Post: #1

I just read an article on a very interesting way the whole "debt ceiling" fight in Congress can be averted. The article is below:

http://www.businessinsider.com/suddenly-...z2H0stnyVA

^In essence, the idea is this: There is a technicality in the law that allows the Treasury to mint platinum coins in any denomination. So the idea is to have Tim Geithner mint a trillion dollar platinum coin and walk it over to the Federal Reserve and deposit it in the Treasury's bank account. Debt ceiling crisis averted.

And here is another article debunking myths about this idea:

http://www.businessinsider.com/3-huge-my...oin-2013-1

Post: #2

this reminded me of the simpsons.

Post: #3

Well, it may well be in a lot of people's interests that this debt remain debt!

http://www.scionofzion.com/federalreserve.htm

From a Christian web site interestingly!

Post: #4

You can't get something for nothing, which is exactly what this would try to do. If you pull $1 trillion out of thin air and add it to the money supply, you're going to get monster inflation.

Post: #5

How about a even greater idea just get the Treasury to issue money with no debt like its is supposed to do.

Post: #6

Honestly it isn't much different from what the Fed has been doing anyway. The only difference is that currently it isn't backed by a worthless bit of platinum.

Post: #7

(01-04-2013 11:01 AM)RandalGraves Wrote:  You can't get something for nothing, which is exactly what this would try to do. If you pull $1 trillion out of thin air and add it to the money supply, you're going to get monster inflation.

That us what happens now. The FED LOANS the USA it's OWN Money at interest. The FED creates the money out of nothing and makes obscene profits from interest off this which then goes to its shareholders.

Post: #8

This might quite possibly be one of the most absurd things I've ever heard. The sad part.... it's seriously being thought about

Post: #9

Here's an idea to save the economy: eliminate all the tax breaks enjoyed by the huge multinational corporations. Tax profits from US companies' foreign activities outside the US.

Why do Exxon, Microsoft, and Halliburton all pay a significantly lower tax rate than I do anyway? Fuck that.

The thing that wrecked the US economy was lobbying by big industry groups and huge companies. Get rid of that shit.

Doesnt one of our stupid documents read "We the people of the United States..." well I don't see the people represented anymore in the government.

Post: #10

The Fed need to be shut down. Of course JFK wanted to do just that and we saw what happened to him...

Post: #11

(01-04-2013 08:02 PM)HiFlo Wrote:  Here's an idea to save the economy: eliminate all the tax breaks enjoyed by the huge multinational corporations. Tax profits from US companies' foreign activities outside the US.

Why do Exxon, Microsoft, and Halliburton all pay a significantly lower tax rate than I do anyway? Fuck that.

The thing that wrecked the US economy was lobbying by big industry groups and huge companies. Get rid of that shit.

Doesnt one of our stupid documents read "We the people of the United States..." well I don't see the people represented anymore in the government.

If you can't afford to move out of your shithole town, you aren't paying taxes. So climb down from the cross.

Post: #12

Making a tiny platinum coin and saying "This is worth a trillion dollars." cannot possibly save an economy. That it is being seriously suggested as a solution means our entire political and economic leadership has gone insane and is living in a fantasy world.

On the other hand, wouldn't it make for a badass start to a heist movie? Steal the thing and suddenly you're the richest man in history.

Post: #13

I came in here thinking this was gonna be one of those late night infomercials where I buy some limited edition coin. Only this coin is marketed to the super rich trillionaire that wants to save the US economy.

Post: #14

How do you get change for 1 trillion dollars?

Post: #15

Wait a minute,
How does making a trillion dollar coin will save the economy?
What will happen to that coin(s)?
Why wouid anyone want to have it?
What is the advantage of making coin(s) instead of dollars?

If somebody knows the reasons of bringing up such a silly procedure, I would love to learn about it.

the federal reserve is a privately owned bank that was given the right to print U.S dollars
So as long as the ones owning that bank are thieves commiting usury, shit isn't going to change.

Post: #16

edit

Post: #17

(01-04-2013 03:34 PM)kosko Wrote:  

(01-04-2013 11:01 AM)RandalGraves Wrote:  You can't get something for nothing, which is exactly what this would try to do. If you pull $1 trillion out of thin air and add it to the money supply, you're going to get monster inflation.

That us what happens now. The FED LOANS the USA it's OWN Money at interest. The FED creates the money out of nothing and makes obscene profits from interest off this which then goes to its shareholders.

Not only this, but they print and loan out the USA's money to others with minimal oversight, and US taxpayers are ultimately accountable for all of it. And they do this with little or no oversight.

When you see how the convoluted system works, it makes you wonder how they can honestly say counterfeiting is illegal, but at the same time, you realize that if you get caught doing it, there's a reason they don't pull any punches and send the Secret Service out to investigate. Nothing is more important than protecting Wall Street.

