96) What about pushing it on their Grandkids and Great Grandkids?

Posted by: RWC at January 10, 2013 08:23 AM (fWAjv)

260 You have a car with a catalytic converter? You are driving around with some platinum. Reminds me of articles I saw last year, Â“catalytic converter thefts on the rise.Â” They drop under the vehicle, snip it out, walk away with it. Supposedly. The problem with news stories is that they come from the same people who think a trillion dollar coin is a good idea.

Posted by: Stephen Price Blair at January 10, 2013 08:23 AM (QF8uk)

261 I look forward to buying a loaf of bread with the $100,000 bills that will be introduced shortly after the $1T coin is introduced.

At least the good news is when inflation hist 50% a week, my mortgage will be paid off in 2 weeks.

Posted by: Mr. Moo Moo at January 10, 2013 08:23 AM (HDgX3)

262 I was in Poland when $20 bucks would get you over a million zlotys. Americans were greeting each other with, I'm a millionaire! I'm sure the Poles did not find it amusing.
Posted by: Waldo Truth at January 10, 2013 12:19 PM (ymJbM)

Howard Stern would do a take off bit called Who Wants To Be A Turkish Millionare. Where a million turkish lira was equal to about 20 bucks.

Posted by: polynikes at January 10, 2013 08:23 AM (m2CN7)

263 What terrorists starting counterfeiting the trillion-dollar coin? That could cause a lot of problems.

Posted by: edj at January 10, 2013 08:24 AM (+QKfp)

264 I'm sorry. I just can't get my mind off of the Direct TV "genie." I hope this doesn't make me a bad person. But she is smokin'.

Posted by: Fourth Virginia at January 10, 2013 08:24 AM (wbmaj)

265 Question is, what would replace the US Dollar as the world's benchmark currency? Posted by: wheatie at January 10, 2013 11:43 AM (fH4X9) Uh...bullets?

Posted by: Skandia Recluse at January 10, 2013 08:24 AM (aGpJN)

266 The bad news is it will cost $2M to fill up my car.

Posted by: Mr. Moo Moo at January 10, 2013 08:24 AM (HDgX3)

267 I'm going to forge one of these coins and sell it to the Nigerians at a discount. "I inherited it but I need the money for taxes."

Posted by: t-bird at January 10, 2013 08:24 AM (FcR7P)

268 You gotta get over this quaint notion of legality Vic. The Rubicon has been crossed. Legal is whatever Obama says it is. Your dead on right.And nobody, elected leaders or otherwise are even lifting a finger to stop him.

Posted by: Drider at January 10, 2013 08:25 AM (HaJD9)

269 End result is the debt gets paid with useless dollars.

Posted by: Guy Mohawk at January 10, 2013 12:20 PM (p/cQy)

The end result of all Obamanomics is useless dollars, forcing all savings to evaporate and leaving government issued food stamps and EBT cards as the only viable non-barter means of exchange.

The barter exchange people will be using bitcoin, ammo, weapons, food, useful skills, and hard currency!

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 08:25 AM (Cnqmv)

270 Stealing catalytic converters is a major problem in Chicago. Even in parking lots where you park your car to take transit into the city.

Posted by: Anna Puma (+SmuD) at January 10, 2013 08:25 AM (KnIgz)

271 You gotta get over this quaint notion of legality Vic. The Rubicon has been crossed. Legal is whatever Obama says it is.

Posted by: @PurpAv at January 10, 2013 12:23 PM (BNacf)

Yes he does a LOT of illegal shit. But that doesn't make it legal. It just means that congress has no balls.

Posted by: Vic at January 10, 2013 08:25 AM (53z96)

272 This is one of those times i wish i had not had children.
i feel so bad for their future.

only consolation is maybe they being younger will have the strength to live through it.

Posted by: ette- at January 10, 2013 08:25 AM (nqBYe)

273
Two posts in a row on the complete and total absurdity of the idea of violating every know law of economics, all brought on by Leftardismness.

I can't believe we're even discussing this. What I really can't believe is that there are idiots in Washington who are floating this insane idea. In a perfect world, the guys in white coats would be rounding these people up with nets and putting them somewhere where they would pose no threat to normal people.

I'm becoming tired and could really use a drink.

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 08:25 AM (yiIja)

274 Question is, what would replace the US Dollar as the world's benchmark currency? Nuka-Cola caps.

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:25 AM (GBXon)

275 and, of course, Gabby is the last word in all matters legal

Posted by: Gerry at January 10, 2013 08:26 AM (2sEUb)

276 209 Interesting, it's come down a lot in the last couple of years then. I only know about since one of John's jobs for his plant was to track the price for the catalytic gauzes. I haven't actually followed the prices since his death.

Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 08:26 AM (wbeNt)

277
>>>Howard Stern would do a take off bit called Who Wants To Be ATurkish Millionare. Where a million turkishlira was equal to about 20 bucks.

Oh I remember visiting Italy before the EU. The smallest printed bill was 1000 Lire. Worth a little less than a dollar.

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:26 AM (0q2P7)

278 A perfect symbol of Child King Barry's economic intellect.

Posted by: wth at January 10, 2013 08:26 AM (wAQA5)

279
I'm sure Putin would love to have it on his desk.
Posted by: Bevel Lemelisk at January 10, 2013 11:59 AM (IyKYr)

Next to Obamas head cased in lexan.
Why would Putin liquidate his best agent?

Posted by: Armando putting on his tin foil hat at January 10, 2013 08:27 AM (5iuEW)

280 You plebs can argue about constitutionality all you want. I'm not endangering my invitation to Nancy Pelosi's inauguration party, in which Keith Olbermann and Debbie Wasserman-Schultz will reenact the orgy scene from "Eyes Wide Shut".

Posted by: Chief Justice Roberts at January 10, 2013 08:27 AM (B/VB5)

281 In a perfect world, the guys in white coats would be rounding these people up with nets and putting them somewhere where they would pose no threat to normal people.

So that's why they did away with the insane asylums in the 1970s.

Posted by: HeatherRadish™ (BAN ALL THE THINGS!) at January 10, 2013 08:27 AM (ZKzrr)

282 244 The government should just force everyone to have a micro chip implanted in their hands to record transactions where units are the currency instead of the dollar. It's the next greatest thing next to electronic voting.Ironclad and fool proof. As far as the value of the units, who cares.By not carrying we can spend as much or as little as we like. Hey good idea, or you could also have the option of the chip in your forehead, that way you could exactly fulfill the prophecy in the book of Revelation on how the antichrist controls the world economy, things are shaping up nicely.

