Liberty News

The One Trillion-Dollar Platinum Coin. Yes they are really talking about this inside the beltway. Folks are discussing the one trillion-dollar coin as a way to avoid a fight over the debt ceiling. Also

Trillion Dollar Coin

Trillion Dollar Coin (Photo credit: DonkeyHotey)

the one trillion dollar platinum coin would be used to pay the government’s bills. So just how does this scenario get played out?

The United States can’t just print paper money every time it exhausts its borrowing options, but the US  however, does have leeway when it comes to some types of coins. According to those in the know, “There are limits on how much paper money the U.S. can circulate and rules that govern coinage on gold, silver and copper. The Treasury has broad discretion on coins made from platinum.”

Seeing as the Treasury can’t simply create money out of thin air to pay its bills, there is however, a technicality in the law. That technicality says the Treasury has special discretion to create platinum coins of any denomination. Now you can see where this is going. Those who are putting forth this idea envision Secretary of the Treasury Tim Geithner authorizing the minting of the coin.

Then being the green individual that he is, Geithner can take a short walk across the Ellipse to the Federal Reserve and deposit it in the Treasury’s bank account. After waiting for his receipt, the U. S. Treasury is credited with One Trillion dollars. Yes the idea seems outrageous, and it’s been discussed repeatedly since the start of the new year.

While this bit of smoke and mirrors is going on, the one thing that the proponents of such action have failed to take into account is the amount of the current U.S. debt. The current debt stands at $16,444,402,750,121.35, and simply one coin isn’t going to eliminate much of anything.

All of the talk ongoing in Washington centers around raising taxes and not how to cut spending. The hero of the day in the entire mater is Representative Greg Walden (R-OR) who announced plans to introduce a bill to stop a proposal to mint high-value platinum coins to pay the federal government’s bills.

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29 Responses to “The One Trillion-Dollar Platinum Coin.”

  1. Eunice Ang says:

    Btw,, via Eagle Forum: Stop so-called Filibuster Reform!
    Take Action HERE: http://www.capwiz.com/eagleforum/issues/alert/?alertid=62324216

  2. This is the most fucked up thing that this administration has come up with! Beyond belief :(

  3. further proof than none of these morons know a thing about economics 6

  4. This can only be the brainchild of those who are completely out of touch with reality. A total break.

  5. Kevin Smith says:

    Hey, that’s the Super Bowl “flip coin”…

  6. Frank Lee says:

    Better chance solving our fiscal problems by finding the Leprechauns pot of gold at the end of the rainbow

  7. Obama owns it. It was re-distributed…

  8. This may be one the dumbest things to ever come out of the DUMBEST administration to ever run Washington!

  9. Robert Boyd says:

    When printing money doesn’t solve the Democrat’s spending, taxing, and borrowing spree, just coin an absurd amount and “Voila” another virtual solution to their unfathomable fantasy.

  10. Dan Brown says:

    “Stupid is, as stupid does” — Forrest Robert Gump

  11. The dollar is a fiat currency, but its value is implied by its place in a strong economy. Stunts like this merely reinforce the fiat aspect and would undermine confidence. They could do it, they could even do it more than once, but when they do, expect to see store shelves emptied of goods as though disaster were approaching the shore. Calling a coin a trillion dollars avoids adverse effects only if nobody knows you’ve done it.

    In other news, I’ve pronounced this coffee mug to be a billion dollars, and I have more coffee mugs.

  12. Fine make it with one trillion dollars worth of platinum and put it on obama’s head.

  13. Tom Smith says:

    You can’t make up this kind of crap!

  14. this based on the old Hollywood movie starring Gregory Pecker , called “The Million Pound Note” , made in ’53 about a man in London with a Million Lbs note ,(Check) & lived high on the hog since no one could cash it . mildly humorous !!!!!!!!!! Bad method however as an example !!!!!!!!

  15. Max Buffie says:

    you cant just expect to produce more money to pay a debt, germany after the world wars?

  16. They’re all candidates for the funny farm.

  17. Those running our government are fruitcakes and clowns.

  18. And the Moron train keeps chuggin along!

  19. Why not make Monopoly money legal tender, I have a whole shoebox full of it?

  20. Mailand King says:

    Thank you Walden !! Glad you are on our side.

  21. Matt Revan says:

    this had to be Biden’s idea.

  22. Preparation for hyper-inflation soon to begin.

  23. Counterfeiters could spend a billion on the coin-making process and still make a killing with ONE coin.

  24. I will MINT a Coin with my picture on it and send to my creditors too!

  25. And they were bitching that it costs two cents to make a penny

  26. obama is the dumbest and worst president this country has ever seen anf his sheep followers are just as stupid! Who came up with idea anyway, dumb and dumber good grief!

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