A trillion Dollar coin? what is Obamma doing now? posted by Allen

[CSJournals-migration]

a trillion dollar coin made of platinum to pay off some of the national debt

 

so Obama wants to have the mint make a coin out of a trillion dollars of platinum to pay some of the national debt here's a link to an artical.

http://godfatherpolitics.com/8847/will-trillion-dollar-coins-fix-the-debt-crisis/

 

See more journals by Allen

[Panda Man]

I have a good Obama joke for you as well.....

[newprepper]

better than that one?

[Ultra Cameo Collection]

To make a trillion dollar coin is ridiculous. There isn't even a trillion dollars worth of platinum in the whole world ever mined. Just because there is a loophole in the wording of laws doesn't mean they should actually do this.

 

How about getting rid of all the redundancy in government and take most of the NOT SICK or NOT INJURED social security people off of the rolls. My neighbor has rheumatoid arthritis and is permanently disabled at 26. The truth is her daddy figured out how to scam the government and no one decided to stop him.

 

This lady mows her own yard, shovels her own sidewalk and drives, as well as has at least 3 people living with her at all times. I watched her move in a couch and dining table, SHE helped carry them in her apartment. I work but my back is soo bad I wouldn't in my wildest dreams help someone carry a couch. Then again I never have tried for SS because I am still able to work. They may give it to me but until I cannot work I will.

 

Just my 2 cents on the whole government needs money problem.

[coinman_23885]

To make a trillion dollar coin is ridiculous. There isn't even a trillion dollars worth of platinum in the whole world ever mined. Just because there is a loophole in the wording of laws doesn't mean they should actually do this.

 

I agree with you and the government, in my opinion, should not do this. With this said, just because the coin has a $1 trillion face value, doesn't mean that it has to contain $1 trillion worth of platinum. They could strike a 1/2 oz. coin with that face value. The coin has to be platinum because the law they are talking about exploiting involves a statute passed by Congress which gives the Treasury Secretary the ability to coin platinum coins without specifying a denomination.

[newprepper]

If I understand correctly, they want to mint a couple 1T coins, and deposit them, saying there ou go a couple trillion dollars. Then they don't have to worry about borrowing, just make what they need. Am I missing something?......just make it out of thin air with no backing?

[Ultra Cameo Collection]

If they do make this coin, you know NGC will create a set that no one can ever complete. Sort of like the top 100 that has the 1972 aluminum cent in it.

[JoeF]

Most of the world's currencies are unbacked by anything except the governments' word that it is legal tender and the ability to convert the money into goods via payment. It's been that way since we came off the gold standard.

 

For more info, read the article here:

http://www.aei-ideas.org/2012/12/how-could-washington-avoid-a-debt-ceiling-default-mint-a-few-trillion-dollar-platinum-coins-seriously/

 

[newprepper]

But normally they reaise it through selling bonds and such, they don't just mint a couple trill

[JoeF]

As long as it's legal tender and backed by the government, it's no different than minting any other coin or currency.

[RWB]

This is not an idea of the present executive administration.