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Author Topic: Barry Obama and the Million Dollar Penny  (Read 1795 times)

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Offline Chris_

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Barry Obama and the Million Dollar Penny
« on: January 04, 2013, 11:53:54 PM »
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Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea To Save The Economy

An arcane idea that started on finance blogs in the summer of 2011-- that Tim Geithner should mint a trillion dollar platinum coin to avert the debt ceiling -- is now seriously taking off.

The premise of the idea is this: Although the Treasury can't just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins of any denomination, and the thinking is that Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Treasury's bank account.

The first blog to really promote the idea was Cullen Roche's Pragmatic Capitalist. We jumped on it soon thereafter, as did others. Of course, once the debt ceiling was solved, people forgot about it.

But there's a new debt ceiling looming, and this time, LOTS more people are talking about it.
Business Insider

Let's create more fiat currency to devalue what is already out there.  Raise your hand if you're ready for this long national nightmare to end.
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Offline Chris_

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Re: Barry Obama and the Million Dollar Penny
« Reply #1 on: January 05, 2013, 12:02:08 AM »
We don't even have to go back to the gold standard.  Any precious or semi-precious metal or commodity, as long as the dollar can be indexed to the value of it collectively (copper, silver, and other various metals) would be a lot nicer than simply allowing the government to pull stunts like this.  Even if it's only a fixed percent of the face value of the currency, at least it could be valued against something tangible. 

Granted, it would probably cause commodity prices and everything else to skyrocket.
« Last Edit: January 05, 2013, 12:42:07 AM by Chris_ »
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Offline Rick

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Re: Barry Obama and the Million Dollar Penny
« Reply #2 on: January 05, 2013, 12:21:21 PM »
Salt, salt has a thousand year tradition. Biblical even.
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Offline JohnnyReb

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Re: Barry Obama and the Million Dollar Penny
« Reply #3 on: January 05, 2013, 12:58:58 PM »
They made a few million dollar chocolate ones......but the Moochelle ate them.
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Offline Freeper

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Re: Barry Obama and the Million Dollar Penny
« Reply #4 on: January 05, 2013, 10:21:21 PM »
Hell, just mint 16 of them and all our problems will be solved.  :mental:
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Offline Duke Nukum

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Re: Barry Obama and the Million Dollar Penny
« Reply #5 on: January 05, 2013, 11:17:36 PM »
Why can't we just index the dollar against progressive stupidity? We'll all be instant trillionaires!
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Offline Lacarnut

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Re: Barry Obama and the Million Dollar Penny
« Reply #6 on: January 05, 2013, 11:23:23 PM »
A novel idea would be if tiny Tim, thousands of Federal employees, liberals, celebs and whinny bitches like Buffett would step up to the plate and pay back taxes and or their fair share rather than thinking they are some kind of special character.
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Offline I_B_Perky

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Re: Barry Obama and the Million Dollar Penny
« Reply #7 on: January 06, 2013, 06:26:59 PM »
Quote from: Duke Nukum on January 05, 2013, 11:17:36 PM
Why can't we just index the dollar against progressive stupidity? We'll all be instant trillionaires!

 :lol: :lol: :lol:
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Offline Big Dog

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Re: Barry Obama and the Million Dollar Penny
« Reply #8 on: January 06, 2013, 06:43:14 PM »
Quote from: Chris_ on January 04, 2013, 11:53:54 PM
Business Insider

Let's create more fiat currency to devalue what is already out there.  Raise your hand if you're ready for this long national nightmare to end.

Welcome to Zimbabwe.




I'd say "welcome to the Weimar Republic", but I'm saving it for the EU.

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Offline DumbAss Tanker

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Re: Barry Obama and the Million Dollar Penny
« Reply #9 on: January 07, 2013, 09:34:48 PM »
What a stupid idea.  The fact it would be minted on platinum instead of printed on paper makes virtually no difference, it's still fiat money either way...a piece of currency whose face value is completely divorced from any actual backing.  It'd still be just a metal bank note for a trillion, with an intrinsic value of a couple of thousand bucks instead of a fraction of a cent...which is not much difference at all compared to the face value imprinted on either one.
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Offline centrist

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Libtards Dream of Magic Coin to Save Economy!
« Reply #10 on: January 10, 2013, 10:56:09 AM »
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The left-wing blogosphere has been promoting a loony idea to prevent the GOP from being able to cut spending in debt ceiling negotiations. The idea has gained traction with a Bloomberg News contributor and well-known liberal economist Paul Krugman, and being heavily promoted by sites like Huffington Post. So many people are talking about it that it has a twitter hashtag: #mintthecoin.

http://newsbusters.org/blogs/julia-seymour/2013/01/10/left-swoons-loony-magic-coin-plan#ixzz2Had41K3O

Liberals want to mint a trillion dollar platinum coin to save the economy? Despite the fact that, White House Spokesman Jay Carney said there is no plan B except for raising the debt limit. Liberal bloggers want the President to seriously consider this "plan." Also circumventing the constitution, the Republicans, and Congress in general yet again. Meanwhile throwing out Econ Basics 101. All I can say about this is, at least this "plan" makes as much sense as anything Obama will actually do...
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Offline Karin

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Re: Libtards Dream of Magic Coin to Save Economy!
« Reply #11 on: January 10, 2013, 11:01:53 AM »
It baffles me how their thinking is so childlike.  I can take this chair I'm sitting in, and declare it to be worth 2.5 gazillion dollars!  Yay, I'm rich!  Does it make it so? 
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Offline DumbAss Tanker

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Re: Libtards Dream of Magic Coin to Save Economy!
« Reply #12 on: January 10, 2013, 11:02:39 AM »
Since there would be absolutely no relation between the value struck on the coin and any intrinsic precious metal value, the fact that it would be a coin as opposed to a paper bill is completely irrelevant, it would be fiat money either way, basically a trillion-dollar Zimbabwe dollar struck in attractive metallic form rather than just printed.

It's a stupid idea, about what you'd expect from a tool like Krugman.
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Offline DefiantSix

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Re: Barry Obama and the Million Dollar Penny
« Reply #13 on: January 10, 2013, 05:40:36 PM »
Quote from: Freeper on January 05, 2013, 10:21:21 PM
Hell, just mint 16 of them and all our problems will be solved.  :mental:

Until the next session of Congress, anyway...
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