Posted by: Jehu at January 10, 2013 08:27 AM (cSD32)

283 I wonder how much the Pawn Stars would give me for one?

Posted by: wth at January 10, 2013 08:28 AM (wAQA5)

284 Yes he does a LOT of illegal shit. But that doesn't make it legal. It just means that congress has no balls.

Posted by: Vic at January 10, 2013 12:25 PM (53z96)

_____________

I saw Newt on TV last night, first time I've watched cable news in forever but I was flipping around and always like to hear what he says. He made the point that whatever the president does via executive order can be stopped by congress simply by not funding the action. Obama wants to print the coin? OK. Congress won't authorize any money to do so. Not the $1T needed, but the money to actually print the coin, design the coin, pay the worker bees at the mint who would do it, etc. And this goes for gun control as well. Obama can implement all the shit he wants. That costs money to execute. And that money can only be authorized by congress. No authorization = his executive orders can't be executed.

Posted by: Mr. Moo Moo at January 10, 2013 08:28 AM (HDgX3)

285 Question is, what would replace the US Dollar as the world's benchmark currency?

Ahem.
http://nyti.ms/13lj3FC

But remember. If you are buying gold as a fallback option. You arr de prepper wingnutz.

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:28 AM (0q2P7)

286 170 PA,

I think the world thought what I thought....

"well he ran a good campaign and fooled just enough war weary GOP to win...."

Jugears 2-The Boning says we probably knew what the fuck we were doing in '08 and deserve everything that is coming.

Posted by: sven10077 at January 10, 2013 08:29 AM (LRFds)

287 283 I wonder how much the Pawn Stars would give me for one?
Posted by: wth at January 10, 2013 12:28 PM (wAQA5)

_____________

Look I know it's a $1T coin. But I have to store it, I have to make a profit and quite frankly there's a limited market for it. I'll give you like $1200 for it. Cash on the spot today. Final offer.

Posted by: Mr. Moo Moo at January 10, 2013 08:29 AM (HDgX3)

288 Like the St Gaudens Double Eagle, we will now have the Obama Platinum Ã¸.

Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 08:29 AM (Cnqmv)

289 I had the idea a few days ago that the USA just might get away with this shit. Any normal country would experience hyperinflation, go broke, and have mass starvation and a revolution.   But since we grow our own food and should become energy-independent by the end of the decade, and the rest of the world is pulling the same shit, maybe, just maybe we will skate.

Posted by: Al at January 10, 2013 08:29 AM (V70Uh)

290 Hey lets write off all that Chicom debt and throw them a few coins from a Trump Casino and tell them to choke on it

Posted by: Nevergiveup at January 10, 2013 08:30 AM (9Bj8R)

291 When is the suggestion coming that we can "mint," new speed limit signs for our highways to speed up commerce? I vote for 1,000 miles per hour.

Posted by: Jehu at January 10, 2013 08:30 AM (cSD32)

292 Mint the coin in Black Democratium. It's priceless! Someone said it yesterday. Unobtainium. Think how much we could spur the economy searching for it. Ripple effect throughout the whole economy. Search parties, mining, cooks to feed the miners, hookers for the miners.

Posted by: rickb223 at January 10, 2013 08:30 AM (GFM2b)

293 244 drider,

and if someone refuses to adopt the new state religion you just cut off their ability to get free shit....

BRILLIANT!

Posted by: sven10077 at January 10, 2013 08:30 AM (LRFds)

294 Posted by: ALL_IS_LOST at January 10, 2013 12:13 PM (T/L2Z)

In this case, to be legal, you actually have to mint a physical coin no matter the size.

(For electronic money, they do have to create debt)

Posted by: Guy Mohawk at January 10, 2013 08:31 AM (p/cQy)

295 should become energy-independent by the end of the decade, ???? Yeah when pigs fly

Posted by: Nevergiveup at January 10, 2013 08:31 AM (9Bj8R)

296
I'm not endangering my invitation to Nancy Pelosi's inauguration party, in which Keith Olbermann and Debbie Wasserman-Schultz will reenact the orgy scene from "Eyes Wide Shut".

Wait, there's going to be an orgy and nobody told me?

Thanks for the heads up, John! I'll be there with bells on!

Posted by: Helen Thomas at January 10, 2013 08:31 AM (5iuEW)

297 A better approach IMO is to default on all the foreign debt. What's China going to do, invade us? No. They'll just grumble and go on with their lives. Of course nobody will ever lend us another dime, but that's a feature not a bug. It will force us to live within our means.

Posted by: Mr. Moo Moo at January 10, 2013 08:31 AM (HDgX3)

298 >>>I wonder how much the Pawn Stars would give me for one?

Well the demand for it is low, and it sure takes up a lot of floor space. They'd have to work really hard to find a buyer... 100 bucks?

Posted by: MikeTheMoose is Shrugging at January 10, 2013 08:31 AM (0q2P7)

299 # 290

Ahem. re: #172

Posted by: Marmo at January 10, 2013 08:31 AM (QW+AD)

300 264 I'm sorry. I just can't get my mind off of the Direct TV "genie." I hope this doesn't make me a bad person. But she is smokin'. Posted by: Fourth Virginia at January 10, 2013 12:24 PM (wbmaj) pssst... http://tinyurl.com/asaxphp

Posted by: RWC at January 10, 2013 08:31 AM (fWAjv)

301 But since we grow our own food and should become energy-independent by the end of the decade, and the rest of the world is pulling the same shit, maybe, just maybe we will skate. Just got a message from the EPA. Sounds like laughter.

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:31 AM (GBXon)

302 287 Mr. Moo moo,

I'll take it!

//Paul Krugman economic genius

Posted by: sven10077 at January 10, 2013 08:32 AM (LRFds)

303
Interesting, it's come down a lot in the last couple of years then.

It has actually, I don't know why. Right now platinum is about $1600 and even with gold. It usually is more expensive than gold, a couple years back platinum was about $2200 when gold was $1200 and paladium was $600. Now paladium is $700, gold is $1600, platinum is $1600, and the other PGMs like Rhodium that were running $3200 are down to just $1000.

Dunno why.

Posted by: Entropy at January 10, 2013 08:32 AM (TULs6)

304 301 Brother Cavil,

Yeah people don't look behind the curtain hard enough....

EPA tried to outlaw agriculture to "stop global warming" in Jugears 1-the rise of SCOAMF....

I am wondering what other "coin tricks" Juggsy has?

Posted by: sven10077 at January 10, 2013 08:33 AM (LRFds)

305 Now all the students can learn how evil white people are. TUCSON, Ariz. (AP) Â— The Tucson Unified School District Governing Board is reversing itself by voting to drop an objection to providing so-called Â“culturally relevantÂ” courses for core credit beginning next school year. The courses would focus on experiences, culture and history of Mexican-Americans and African-Americans. The governing board had objected to offering the courses as part of anti-desegregation plan. However, the board reversed its position in a 3-2 vote Tuesday as two newly elected board members supported the change. The district previously eliminated Mexican-American Studies courses after state officials ruled that the coursesÂ’ content violated a law against curriculum that engendered racial or ethnic disharmony.

Posted by: Nevergiveup at January 10, 2013 08:34 AM (9Bj8R)

306
Mint the coin in Black Democratium. It's priceless!

Someone said it yesterday. Unobtainium.

I already told you people, Electrolytium. It's got what bankers crave!

