Author Topic: Trillion dollar platinum coin to circuмvent debt ceiling debate  (Read 424 times)

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Online josefamenendez

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  • The Jєωs at Treasury and the Fed can apparently do anything they want to suck us dry. They just make it up as they go. They can issue a one trillion dollar "token" to raise the debt ceiling and bypass Congress. 
    Easy peasy

    Talk about alchemy


    Trillion-dollar platinum coin could be minted at the last minute
    Felix Salmon

    [color=rgba(51,51,53,var(--text-opacity))]Felix Salmon
    [/iurl], author of [color=rgba(34,87,218,var(--text-opacity))]Capital[/color]





    An illustration of a $1 trillion coin.
    Illustration: Aïda Amer/Axios


    A trillion-dollar platinum coin could be minted "within hours of the Treasury Secretary's decision to do so," Philip Diehl, former director of the United States Mint, tells Axios.
    Why it matters: Congressional solutions to the debt-ceiling problem could take weeks to implement, especially if the reconciliation process is used — and time is running out. In case of emergency, a trillion-dollar coin could be deployed to bridge any gap between the money running out and the debt ceiling being raised.
    How it works: The U.S. Mint, which Diehl ran from 1994 to 2000, already produces a one-ounce Platinum Eagle and has no shortage of platinum blanks already in stock.[/size][/font][/color]
    • Producing a trillion-dollar Eagle would require only the denomination to be changed. "This could be quickly executed on the existing plaster mold of the Platinum Eagle," says Diehl. Then an automated process would transfer the new design to a plastic resin mold.
    Even if Janet Yellen, the Treasury secretary, has no intention of minting such a coin, there is no reason for her not to quietly instruct the Mint director to take those steps a day or two in advance.
    • At that point, a coin could be struck in minutes at the West Point mint. Even if it then needed to be physically deposited at the New York Fed, that's only a short helicopter ride away.
    "Voila, we'd have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation," says Diehl.










    Offline Matthew

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #1 on: October 05, 2021, 03:58:08 PM »
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  • "Voila, we'd have bought ourselves the equivalent of a trillion-dollar increase in the debt limit, without any impact on inflation," says Diehl.

    I know they're not that stupid --
    But I bet they think WE are.

    Not all of us, Moshe. Not all of us.

    Some of us are every bit as clever as you Red Sea Pedestrians.
    Want to say "thank you"? 
    You can send me a gift from my Amazon wishlist!
    https://www.amazon.com/hz/wishlist/ls/25M2B8RERL1UO

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    Online DigitalLogos

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #2 on: October 05, 2021, 04:02:33 PM »
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  • Fiat currency is a sham anyway, worth nothing more than the value "they" put on it. Just like the "debt" the United States owes. To whom? Who knows
    "The Heart of Jesus is closer to you when you suffer, than when you are full of joy." - St. Margaret Mary Alacoque

    Memento mori

    Online josefamenendez

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #3 on: October 05, 2021, 04:50:40 PM »
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  • Offline bodeens

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #4 on: October 05, 2021, 06:16:03 PM »
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  • Hoping they mint this so I can have thousands of them in my stack when hyperinflation kicks in.
    "We dare not even start to hope until the Faith, the true Faith, and its revealed content, are secured in our minds. Only in terms of Faith do we dare to hope."


    Offline Caraffa

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #5 on: October 20, 2021, 08:57:11 PM »
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  • You will not be able to understand the response to the wuflu, namely lockdowns, then masks, then vaxx, until you understand the mindset behind the promotion of the trillion dollar coin solution. Namely, whatever problems arise can be solved by just doing this one weird trick. 
    Pray for me, always.

    Offline crowbar

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #6 on: October 21, 2021, 07:31:18 AM »
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  • My penny identifies as a trillion dollar platinum coin. If you don't accept it, you're a currency-phobe.

    Offline SimpleMan

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #7 on: October 21, 2021, 08:41:39 AM »
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  • Not to say I think it's a good idea --- I don't --- but it seems as though minting a trillion-dollar coin is entirely constitutional.  The Constitution gives the federal government authority to coin money, and this is obviously a coin.  It doesn't say anything about the metal in the coin being worth the face value, not does it impose any limit on the denomination.

    As a side note, the US, to my knowledge, never demonetizes its money, whether specie or bank notes.  That is a pain in the butt in many other countries.  I have one-pound coins I brought from the UK in 1990.  They have been demonetized and are worthless.  (Not sure if I could take them to a UK bank and get currently-circulating one-pound coins in return.)  Other countries say "banknotes of Series XXX will no longer be legal tender after such-and-such a date".  You could take a US one-dollar coin from 150 years ago, and spend it as one dollar.  Ditto for a US twenty-dollar bill.


    Offline SimpleMan

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    Re: Trillion dollar platinum coin to circuмvent debt ceiling debate
    « Reply #8 on: October 21, 2021, 02:00:52 PM »
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  • And I always thought this guy got a bum rap:

    https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)

    Nowhere on these notes does it say that they are government-issued currency.  In fact, NotHaus was extremely explicit to the contrary.  Where he got in trouble (aside from creating a perfectly legitimate alternate medium of exchange and store of value, an alternative to FRNs) was that... here it comes... the feds estimated that a certain percentage of the population was not intelligent enough (or, one could say, not well-informed enough, or both) to distinguish between the rounds, and government-minted coins.  There is a superficial resemblance, but that's it.  Private mints, such as the Franklin Mint, also create handsome coins that resemble money.  Once again, we cater to the simple-minded.  Where does it end?

    As my dear mother noted (and I mentioned this in another thread), how could all these fast-food workers, who have no concept of "math in the mind", ever even pass a high school math class, forget algebra and calculus, we're talking simple math, add, subtract, multiply, divide?


     

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