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Author Topic: Some more information about the $1T coin  (Read 997 times)

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Offline GCBill

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Some more information about the $1T coin
« on: July 31, 2011, 05:52:05 PM »
Is the answer to all our financial problems a few grams of platinum?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1608186

Quote
Poll_Blind  (1000+ posts)
Fri Jul-29-11 07:10 PM
Original message

Some more information about the $1T coin, the law, and why it can only be made from platinum:

 Edited on Fri Jul-29-11 07:15 PM by Poll_Blind
I think a lot of people are getting hung up on the concept of the minting of one or more $1 Trillion dollar coins as means for the President to bypass Congress to keep our nation from defaulting. Probably 90% of you who are reading these posts about a "Trillion Dollar Coin" think is sounds absolutely absurd. Whether or not you agree with me that this is a more legally viable and defensible position than "invoking the 14th Amendment" is moot. You're going to hear a lot more about this option in the next few days and this describes the hows and whys such a thing is a considerable, defensible option. Certainly more defensible than "invoking the 14th Amendment" which would almost certainly yield lawsuits which would invariably wind their way to the Supreme Court.

That Supreme Court.

Excerpted from this CNN article.

Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time.

Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.

--snip--

The "jumbo coin" and "exploding option" strategies work because modern central banks don't have to print bills or float debt to create new money; they just add money to their customers' checking accounts.

Abracadabra! 2 TRILLION new Dollars just by minting a couple coins. Nah...that wouldn't be inflationary!

Why not mint 300 of them. and we will ALL be millionaires!

Welcome to the Unites States of Zimbabwe. Would you like a double cheeseburger from the Hundred Thousand Dollar Menu?
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Offline Big Don

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Re: Some more information about the $1T coin
« Reply #1 on: July 31, 2011, 06:30:51 PM »
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Offline Chris_

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Re: Some more information about the $1T coin
« Reply #2 on: July 31, 2011, 06:36:52 PM »
Wouldn't this be one of those "loopholes" where Democrats blame everyone else for all the troubles in the nation?

Liberal economic policy: Cause and Effect






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Offline Mike220

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Re: Some more information about the $1T coin
« Reply #3 on: July 31, 2011, 06:42:10 PM »
Quote from: chris_ on July 31, 2011, 06:36:52 PM
Wouldn't this be one of those "loopholes" where Democrats blame everyone else for all the troubles in the nation?

Liberal economic policy: Cause and Effect

Can't forget this one. The picture I always think of when the DUmmies gloss over inflation...

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Offline miskie

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Re: Some more information about the $1T coin
« Reply #4 on: July 31, 2011, 07:03:24 PM »


Oh God, Please no....
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Offline Chris_

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Re: Some more information about the $1T coin
« Reply #5 on: July 31, 2011, 07:05:03 PM »
In other news, car prices increased due to the new demand for platinum and the global auto industry takes another hit.
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Offline Freeper

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Re: Some more information about the $1T coin
« Reply #6 on: July 31, 2011, 07:33:40 PM »
Quote from: GCBill on July 31, 2011, 05:52:05 PM
Is the answer to all our financial problems a few grams of platinum?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1608186

Abracadabra! 2 TRILLION new Dollars just by minting a couple coins. Nah...that wouldn't be inflationary!

Why not mint 300 of them. and we will ALL be millionaires!

Welcome to the Unites States of Zimbabwe. Would you like a double cheeseburger from the Hundred Thousand Dollar Menu?

How about we mint 300 million of them and every household gets a cool trillion?
 :-)
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Offline Delmar

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Re: Some more information about the $1T coin
« Reply #7 on: July 31, 2011, 07:40:58 PM »
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Egalitariat (1000+ posts)           Sat Jul-30-11 01:42 PM
Response to Reply #24
28. Except the $1 Trillion Coin would only take about 5 grams of platinum
   
Stamp it at the US Mint with a $1 Trillion face value and there you have it. Mint two of them and deposit in the Federal Reserve and the problem is solved.

You should read more about the $1 Trillion Coin idea if you think it was going to take $1 Trillion worth of Platinum (at its commodity price) to make the one coin.
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Offline Doc Savage

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Re: Some more information about the $1T coin
« Reply #8 on: July 31, 2011, 07:42:45 PM »
better not loose that in the sofa.   American Economy ruined, 1 T coin lost in sofa. 
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Offline Chris_

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Re: Some more information about the $1T coin
« Reply #9 on: July 31, 2011, 07:44:16 PM »
Quote from: Doc Savage on July 31, 2011, 07:42:45 PM
better not loose that in the sofa.   American Economy ruined, 1 T coin lost in sofa. 
:rofl:
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Offline GCBill

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Re: Some more information about the $1T coin
« Reply #10 on: July 31, 2011, 07:49:41 PM »
The DUmmies choice for Secretary of the Treasury

[youtube=425,350]http://www.youtube.com/watch?v=cKKHSAE1gIs[/youtube]

 :stupidpeople:
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Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
 - Alan Greenspan, The Assault on Integrity (1963)

Offline DumbAss Tanker

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Re: Some more information about the $1T coin
« Reply #11 on: July 31, 2011, 09:07:40 PM »
I have no problem with it...as long as they use a trillion dollars worth of platinum in each one.
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Re: Some more information about the $1T coin
« Reply #12 on: August 01, 2011, 03:51:17 AM »
Quote from: DumbAss Tanker on July 31, 2011, 09:07:40 PM
I have no problem with it...as long as they use a trillion dollars worth of platinum in each one.

 :lmao:

Catalytic convertors would cost more than a car!

Priceless! 

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Offline jukin

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Re: Some more information about the $1T coin
« Reply #13 on: August 01, 2011, 10:20:36 AM »
The more you read of the super genuis ideas from the primitives, the more you see why they are loser in life.

What if 0bama made the coins out of POTATO?
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