Posted by: Entropy at January 10, 2013 08:34 AM (TULs6)

307 The main industrial use for platinum is catalytic converters. The current price of platinum indicates the global auto industry is still not booming.

Posted by: Al at January 10, 2013 08:34 AM (V70Uh)

308 When I first saw a headline about the "trillion dollar coin" I thought someone was just joking around because the concept is pretty stupid. Did I miss something? Is everyone on psychotropic drugs? Are there still serious people in government? And by that I mean "serious" not seriously deranged.

Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 08:35 AM (qwK3S)

309 I wonder how much the Pawn Stars would give me for one? Make sure you get Rick or Chumley. Cory will screw you.

Posted by: rickb223 at January 10, 2013 08:35 AM (GFM2b)

310 Civilian disarmament is immoral.

Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 08:36 AM (qwK3S)

311 I am wondering why I can't wish off 80 pounds and ignore gravity and fly to work?

Fucking idiots on the hill.

Posted by: sven10077 at January 10, 2013 08:36 AM (LRFds)

312 Let the left befoul themselves with this idea, it will give House 'Pubs the rationale to micro manage their asses thru appropriations. I bet Obama and Ayers are all sweaty over the opportunity to destroy the reserve currency status of the dollar.

Posted by: Jean at January 10, 2013 08:36 AM (49lPc)

313 >>>>The government should just force everyone to have a micro chip implanted in their hands to record transactions where units are the currency instead of the dollar.<<<<<

its called the iphone. or that little square thing they advertize now.

Posted by: Guy Mohawk at January 10, 2013 08:36 AM (p/cQy)

314 Conservatives, of all people, should be comfortable with the idea that the Constitution doesn't outlaw every single stupid thing our government might do.

Posted by: Emperor of Icecream at January 10, 2013 08:37 AM (ZMzpb)

315 Are there still serious people in government? And by that I mean "serious" not seriously deranged. Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:35 PM (qwK3S) No. They are all sick deranged bastards

Posted by: Nevergiveup at January 10, 2013 08:37 AM (9Bj8R)

316 Too much work making those Boeing Dreamliners, we could just make some out of balsa wood, paint them and have somebody in the background make jet noises, then everyone could just say they have arrived. This making stuff up is going to catch on, I'm telling you! This economy will take off and float, like, like the Hindenberg!

Posted by: Jehu at January 10, 2013 08:37 AM (cSD32)

317 and if someone refuses to adopt the new state religion you just cut off their ability to get free shit.... BRILLIANT! ------------------------------------------------------------------ Don't be ridiculous sven.Any whiff of religion other than the one where we must not offend their sensibilities will be banned and as such, yes, they would be cut off from free shit.

Posted by: Drider at January 10, 2013 08:37 AM (HaJD9)

318 303 Rhodium, thank you. I knew I was forgetting one of the important ones. Reclamation was a big deal when John was working, due to the cost of new gauzes. I wonder if it's less so now that the priced have dropped.

Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 08:38 AM (wbeNt)

319 This DO-NOTHING congress (full of obstructionist Republicans) has the LOWEST approval rating of all time!!!!

284
I saw Newt on TV last night, first time I've watched cable news in forever but I was flipping around and always like to hear what he says. He made the point that whatever the president does via executive order can be stopped by congress simply by not funding the action. Obama wants to print the coin? OK. Congress won't authorize any money to do so. Not the $1T needed, but the money to actually print the coin, design the coin, pay the worker bees at the mint who would do it, etc. And this goes for gun control as well. Obama can implement all the shit he wants. That costs money to execute. And that money can only be authorized by congress. No authorization = his executive orders can't be executed.

Posted by: Mr. Moo Moo at January 10, 2013 12:28 PM (HDgX3)

Posted by: MSM at January 10, 2013 08:39 AM (cv5Iw)

320 Mint the coin in Black Democratium. It's priceless! Wouldn't that involve smelting Hank Johnson or something first?

Posted by: Ian S. at January 10, 2013 08:39 AM (B/VB5)

321
The main industrial use for platinum is catalytic converters. The current price of platinum indicates the global auto industry is still not booming.

Also medical implants, high end electronics, various types of sensors and it acts as a catalyst in certain chemical reactions. It's not just car stuff.

Posted by: Entropy at January 10, 2013 08:40 AM (TULs6)

322 I understand he is devaluing the currency, and raising the debt limit by doing this. The Chinese have manipulated their currency for years. We complain, nothing happens. The Chinese still hold most our debt, right? Doe that have anything to do with this? Apologies if that has already been explained

Posted by: Thunderb at January 10, 2013 08:40 AM (Dnbau)

323 #305. Posted by: Nevergiveup at January 10, 2013 12:34 PM (9Bj8R)

They can't read, write or do math but at least they'll have Â“culturally relevantÂ” courses. And in 4 years when they can't find a job and have massive debts they will be able to blame whitey for all of it

Posted by: TheQuietMan at January 10, 2013 08:40 AM (1Jaio)

324 Did I miss something? Is everyone on psychotropic drugs? Are there still serious people in government? And by that I mean "serious" not seriously deranged. Are you doing the Obama Years withOUT psychotropic drugs? Dude, that's hard-core!

Posted by: t-bird at January 10, 2013 08:40 AM (FcR7P)

325 Black Democratium is too dense to mint. The stamping would break the equipment.

Posted by: Al at January 10, 2013 08:40 AM (V70Uh)

326 @314 Tell me you're joking.

Posted by: Gerry at January 10, 2013 08:41 AM (2sEUb)

327 "By minting a $1 trillion coin and depositing it with the Fed, the government would be credited with enough money to put off a collision with the debt ceiling for another year." Another year? HAHAHA isn't that cute... they'll blow through a trillion in 8-9 months TOPS. And if they get away with this they'll ramp up spending and it'll be more like 6. Haven't we learned by now, they always spend more than they make; and if you give them more, they spend a LOT more than you gave them.

Posted by: gekkobear at January 10, 2013 08:41 AM (gAH5l)

328 And why all the focus on Platinum? How about making some coins out of truffles? They are really expensive and if the economy collapses you could at least eat them.

Posted by: Jehu at January 10, 2013 08:41 AM (cSD32)

329 320 Mint the coin in Black Democratium. It's priceless!

-----------------

Wouldn't that involve smelting Hank Johnson or something first?
Posted by: Ian S. at January 10, 2013 12:39 PM (B/VB5)

Feature, not a bug.

Posted by: BCochran1981 at January 10, 2013 08:41 AM (da5Wo)

330 We deem the coin minted. And it's glorious....

Posted by: The Imperial Senate at January 10, 2013 08:42 AM (FcR7P)

331 The question isn't 'is it legal or constitutional'

The question is, does this bring down the IQ of anyone who has heard of the platinum coin idea?

Is this the action of a well governed state? no, no it isn't

Is this a harebrained scheme a kindergartner could think up? my, yes.

