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Obama could exploit loophole, avoid debt ceiling by melting "trillion dollar platinum coins" for circulation
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[quote:Anonymous Coward 1447583:MV8yMTAyMzM4XzM1NDI0MjY3XzYwQ0FDQjc3] If the treasury minted a $1 trillion platinum coin, it would not send the value of platinum skyrocketing. It's the same as with our paper bills. There's no intrinsic value in dollars, yet some paper bills are valued higher than other paper bills. Likewise, the melt value and face value of the 1 oz platinum coin would be two different things. The face value of the 1 oz platinum coin would be $1 trillion but the melt value of the platinum coin would only be worth about $1,550. Regardless, this is just another big warning sign, like the proposal to remove copper from our coinage, letting us know how fucked we are. Although, I did enjoy how they tried to spin this awful idea like it was brilliant epiphany someone had that will save the economy and tried to garner public support by asking "who will be on the face on the coins?" I'm sure there's plenty of idiots on FaceBook offering up all sorts of suggestions with the top one being BO. If they were really smart, they'd have proposed to mint an infinity $ coin. Yeah, that's the ticket. [/quote]
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It goes like this: Should Congress fail to extend the U.S. debt limit — reached again on Dec. 31 — the president could ask the Treasury to begin printing trillion dollar coins (in a process explained mostly seriously by Jim Pethokoukis on his American Enterprise Institute blog), a number of which could then be put toward fulfilling debt obligations in the event new legislation stalls in Congress.
While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint melt and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills.
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