WTFudge is this "trillion dollar platinum coin" nonsense?

Steven Douglas said:
If it's declared legal tender, with a value declared by Congress? Oh, anyone with an outstanding debt that needed to be paid.

You have two choices: Accept the legal tender when offered, or accept nothing, and consider your debt paid in full, with no recourse after that.

There needs to be a Constitutional Amendment that states that Congress isn't allowed to "declare" (regulate) the value of anything at all.
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That is called bankruptcy .They may think they can do what ever they want with ink and paper but that kind of shit would not pass anywhere.If the USA government does such a thing 3 minutes later the banks will be full of people wanting to change their "american paper" with some other currency.And that means say hello to inflation.
 
GunnyFreedom said:
wouldn't that be a 40 million pound coin? Platinum is worth less than gold right now...
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Sounds like a Triganic Pu / Ningi situation ...

The Hitchhiker's Guide to the Galaxy (Entry: the Universe - Subentry: Monetary Units) said:
Although there are three major units, (The Altairian Dollar, the Flainian Pobble Bead and the Triganic Pu) none of them count. The Altarian Dollar has recently collapsed (again), the Flainian Pobble Bead is only exchangeble for other Flainian Pobble Beads, and the Triganic Pu has its own very special problems. Its exchange rate of eight Ningis to one Pu is simple enough, but since a Ningi is a triangular rubber coin six thousand eight hundred miles along each side, no one has ever collected enough to own one Pu. Ningis are not negotiable currency, because the Galactibanks refuse to deal in fiddling small change. From this basic premise it is very simple to prove that the Galactibanks are also the product of a deranged imagination.
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Truly, Douglas Adams was a Prophet.
 
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I say go for it. Burn this baby down to the ground and start over.
 
So, mint a platinum coin the size of a silver dollar, and just arbitrarily assign the value of $1Tn.

Wouldn't that be exactly the same as QE (just printing money) but from the Treasury instead of the Fed? I suspect that the IMF would have a serious problem with that, and in turn lead to a global dollar selloff thus seriously enhancing the current crisis. A LOT.

Hmm. Well, if they refuse to let the adults in the room actually fix the problem, this could be one way to provide a teachable moment that creating fake money is destructive, and go ahead and crash the dollar immediately so we can go about solving the problem now instead of just waiting around with our thumbs up our rear until the lunacy of our current course strikes enough voters to make real change.

I'd rather fix the problem, personally, but this does look like one of the less painful methods of economic self destruction. If economic suicide is the only option that the banksters and partisan establishmentarians are going to let us take, then this would seem to be one of the better forms of economic suicide from among the several options already presented. :p
 
John F Kennedy III said:
I'm no economic expert. But I don't think it's that simple. Wouldn't the coin have to be WORTH $1 Trillion in platinum? Otherwise it seems it would be the same as the Fed printing all that counterfeit it is so fond of.

Does the government even have a trillion dollars worth of platinum?
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No, apparently only about half a million pounds of platinum has ever been mined in the history of the world.

There is approximately 180,000 tons of gold on and in the entire planet Earth when you add mined and unmined together, and scientists guess there there is about 1/10th the amount of platinum on the planet, making roughly 18,000 tons, or around 36 million pounds.

Since $1Tn worth of platinum is a little over 40.3Mn pounds, and the entire planetary physical supply of platinum, mined and unmined together is around 36.5Mn pounds, I would venture to say it is unlikely there is enough physical platinum on the entire planet earth to mint such a coin.
 
Demigod said:
That is called bankruptcy.
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Incremental bankruptcy, all by degrees. It's a game of Economic Jenga really, as one slat after another is removed from the bottom of the original foundation. Roosevelt to Citizens in '33, Nixon to other governments in '71, and on to whatever form it eventually takes, when finally it all collapses, and at a sudden pace that is much faster than most can possibly imagine.

Their small town eyes will gape at you in dull surprise when payment due exceeds accounts received at seventeen.
- Janis Ian, At Seventeen
 
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Confederate said:
Make 310 million $100 trillion coins and give one to each American! Imagine how rich everyone would be!!!
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Assuming the banks and foreign countries weren't also given those coins, and we went to World War III to make sure our dollar stayed the reserve currency.... we'd actually be pretty rich, honestly not a bad idea (if you don't mind murdering millions of people, that is)
 
Essentially it's a way to ward off the debt ceiling fight for another 5 months...

Pathetic.

If you aren't heavily invested in silver and gold then you aren't paying attention. Stories like this should be another wake up call for those who aren't.
 
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