Should this action wake everyone the hell up to who is running our country? FUCK YEAH

I told my dear 'ol dad about this yesterday, and he thought I was joking. He thought it was something smartass conservatives were using to make fun of Obama. He didn't think *I* was serious

If people out there here about this, and realize its for real, this could start a panic. no shit. This is something someone in a bunker thinks up before they blow their head off

Posted by: Just the Facts at January 10, 2013 08:42 AM (2U+qM)

332 The Chinese don't hold a lot of our debt, we hold our own debt. The Chinese are buying huge quantities of gold, not gold certificates, the heavy shit you can't eat.

Posted by: Jean at January 10, 2013 08:42 AM (49lPc)

333 This really redefines Laughing All The Way To The Bank.

Posted by: the circus is in town -- permanently at January 10, 2013 08:42 AM (LpQbZ)

334 The Chinese still hold most our debt, right? Doe that have anything to do with this?
Posted by: Thunderb at January 10, 2013 12:40 PM (Dnbau)
The Chinese only have about 1 coin's worth of our debt. They quit buying a couple of years ago.

Posted by: zmdavid at January 10, 2013 08:43 AM (AH6ig)

335 PGMs (Platinum Group Metals): Platinum, Paladium, Ruthenium, Rhodium, Osmium and Iridium.

Posted by: Entropy at January 10, 2013 08:43 AM (TULs6)

336 I had the idea a few days ago that the USA just might get away with this shit.

One of the Kennedy assassination conspiracy theories revolves around the fact that he had a huge quantity of fiat United States Notes (i.e. not Federal reserve notes) printed up and intended to put them into circulation.

If Obama does this, I think there are forces in the world who would make sure he never collects a retirement.

Posted by: @PurpAv at January 10, 2013 08:43 AM (BNacf)

337 314 Conservatives, of all people, should be comfortable with the idea that the Constitution doesn't outlaw every single stupid thing our government might do. No, but it does reserve that power to the states.

Posted by: Jean at January 10, 2013 08:44 AM (49lPc)

338 Can we change the national anthem to "When You Wish Upon a Star"

Posted by: Jehu at January 10, 2013 08:46 AM (cSD32)

339 "Nothing up my sleeve. Watch me pull a rabbit out of my hat."

Posted by: Bullwinkle Obama at January 10, 2013 08:46 AM (BAS5M)

340 Obama would likely just ignore Congress before he would actually mint the coin. I think even he knows this type of 3rd world Zimbabwe nonsense would be a big political loser for him and Democrats.

Republicans need to be ready, and the House needs to draft something that prioritizes payments like SS, MediCare, the military, etc so we don't look like we want to bounce checks to grandma or grandpa can get his medication because MEdicare is shut down.

They also need to unite on what they want to get in exchange for the debt ceiling, but it needs to be real entitlement reform like raising the age of eligibility, no more can kicking (even though that's what I expect will happen)

Posted by: McAdams at January 10, 2013 08:46 AM (1oZjF)

341 This is something someone in a bunker thinks up before they blow their head off

That would be something.

Posted by: HeatherRadish™ (BAN ALL THE THINGS!) at January 10, 2013 08:46 AM (ZKzrr)

342 Global demand for U.S. securities is still strong, with China remaining the largest foreign holder of U.S. debt, according to the Treasury Department's latest report on foreign holdings. The U.S. government's top international creditor continued to add to its holdings, albeit modestly, according to the July Treasury International Capital report, which measures the flow of funds into and out of U.S. securities, including Treasuries, agency-backed securities, corporate debt and stocks, as well as banking capital flows. In July, Chinese investors increased their holdings by $2.6 billion to $1.15 trillion. But China cut its overall purchases of U.S. securities this year, paring back its total holdings by $2.3 billion since January. And over the past 12 months, China's purchases have declined by $165 billion. from CNN money the Chinese hold debt securities, they hold our debt

Posted by: Thunderb at January 10, 2013 08:46 AM (Dnbau)

343
Chinese still hold most our debt, right?

No.

Obsolete rhetoric.

Posted by: Entropy at January 10, 2013 08:47 AM (TULs6)

344 Krugman and Obama's other economic advisers have been pimping inflation since the beginning of his first term: For Chinese New Year, Krugman Serves Dim Sum http://tinyurl.com/y8ppnkk Yes, this links to a 2010 post on my crap blog.

Posted by: naturalfake at January 10, 2013 08:47 AM (UgFxe)

345 Oops, that story was from Sep 12, 2012

Posted by: Thunderb at January 10, 2013 08:47 AM (Dnbau)

346 If Obama does this, I think there are forces in the world who would make sure he never collects a retirement. That falls in the Win - Win column, doesn't it?

Posted by: rickb223 at January 10, 2013 08:48 AM (GFM2b)

347 Did I miss something? Is everyone on psychotropic drugs? Are there still serious people in government? And by that I mean "serious" not seriously deranged. I think you're starting to get the picture here, by Jove!

Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 08:48 AM (GBXon)

348
Posted by: Thunderb at January 10, 2013 12:46 PM (Dnbau)

Yes, China holds the most of our foreign debt (that number is decreasing as the Chinese sell out and the Japanese buy in). However, foreign debt is not the majority of our debt. Most of our debt is held domestically, and these days, most of our debt is actually held by the government which now lends to itself.

Posted by: Entropy at January 10, 2013 08:49 AM (TULs6)

349 I think even he knows this type of 3rd world Zimbabwe nonsense would be a big political loser for him and Democrats.

Obama doesn't give a shit about the rest of the Democrats. They're too stupid to even realize that he's hijacking their party and intends to replace them with the Obama party.

Posted by: @PurpAv at January 10, 2013 08:49 AM (BNacf)

350
336
"I had the idea a few days ago that the USA just might get away with this shit."

Of course the USA could get away with this shit. We're the world's biggest market, the financial epicenter and the most powerful miltary. We can do whatever the fuck we want and the rest of the world just has to accept it.

It's good to be king.

Posted by: jwest at January 10, 2013 08:50 AM (ZDsRL)

351 i guess watching the riots and financial and social destruction of states across the east/west was a looksie to what will happen here.

i wonder who benefits in the endgame.

Posted by: ette- at January 10, 2013 08:50 AM (nqBYe)

352
They should just find Al Roker's crap-shorts and declare those the trillion dollar coin.

Posted by: Guy Mohawk at January 10, 2013 08:50 AM (p/cQy)

353 Mint a $17,000,000,000,000 coin and have a little change left over.

Posted by: Comrade Arthur at January 10, 2013 08:50 AM (qkP36)

354 We still blame Bush for all of our problems celebrate Presdent Obama in trying fix this mess. That's why as a town we voted for him and renamed our town after the best Presdent this county has ever had. Three cheers fro Presdent obama :-)

Posted by: Mary Clogginstein from Obamaboro, Vt and Proud of it !!!!!!!!!! at January 10, 2013 08:51 AM (48wze)

355

We're the world's biggest market, the financial epicenter and the most powerful miltary. We can do whatever the fuck we want and the rest of the world just has to accept it.

