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Author Topic: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?  (Read 2896 times)

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Offline dutch508

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Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« on: September 18, 2015, 11:13:44 PM »
Surely.... they can't be this stupid?

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CJCRANE (17,373 posts) http://www.democraticunderground.com/113510264

Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?

Okay, so there would be several thousand very angry bankers, but on the other hand there would be over 300 million very grateful Americans.

Quote
hack89 (31,600 posts)
2. Lets use Zimbabwe <--- well known Socialist paradise! as our example - that's basically what they tried to do.

hyperinflation and the resultant destruction of every American's wealth would be the most likely outcome. I don't think all those American's will be that happy.

Barry would be pleased.

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CJCRANE (17,373 posts)
4. But we're told that's why we can't have nice things...

because we have to pay off the debt.

CJCRANE (17,373 posts)
6. Where does the money go?

Who gets it and what do they do with it?

CJCRANE (17,373 posts)
8. The money that goes to pay the debt.

Who to and where does it actually go?

I'm not asking you specifically (unless you know), I'm just thinking aloud, trying to figure out how it all works and who ends up with the money.

OMG... they are that stupid.

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Offline Chris_

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #1 on: September 18, 2015, 11:14:32 PM »
Quote from: dutch508 on September 18, 2015, 11:13:44 PM
Surely.... they can't be this stupid?
Of course they are... don't be silly. :)
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Offline Big Dog

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #2 on: September 18, 2015, 11:16:50 PM »


Pretty soon, we won't be able to buy a cup of coffee with the damn things.
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Offline Chris_

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #3 on: September 18, 2015, 11:19:31 PM »
Quote from: Big Dog on September 18, 2015, 11:16:50 PM


Pretty soon, we won't be able to buy a cup of coffee with the damn things.
Don't mind me... just going to the store to buy a loaf of bread.

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Offline obumazombie

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #4 on: September 18, 2015, 11:28:08 PM »
This race for the DOTY is becoming a barnburner.
If any of my fellow cavers win with their mole, I will be extremely upset.
Bring your moles to a simmer and let the denizens of the DUmp flotsam and jetsam to the top.
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Offline 98ZJUSMC

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #5 on: September 19, 2015, 03:27:20 AM »
Quote from: dutch508 on September 18, 2015, 11:13:44 PM
Surely.... they can't be this stupid?

Quote
CJCRANE (17,373 posts)
4. But we're told that's why we can't have nice things...

because we have to pay off the debt.

CJCRANE (17,373 posts)
6. Where does the money go?

Who gets it and what do they do with it?

CJCRANE (17,373 posts)
8. The money that goes to pay the debt.

Who to and where does it actually go?

I'm not asking you specifically (unless you know), I'm just thinking aloud, trying to figure out how it all works and who ends up with the money.






Quote
OMG... they are that stupid.

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Offline SVPete

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #6 on: September 19, 2015, 09:10:47 AM »
Quote
hack89 (31,600 posts)
2. Lets use Zimbabwe ... that's basically what they tried to do.

hyperinflation and the resultant destruction of every American's wealth would be the most likely outcome. I don't think all those American's will be that happy.

Gee, a DU-member who "gets" at least a part of "it"?!

OTOH, here's a clue-free zone:

Quote
CJCRANE (17,373 posts)
4. But we're told that's why we can't have nice things...

because we have to pay off the debt.

CJCRANE (17,373 posts)
6. Where does the money go?

Who gets it and what do they do with it?

CJCRANE (17,373 posts)
8. The money that goes to pay the debt.

Who to and where does it actually go?

I'm not asking you specifically (unless you know), I'm just thinking aloud, trying to figure out how it all works and who ends up with the money.

 :thatsright: :banghead: Hello! Paying a debt means paying BACK money one has borrowed and already used![/b] So, whoever the Feds borrowed that money from would be the ones getting it back! :banghead: :thatsright:

I've seen enough of human nature to realize that many/most people resent or hate the people from whom they borrowed money or owe money for having used a service (e.g. the power company or phone company). But at least have the minimal honesty to acknowledge that one has used the bank's money or the utility's services!
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Offline Delmar

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #7 on: September 19, 2015, 09:20:28 AM »
Quote from: dutch508 on September 18, 2015, 11:13:44 PM
Surely.... they can't be this stupid?

If it had been an original idea it would have been merely stupid, but trying to pass off Paul Krugtard's stupid idea from a couple years ago as his own reaches a new level of stupid.
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Enter the platinum coin. There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.
http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/?_r=0
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Offline jb2u11

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #8 on: September 19, 2015, 10:39:21 AM »
Certainly the smartest people on earth can figure this out right?
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Offline GOBUCKS

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #9 on: September 19, 2015, 11:34:26 AM »
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CJCRANE (17,373 posts) http://www.democraticunderground.com/113510264

Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?