""Let me issue and control a nation's money and I care not who writes the laws." -Mayer Amschel Rothschild

Post: #18

(01-05-2013 02:12 AM)NuMbEr7 Wrote:  Alas! We shall make a 999 billion coin too!

---

On a serious note, America will always be in debt because the Federal government makes the money out of nowhere and then loans it to commercial banks, which in turn lend to companies and people. The full amount owing to the federal government can never be payed back because it is meant to be payed back with nonexistent money so no trillion dollar coin would work.

Actually, the Federal Reserve, which is not part of the Federal Government, nor is there a reserve, makes the money out of nowhere, and they lend it to whomever. The shareholders in the Federal Reserve are Citibank, Bank of America, and several others. These entities are also owned by investors. So in reality, the Fed is owned by a handful of private individuals. Even better, you and I are on the hook for every dollar of debt the Fed issues. Even better than that is what you said in your last sentence with one caveat: it's not the federal government that can never be paid back, it's the handful of private owners of the corporations that own the federal reserve who can never get paid back. But that doesn't really matter, since they got to pull the money out of their asses anyway. They're more than content to live off the interest payments you and I give them. Hell, that's how it was set up in the first place.

Post: #19

Money is Debt - when you accept paper or electronic money in exchange for your work you are a debtor of the USA (or Your Country and Currency here) for every currency unit you hold... All currencies say "Legal Tender for all debts public and private" to some degree - the paper or electronic variants of money is a promise to pay the bearer $1 etc by the USA (Issuing government) as accepted currency for trade (To buy lunch or a car or a home or a vacation etc etc).

So the idea of reducing the debt and balancing the budget is tantamount to reducing the amount of money and economic activity in an economy - the USA and world went off the gold standard decades ago and now the world economy is a Free Currency Market where by the majority of currencies are allowed to float in relative value against each other - opening up arbitrage opps - except for China which pegs its cash surplus export heavy powerful currency to the USA dollar and eventually will see its workers revolt over the declining value of their Yuan/Renminbi purchasing power (Note the many regional revolts already in China over slave wages and the multiple empty Chinese Cities where the average worker is not allowed to live because they do not earn enough to buy the new empty housing units).

Point is Money is Debt and the National Debt is the amount of Money in circulation - should be called the National Wealth.

The Trillion Dollar Platinum Coin has merit because it forces the "Debt Hawks" who merely want to increase the gap between the 99.9% and top 0.1% to get real and understand Modern Monetary Theory and modern electronic money currency systems backed by the full faith and credit and earning and innovation power of each Monetarily Sovereign Nation - look at the BRICS ALL monetarily Sovereign and All creating great wealth and prosperity versus the EU collapsing under incredibly incompetent austerity measures.

http://neweconomicperspectives.org/p/mod...rimer.html

http://mythfighter.com/2013/01/04/the-re...-solution/

The Trillion Dollar Platinum Coin is useful if for no other reason the USA Mint could Mint 10,000 one ounce One Trillion Dollar Platinum coins and hold them in reserve at Fort Knox and when the Debt Hawks use their Thors Hammer of Debt to squash USA Economic Prosperity the Treasury can Just transfer a few coins or pay off any ones debt - 4 coins No More Chinese Debt - and add a few extra sets of zeros to their accounts and 120 coins USA "Debt" Now Balanced and we can focus on rebuilding and reinvesting without going into debt because we still have 9,880 Platinum $1T coins available in real "Reserve" - should hold us over for the next few hundred years or until we join in the Union of Europe and North America issue Monetarily Sovereign Ameros as the world's new reserve currency... and focus on prosperity instead of ECB IMF World Bank led austerity.

Instant "Balanced Budgets" for the foreseeable future.

Of course such a major trading block will be much economically stronger and one Amero should be pegged at say 10 GBP to begin and then float freely with the Chinese finally forced to uncouple their manipulated currency to float with a FOREX free markets.

Mitchell’s laws:
●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Cutting the deficit is the government’s method for taking dollars from the middle class and giving them to the rich.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.

No nation can tax itself into prosperity, nor grow without money growth.
Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.

Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

Of course the top 0.001% will not be too happy that they now will have to work for a change as they will no longer get interest payments from the 99.9% who will own their own wealth aka the National Debt (Really the national Wealth) under a truly democratic free markets monetarily sovereign currency systems. No more need for the fake private FED at the expense of the 99.999%.

Post: #20

A lot of Greenbacker myths in this thread. I would recommend every one of you read this before you go spouting off at family functions and social gatherings about how we need an interest free currency, trillion dollar coin, etc.:

Why the Greenbackers Are Wrong

Warning - it is long