It's good to be king.

Posted by: jwest at January 10, 2013 12:50 PM (ZDsRL)

do you believe this?

Posted by: ette- at January 10, 2013 08:51 AM (nqBYe)

356
Shall,hmmm,kinda like the 2nd Amendment.It says SHALL NOT INFRINGE.

So tell me,just how many laws are on the books concerning gun control?

Yes,we know this government follows the Constitution to the letter,got it.

Posted by: Vae Victus at January 10, 2013 08:51 AM (cpMdE)

357
Did I miss something? Is everyone on psychotropic drugs?

Would that they were! If we dosed all our congress critters with LSD instead of socialized healthcare and gun bans we'd be debating non-binding resolutions about how much we love this fucking awesome lamp and whether or not the senate cafeteria should serve nachos.

Posted by: Entropy at January 10, 2013 08:52 AM (TULs6)

358 353 Comrade Arthur,

I wish I had a dime for every dime I had.....

//Comrade Arthur

Posted by: sven10077 at January 10, 2013 08:52 AM (LRFds)

359 "Global demand for U.S. securities is still strong, with China remaining the largest foreign holder of U.S. debt, according to the Treasury Department's latest report on foreign holdings."
U.S. Ministry of propaganda.

"In July, Chinese investors increased their holdings by $2.6 billion"
This is less than 1 day's worth of debt.

Posted by: zmdavid at January 10, 2013 08:52 AM (AH6ig)

360 347 Did I miss something? Is everyone on psychotropic drugs? Are there still serious people in government? And by that I mean "serious" not seriously deranged.

I think you're starting to get the picture here, by Jove!
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:48 PM (GBXon)

Getting the bigger picture: evil AND crayzzeeee.

Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 08:52 AM (qwK3S)

361 From Congressional Research Service Dec 1012 ChinaÂ’s policy of intervening in currency markets to limit the appreciation of its currency against the dollar (and other currencies) has made it the worldÂ’s largest and fastest growing holder of foreign exchange reserves, especially U.S. dollars. China has invested a large share of these reserves in U.S. private and public securities, which include long-term (LT) Treasury debt, LT U.S. agency debt, LT U.S. corporate debt, LT U.S. equities, and short-term debt. As of June 2011, China was the largest holder of U.S. securities, which totaled $1.73 trillion. U.S. Treasury securities constitute the largest category of ChinaÂ’s holdings of U.S. securitiesÂ—these totaled $1.16 trillion as of September 2012, but were down from their peak of $1.31 trillion in July 2011. ChinaÂ’s large holdings of U.S. securities have raised a number of concerns in both China and the United States. For example, in 2009, Chinese Premier Wen Jiabao stated that he was Â“a little worriedÂ” about the Â“safetyÂ” of ChinaÂ’s holdings of U.S. debt. The sharp debate in Congress over raising the public debt ceiling in the summer of 2011 and the subsequent downgrade of the U.S. long-term sovereign credit from AAA to AA + by Standard and PoorÂ’s in August 2011 appears to have intensified Chinese concerns. In addition, Chinese officials have criticized U.S. fiscal monetary policies, such as quantitative easing by the U.S. Federal Reserve, arguing that they could lead to higher U.S. inflation and/or a significant weakening of the dollar, which could reduce the value of ChinaÂ’s U.S. debt holdings in the future. Some Chinese analysts have urged the government to diversify its reserves away from U.S. dollar assets, while others have called for more rapid appreciation of ChinaÂ’s currency, which could lessen the need to hold U.S. assets.

Posted by: Thunderb at January 10, 2013 08:53 AM (Dnbau)

362 "do you believe this?"

Posted by: ette- at January 10, 2013 12:51 PM (nqBYe)

Of course. Is there any evidence to the contrary?

Posted by: jwest at January 10, 2013 08:53 AM (ZDsRL)

363 We're the world's biggest market, the financial epicenter and the most powerful miltary. We can do whatever the fuck we want and the rest of the world just has to accept it. It's good to be king. Posted by: jwest at January 10, 2013 12:50 PM (ZDsRL) A bully can intimidate any kid in a school yard, but when the kids band together? The bully is fucked.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 08:53 AM (l86i3)

364
Isn't it about time to reconsider the Third Amendment? This is wartime and the FSA needs a place to chill.

Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 08:54 AM (qwK3S)

365 I believe that domestic banks hold the biggest percentage of U.S. debt.

It's really very simple.

The Federal Reserve creates fiat money and lends it to BoA at 0.5%. BoA then buys Treasury securities paying 1.5%.   Profit!

Posted by: Al at January 10, 2013 08:54 AM (V70Uh)

366
We're the world's biggest market, the financial
epicenter and the most powerful miltary. We can do whatever the fuck we
want and the rest of the world just has to accept it.

It's good to be king.

Now if we could just run all of that the right way...    .

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 08:54 AM (yiIja)

367 Hagel: Terrorists Attack Us Because They Lack Â“Hope,Â” Like The Â“Chained DownÂ” PalestiniansÂ… IÂ’m guessing nobody is wondering why Obama chose him.

Posted by: Nevergiveup at January 10, 2013 08:54 AM (9Bj8R)

368 Anyone who thinks there hasn't already been very bad inflation doesn't go to the grocery store. Everything is double what it was just a few years ago.

The official inflation numbers are the same as the official jobless numbers... useless and rigged.

But the thing to remember boys and girls is that minting the platinum coin is really not fundamentally different than what we normally do anyway. It is all fiat money.

Posted by: Voluble at January 10, 2013 08:55 AM (qYvEa)

369
"Most of our debt is held domestically, and these days, most of our debt is actually held by the government which now lends to itself."

When one comes to grips with that, it's a lot easier to understand why the Obama coin is gaining acceptance.

Posted by: RayJ at January 10, 2013 08:55 AM (pI/IV)

370 Obama doesn't give a shit about the rest of the Democrats. They're too stupid to even realize that he's hijacking their party and intends to replace them with the Obama party.
Posted by: @PurpAv

I think Obama is just a more honest incarnation of what the modern Democrat Party is all about. Whatever traces of centrism were wiped out a long time ago.

Obama is the first Democrat I've seen that never really triangulated. He would have lost over 40 states had he been the nominee even 10 years ago, but it looks like the demographics of the country finally gave liberals a blank check were they don't have to pretend any more.

Posted by: McAdams at January 10, 2013 08:55 AM (1oZjF)

371 Whether is it smart or not, perhaps the JEF thinks that by devaluing the dollar and raising the debt limit, he can change our relationship with China or reduce their influence

Posted by: Thunderb at January 10, 2013 08:55 AM (Dnbau)

372 Perhaps it shouldn't be a coin. I'm thinking something symbolic of the times, like a 15" platinum strap-on dildo.

Posted by: Soona at January 10, 2013 08:57 AM (e/vvC)

373 jwest, I honestly don't know, I cannot imagine the rest of the world tolerating it for much longer , Although as I have asked, I wonder who are the winners in the endgame. who is running this show? . and why we do have the largest, strongest, smartest military in the world, how long will that last with the cuts and the rules/ changes being implemented , will our boys and girls continue to be signing up when they are left powerless in some places in combat?