I think Trump just found a cabinet member.
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Offline DLR Pyro

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #10 on: September 19, 2015, 11:56:19 AM »
Quote from: Big Dog on September 18, 2015, 11:16:50 PM


A trillion dollar barry coin.  What a great idea.  They will only have to produce 18 of them and we will have this debt problem solved.
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ProudDad Donating Member (1000+ posts) Wed Mar-09-11 08:50 PM
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Offline diesel driver

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #11 on: September 19, 2015, 02:16:36 PM »
Quote from: DLR Pyro on September 19, 2015, 11:56:19 AM
A trillion dollar barry coin.  What a great idea.  They will only have to produce 18 of them and we will have this debt problem solved.

Mint just 9 of them, that way, Barry will be paying back the part of the debt HE created.

(Those coins would be as worthless as he is.)
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Offline DLR Pyro

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #12 on: September 19, 2015, 02:28:18 PM »
Quote from: diesel driver on September 19, 2015, 02:16:36 PM


(Those coins would be as worthless as he is.)

not true.  Those coins could be used in a pinch to restore power if a fuse blows. 
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ProudDad Donating Member (1000+ posts) Wed Mar-09-11 08:50 PM
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Offline diesel driver

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #13 on: September 19, 2015, 02:37:57 PM »
Quote from: DLR Pyro on September 19, 2015, 02:28:18 PM
not true.  Those coins could be used in a pinch to restore power if a fuse blows.

Depends on how big they make them. 

They'll probably be some bastard size, too big to fit a fuse socket, too small to use in a buss box, and too thin to carry more than 10 amps.
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Murphy's 3rd Law:  "You can't make anything 'idiot DUmmie proof'.  The world will just create a better idiot DUmmie."

Liberals are like Slinkys.  Basically useless, but they do bring a smile to your face when you push them down a flight of stairs...
 
Global warming supporters believe that a few hundred million tons of CO2 has more control over our climate than a million mile in diameter, unshielded thermo-nuclear fusion reactor at the middle of the solar system.

"A dead enemy is a peaceful enemy.  Blessed be the peacemakers". - U.S. Marine Corp

You can't fix stupid, but you can vote it out of office.

Offline Ptarmigan

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #14 on: September 19, 2015, 02:43:00 PM »
It would lead to inflation? Hello? Remember Weimar Republic?
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Offline miskie

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #15 on: September 19, 2015, 02:44:47 PM »
Seriously ?

Though I suppose making everybody's savings & earnings worthless is a path to "financial equality".

Wow ! Billy just told me bread is on sale today for a mere $513.99 - That's only half of my paycheck !
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Offline jukin

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #16 on: September 19, 2015, 02:53:43 PM »
DUmbass IQ78: Why can't we make 1+1=POTATO.
DUmbass IQ70: That's stupid 1+1=BLUE.
DUmbass IQ90: Wait, doesn't 1+1 have to equal a number, like maybe 4?
DUIQ78: DUIQ90, you f*cking freeper. I bet you think blm is about blacks oppressing whites.
DUIQ70: Yeah DUIQ90, you stupid and a racist.
DUIQ90: Well maybe you have a point. Let's ask the really, really smart people like Nadin about this. She is super smart.
DUIQ78: It's racist not to ask our sooper smart and strong Africans in America.
DUIQ90: Well if Nadin and our intelligence black people think the answer is a root vegetable or a colour I have to agree. You know I have lots of black and dwarfish friends.
DUIQ78: Yeah if blacks agree it should be that because I'm not a racist.
DUIQ70: What about women? I bet women would think it is BLUE.
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Offline Chris_

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #17 on: September 19, 2015, 04:16:09 PM »
Quote from: DLR Pyro on September 19, 2015, 11:56:19 AM
A trillion dollar barry coin.  What a great idea.  They will only have to produce 18 of them and we will have this debt problem solved.
Don't you remember they floated this idea during his first term?
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Offline BannedFromDU

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #18 on: September 19, 2015, 05:40:46 PM »

     We can solve this pretty conclusively. Just mint a $1 trillion coin and give one to each American. The richest American has less than $100 billion in net worth, so instantly the distribution of wealth in the US is level. Completely, utterly, level. Let's see what happens then. You think that $15 minimum wage won't do anything? Fine. Maybe you're right. Want to know what that $18 trillion currency drop would do to your pathetic stock of pennies? Hint: go try to buy that hemp smoothie and see how much it costs.
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Offline obumazombie

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Re: Why can't the treasury just mint 18 trillion dollar coins and pay off the debt?
« Reply #19 on: September 20, 2015, 11:53:22 AM »
Quote from: Delmar on September 19, 2015, 09:20:28 AM
If it had been an original idea it would have been merely stupid, but trying to pass off Paul Krugtard's stupid idea from a couple years ago as his own reaches a new level of stupid.http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/?_r=0

I'm in shock that even Krugman would suggest such a hair brained scheme.
I would have guessed it was an onion article.
What's even more shocking is that every legitimate economist hasn't publicly eviscerated Krugman on such a quixotic suggestion.
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