Posted by: ette- at January 10, 2013 08:58 AM (nqBYe)

374
"A bully can intimidate any kid in a school yard, but when the kids band together? The bully is fucked."

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon.

That might happen in a Frank Capra movie, but rarely in real life.

I wouldn't advocate using the "fuck you, accept it" plan, but it's an option. We should use the psuedo-legal method of taking some of our assets, assigning a value and using the proceeds to eliminate the debt, rebuild the infrastructure and put the country on a sound footing in one big swoop.

Posted by: jwest at January 10, 2013 08:58 AM (ZDsRL)

375
"Is it constitutional? Is it legal? Is it a good idea?"
All moot questions with this administration.

Posted by: bill at January 10, 2013 08:59 AM (f/qE7)

376 "rebuild the infrastructure?"

The roads and bridges in my state are great. Let the NE pay for their own damn roads and bridge maintenance.

Posted by: Al at January 10, 2013 09:00 AM (V70Uh)

377 wasn't Russia, china, india etc looking at new currency?

i know some are questioning being beholden to the euro.

Posted by: ette- at January 10, 2013 09:00 AM (nqBYe)

378 372 Perhaps it shouldn't be a coin. I'm thinking something symbolic of the times, like a 15" platinum strap-on dildo. But then Sandra Fluke would want one too.

Posted by: Foghorn Leghorn at January 10, 2013 09:01 AM (n8LUb)

379 This is an economically sound idea.

Posted by: Robert Mugabe at January 10, 2013 09:01 AM (sOtz/)

380 Obama's not going to really pull this shit. This is yet another distraction for him. Same with the gun control EO. I mean he will write some EO, but it will be some bullshit additional enforcement by the ATF.

What many on the right don't get is Obama's in a permanent campaign. Everything he does is with goal of pleasing his base and pissing off Republicans. This is all P/R to keep the left excited.

Posted by: Mr. Moo Moo at January 10, 2013 09:02 AM (HDgX3)

381 378 Foghorn Leghorn,

Oh I insist she be given one....

we need a matching set let Sandra fuck us literally like the Media and Obama has done politically.

Posted by: sven10077 at January 10, 2013 09:02 AM (LRFds)

382 Hagel: Terrorists Attack Us Because They Lack Â“Hope,Â” Like The Â“Chained DownÂ” PalestiniansÂ…

IÂ’m guessing nobody is wondering why Obama chose him.

Posted by: Nevergiveup at January 10, 2013 12:54 PM (9Bj8R)

the terroists that were the ons of the very rich?

the poores t downtrodden of not able to avail themselves of the best the world could offer in education or casinos and girls?

honestly i can't believe hagel is a republican.

Posted by: ette- at January 10, 2013 09:02 AM (nqBYe)

383
One thing for sure is we have exported inflation all over the world.

Posted by: Guy Mohawk at January 10, 2013 09:03 AM (p/cQy)

384 the law they are relying on only allows commemorative coinage to be struck.

Well, this coin is to Commemorate "teh Stupid!". So there's that!

Posted by: Paladin at January 10, 2013 09:03 AM (DPvCq)

385 I wonder who are the winners in the endgame. who is running this show? . and why we do have the largest, strongest, smartest military in the world, how long will that last with the cuts and the rules/ changes being implemented , will our boys and girls continue to be signing up when they are left powerless in some places in combat?

Posted by: ette- at January 10, 2013 12:58 PM (nqBYe)

ette, We've tried the experiment of using our military for the benefit of everyone in the world for free for about 60 years now. It was a nice thought, but obviously it doesn't work. Not only can't we guarantee world peace, but we don't even get the thanks of everyone on the planet.

It may be time to revert to the centuries-old, time tested plan of using a superior military for fun and profit.

Posted by: jwest at January 10, 2013 09:03 AM (ZDsRL)

386 Thunderb, that's only the foreign holding. Yes they are the biggest foreign holder, but that is insignificant in comparison to our current debt and obligations - all of which are domestic.

Posted by: Jean at January 10, 2013 09:05 AM (CofEF)

387 Germany had the Weimar Republic. What do we have? The WHEE!mar Republic, as our elected leaders happily jump off the cliff.

Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 09:05 AM (zF6Iw)

388
"The roads and bridges in my state are great. "

The only possible state you could live in is West Virginia - and Robert Byrd is dead now. Pretty soon your roads and bridges will look like the rest of the country.

Posted by: jwest at January 10, 2013 09:05 AM (ZDsRL)

389
Posted by: gigg at January 10, 2013 11:25 AM (41VCE)

The Obammy should be made out of coal, sicnce we are not allowed to burn that stuff anymore.

Posted by: Cicero Kid at January 10, 2013 09:06 AM (ma1sf)

390
honestly i can't believe hagel is a republican.

Well wake the hell up. He certainly is a Republican.

Posted by: Entropy at January 10, 2013 09:06 AM (TULs6)

391 Ahem.
http://nyti.ms/13lj3FC

But remember. If you are buying gold as a fallback option. You arr de prepper wingnutz.

Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:28 PM (0q2P7)

I wonder if George $oro$ is going long on renminbi?

Posted by: Alberta Oil Peon at January 10, 2013 09:06 AM (29+x5)

392
When the Great Collapse (known informally as Teh Burnening) finally happens, there will be only one thing left to do. We're still the world's largest market of consumer goods. We still have a lot of natural resources. We still have smart people (just not in positions of power).

We'll finally tell the rest of the world, "Hey guys, we have a few things here at home we need to take care of. Y'all are on your own. Have a nice day." We can start building our own stuff ourselves   and take care of us first for a change. That'd give us a good excuse to perhaps set things right (like getting rid of the UN for starters) and stop the leftward trend that we've been on for the past few generations.

I'm of course assuming that there will be far fewer Leftards afterwards. They aren't that bright anyways   and their alleged "skills" certainly won't have a place in the New America to come.

Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 09:07 AM (yiIja)

393 Hagel: Terrorists Attack Us Because They Lack Â“Hope" So, he does understand Islam. No hope, just slavery.

Posted by: Jean at January 10, 2013 09:09 AM (49lPc)

394 What many on the right don't get is Obama's in a permanent campaign. Everything he does is with goal of pleasing his base and pissing off Republicans. This is all P/R to keep the left excited. ------------------------------------------------------------------- Mr.MooMoo, nothing pisses me off more than Republican leaders and that includes anything that Obama could possibly do. I fully expect Obama to be the Bolshevik that he is, having the Republicans cower in in the corner and forsaking everything they believe in because they will always get "blamed" for this or that is what sends me off my rocker. In fact the only reason I hold a Republican voting card is to cast my vote to oust any republican I can who agrees to spend so much as another dollar for any reason without the here and now cuts.

Posted by: Drider at January 10, 2013 09:12 AM (HaJD9)

395 Heads, I win! Tails, you lose!

Posted by: Barky O' Dogbreath at January 10, 2013 09:13 AM (ma1sf)

396 The point is, if they do this, then is an admission of abject failure and a screaming warning siren to the rest of the world that the US govt intends to enter a Wiemar era where the dollar can no longer be considered the world's "benchmark" currency.

THE DOLLAR NO LONGER A STANDARD

Wrap your head around all the ripples that emanate from that. That's not a pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized

-------------

Thinkin' that just might be the end game the Jug Earred F*ck is going for anyway. This sure would help get us there. America....get on your knees! My G-d, I'm in disbelief at what is going on. Complete disbelief.

Posted by: Lady in Black at January 10, 2013 09:13 AM (ATdet)

397
274Question is, what would replace the US Dollar as the world's benchmark currency?
Nothing. This is how bad the rest of the world is. Someone said we are the healthiest horse at the glue factory

Posted by: Cicero Kid at January 10, 2013 09:14 AM (ma1sf)

398
88Posted by: cajun carrot at January 10, 2013 11:50 AM (UZQM

Catalytic converters

Powerful catalyst used throughout the chemical industry.

Posted by: Cicero Kid at January 10, 2013 09:16 AM (ma1sf)

399 The triganic pu.

Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 09:16 AM (hLRSq)

400 Why dont they just print a 100 trillion dollar coin & buy Europe with it?

Posted by: KLH at January 10, 2013 09:16 AM (4+tm0)

401 Posted by: jwest at January 10, 2013 12:58 PM (ZDsRL) Your plan is good, had we got SP in office like we wanted, just imagine.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 09:16 AM (l86i3)

402 Why dont they just print a 100 trillion dollar coin buy Europe with it? Posted by: KLH at January 10, 2013 01:16 PM (4+tm0) Oh, I don't know, because it's full of Muzztards and Europeans? Duh.

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 09:17 AM (l86i3)

403 Vikings use to wear these thick silver necklaces with grooves. When a Viking went shopping and saw something he liked, he would remove the necklace and use his ax to whack off a piece of silver for payment. Whack! Whack! Whack! Viking shopping malls were filled with this whacking sound.

Posted by: Walkers! at January 10, 2013 09:17 AM (ymJbM)

404 372 Perhaps it shouldn't be a coin. I'm thinking something symbolic of the times, like a 15" platinum strap-on dildo.

But then Sandra Fluke would want one too.
Posted by: Foghorn Leghorn at January 10, 2013 01:01 PM (n8LUb)

She could be hired on as a Government employee, and charged with finding place to store it.

Posted by: Alberta Oil Peon at January 10, 2013 09:18 AM (29+x5)

405
Hagel: ~~Terrorists~~ Aliens Attack Us Because They Lack Â“Hope"

President Thomas Whitmore: That's not entirely accurate there, Hagel.

Posted by: Count de Monet at January 10, 2013 09:19 AM (BAS5M)

406 So the platinum coin idea was first proposed by David Dukes running mate Bo Gritz in 1992. That's right monetary advice from David Dukes running mate. http://www.cal-neva.com/money/debate07.htm

Posted by: Exasperated Expat at January 10, 2013 09:21 AM (gkfSV)

407
China uses it's cash reserves to buy a lot of EU debt (bonds) and all of a sudden, the EU is "all aboard" with making the Reminbi the world's reserve currency.

And yes, I would bet that Soros is going long on the Reminbi. We live in interesting times.

The $1 Trillion coin should have Obama's grinning stupid face on with the new national slogan: "What, me worry?"

Posted by: Reader C.J. Burch writes...... at January 10, 2013 09:22 AM (RFeQD)

408 I read on ZH that at the current market price of an ounce of platinum, a coin containing a trillion in the metal would weigh 15 thousand tons.

Imagine carrying that from the US Mint to the Fed vault

Posted by: kbdabear at January 10, 2013 09:22 AM (wwsoB)

409 The only possible state you could live in is West Virginia - and Robert Byrd is dead now. Pretty soon your roads and bridges will look like the rest of the country.
Posted by: jwest at January 10, 2013 01:05 PM (ZDsRL)

__________________

I live in WA state. Roads are pretty damn good here too. It's a liberal myth that roads are crumbling everywhere.

Posted by: Mr. Moo Moo at January 10, 2013 09:23 AM (HDgX3)

410 Germany had the Weimar Republic. What do we have? The WHEE!mar Republic, as our elected leaders happily jump off the cliff.
Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 01:05 PM (zF6Iw)

'WHEE!mar Republic'. lol. I found that incredibly funny, and I'm told (by my kids, girlfriend, family members, distant acquaintances, random passersby) that I have no sense of humor whatsoever. I do. Here as proof.

WHEE!mar. It kills.

Posted by: troyriser at January 10, 2013 09:23 AM (vtiE6)

411 If the trillion dollar coin works, then Japan will create the 100 trillion yen Magic Chopsticks and deposit with the Bank of Japan

http://tinyurl.com/ba4bpsq

Posted by: kbdabear at January 10, 2013 09:24 AM (wwsoB)

412 The official inflation numbers are the same as the official jobless numbers... useless and rigged.

Posted by: Voluble at January 10, 2013 12:55 PM (qYvEa)

____________

But the ipad 17 I bought in December was $50 less than my iPad 16 I bought in November. There's no inflation you fucking right wing nut.

Posted by: Hipster D-Bag Obama Voter at January 10, 2013 09:27 AM (HDgX3)

413
"Your plan is good, had we got SP in office like we wanted, just imagine."

Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon.

Sweet Sarah would never go for this plan. She would want to just buckle down and pay off the debt with a lot of pain.

The plan I'm advocating is something the democrats would do, and in the process get half the dedicated republicans to vote for them for the next few generations.

By using our country's hard assets (establish a 250 mile coastal limit and "sell" all the mineral rights), enough cash could be justified in this new agency to not only pay off the debt, but all consumer debt and all mortgages. Think about it... the country as a whole is instantly out of debt, practically everyone is debt free and flush with equity.

Too much cash to get any return by ordinary investing, so the rich are forced to invest in income producing (read job producing) enterprises. Average citizens go on a shopping spree and the global economy booms.

If we let the democrats do this, we won't win another election in this century.

Posted by: jwest at January 10, 2013 09:28 AM (ZDsRL)

414
And yes, I did put line breaks in that last comment.

Pixie hates me.

Posted by: jwest at January 10, 2013 09:30 AM (ZDsRL)

415 I cannot comment on the Constitutionality or legality of the trillion-dollar coin. But I can comment on the stupidity. It is nothing more than a scheme to get around the limit on borrowing. But there's the rub: when the nation actually "borrows" a vast sum of money, there is the expectation that, at some point, it will be paid back, and that interest payments, at least will paid all along.

So the dollars that are printed (or their electronic equivalents) are based, like it says in the fine print, upon "the full faith and credit in the Government of the United States). It's based upon trust.

With the trillion-dollar coin, OTOH, the new money is being backed by a transparent fraud: a single coin, made of small amount of a precious metal, that is merely purported to be worth a trillion dollars, contrary to all logic and experience. The trillion-dollar coin is tantamount to an admission that "we are just making shit up". If Barky and the Choom gang are foolish enough to go ahead with it, I predict Zimbabwe-style inflation in the very near future.

Posted by: Alberta Oil Peon at January 10, 2013 09:30 AM (29+x5)

416 eliminate us as a world diplomatic power - check eliminate the dollar as the worlds currency - check decimate the military - in the works eliminate us as the worlds sole superpower - nearly done

Posted by: Thunderb at January 10, 2013 09:32 AM (Dnbau)

417 If Barky and the Choom gang are foolish enough to go ahead with it, I predict Zimbabwe-style inflation in the very near future.
Posted by: Alberta Oil Peon at January 10, 2013 01:30 PM (29+x5)
Seconded.
Easiest Prediction Ever!

Posted by: zmdavid at January 10, 2013 09:35 AM (AH6ig)

418 So the platinum coin idea was first proposed by David Dukes running mate Bo Gritz in 1992. That's right monetary advice from David Dukes running mate.

http://www.cal-neva.com/money/debate07.htm
Posted by: Exasperated Expat at January 10, 2013 01:21 PM (gkfSV)

Bo Gritz became batshit crazy over time but wasn't always that way. He was once a brave soldier, capable officer, and genuine war hero. It's a shame he's now primarily known now as 'David Duke's running mate'.

Gritz's darker inclinations just ate him up, I guess. Reminds me of Bobby Fischer.

Posted by: troyriser at January 10, 2013 09:38 AM (vtiE6)

419
Posted by: Alberta Oil Peon at January 10, 2013 01:30 PM (29+x5)

Great analysis.

Posted by: troyriser at January 10, 2013 09:40 AM (vtiE6)

420 Hell, I tend to believe that the biggest reason libs are pushing this idea is to get everyone on the right all hot and bothered and thinking of nothing else. And everybody is falling for it. (Remember, they're the ones that put some no-name college slut in front of the cameras and led the right around by the nose.

All anybody should say in response to this idea is "when you're serious about addressing our fiscal problems let us know. We're not interested in playing schoolyard games".

Of course, that'd take some balls on the part of the Repubs.

Posted by: Dale at January 10, 2013 09:45 AM (HegGA)

421
Posted by: jwest at January 10, 2013 01:28 PM (ZDsRL)

Shit doesn't work that way dude.

Even if you had the assets valued to cover the debt, there isn't enough money in the world to buy them for that much. Besides that, there isn't enough industry to exploit them, and if you tried to exploit even a fraction of the total, the glut would cause prices to drop to a point where it would not be practical to extract.

You may as well back your currency with all the platinum and precious metals located within the Earth's molten core. Sure, they're there. You ain't gonna get them out, so pretending to sell ownership of them is kind of silly.

Posted by: Entropy at January 10, 2013 09:51 AM (TULs6)

422 I think Mr Burns stole a 100 billion dollar bill that was printed to pay for the Marshall Plan .

Posted by: DrDrill at January 10, 2013 09:53 AM (sOFZs)

423
honestly i can't believe hagel is a republican.

Well wake the hell up. He certainly is a Republican.

If he's a goddamn anti-Semite, he's a Democrat, no matter what the sleazy fuck calls himself.

Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 10:05 AM (zF6Iw)

424 Another vote for issuing 20 such coins and putting Robert Mugabe Obama's image on them. L I B, the sooner the better.

Posted by: Some dope at January 10, 2013 10:06 AM (RdKJU)

425
Trillion Dollar Platinum Coin Fun Fact:

Q: What legislator was responsible for writing the act being used to enact the magic coin trick?

A: Delaware Rep. Mike Castle, former Team Republican Rino crush boy. Remember, look for the Team Republican (tm) label when choosing your next not quite a Democrat candidate.

http://tinyurl.com/acdk6rr

Posted by: Laurie David's Cervix at January 10, 2013 10:09 AM (kdS6q)

426 You may as well back your currency with all the platinum and precious metals located within the Earth's molten core. Sure, they're there. You ain't gonna get them out, so pretending to sell ownership of them is kind of silly.
Posted by: Entropy at January 10, 2013 01:51 PM (TULs6)
That's where building the Death Star comes in.

Posted by: zmdavid at January 10, 2013 10:09 AM (AH6ig)

427 This sounds like a great idea. Let government employees and the dole be paid in Obama Platinum Dollars ($OP) while private sector transactions are conducted in Productive Man Hours. Since one PMH would exchange at about $OP 10,000, actual working people could pay off their annual taxes on January 2 of each year. Parasites would eat USDA surplus mac and cheese.

This whole scheme is just another Big Oil plot to hold back platinum electrodes that would bring us all unlimited free power via Cold Fusion.

Posted by: Little Miss Spellcheck at January 10, 2013 10:10 AM (a5ljo)

428
You may as well back your currency with all the
platinum and precious metals located within the Earth's molten core.

Posted by: Entropy

Piss off, we've got our own fiscal problems. Turns out Metlar is a Democrat too.

Posted by: The Inhumanoids

Posted by: Laurie David's Cervix at January 10, 2013 10:15 AM (kdS6q)

429 So it comes to this - parlor tricks?

Isn't that enough of an answer, right there?

Don't waste the platinum. Take a sharpie and write "One Zillion Billion Gajillion Dollars" on a just-minted quarter and be done with it.

If we're going to be stupid - if we are going to generate trillions of dollars without any production or asset to back it up, let's go really big.

The Democrats want to leap off the cliff - let'em.

Newt Gingrich, a lunatic as a president but a damned good speaker, keeps giving Boehner GREAT advice: the game is in FUNDING. the game is in APPROPRIATIONS. Don't let the money be spent. Baby Wetsalot controls the purse strings, because the RINO's are too stupid to know any better.

This is SO stupid... If Boehner had a brain as large as just ONE of his tear ducts, we'd OWN this narcissist.

Posted by: RobM1981 at January 10, 2013 11:56 AM (zurJC)

430 When I become dictator I'll keep Congress around just for fun. The first debt payment will come from the seizure and liquidation of all their assests, to be followed by indentured servitude for as many generations as is required to pay off the checks they wrote.

Posted by: Fen at January 10, 2013 11:04 PM (Rju2/)

431 Explain to me how "in amounts" is not equal to quantity but to an arbitrary denomination?

100 million pennies is an amount, not the value thereof.

Posted by: dude at January 11, 2013 02:59 AM (VKkox)

432 If one coin is good, then 350 million of them is much better. And each of us can have one, to spend as we wish. I suggest buying something at a Gov't Motors dealer, and getting the change back in real money.

I'd pay federal taxes with it, but they don't give change...

Posted by: Bill Johnson at January 11, 2013 11:24 AM (9X1+H)

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