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Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)

 
Anonymous Coward
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01/08/2013 11:44 AM
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Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
This is the first i am reading about it, and truly undecided...but it looks like it is picking up steam....here just a few articles

[link to maddowblog.msnbc.com]

[link to www.politico.com]

[link to www.bloomberg.com]

[link to krugman.blogs.nytimes.com]

So what is it?

There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.
Anonymous Coward
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01/08/2013 11:45 AM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
CANT EAT PLATINUM!

cruise
Anonymous Coward (OP)
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01/08/2013 11:48 AM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
Moses
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01/08/2013 11:52 AM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Oh I'm all for it. This mutha needs to be brought down and that would guarantee the federal reserve banking/fractional reserve/ fiat charade is exposed for all to see.
gebahie

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01/08/2013 11:56 AM

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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
might as well print this then


onamerad
Anonymous Coward (OP)
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01/08/2013 11:57 AM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Oh I'm all for it. This mutha needs to be brought down and that would guarantee the federal reserve banking/fractional reserve/ fiat charade is exposed for all to see.
 Quoting: Moses 31759017


I dont understand it clearly, money matters is not my forte.....

I would like to see a fix,

I am paranoid not to trust this idea though
Anonymous Coward
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01/08/2013 11:59 AM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
Anonymous Coward (OP)
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01/08/2013 12:00 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
Anonymous Coward
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01/08/2013 12:04 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
 Quoting: J&V


I can't. It is though. This is a loophole. This would be nothing more than QE ie. printing more money.
Anonymous Coward (OP)
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01/08/2013 12:06 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
 Quoting: J&V


I can't. It is though. This is a loophole. This would be nothing more than QE ie. printing more money.
 Quoting: Anonymous Coward 31679713


But its actually backed by value?

“With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps!” the petition states. “While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US — and global — economy at stake.”

The proposal needs about 19,000 more signatures before Feb. 2 to reach the requisite 25,000 threshold and prompt a White House response. The idea has won support among high-profile economist Paul Krugman and Rep. Jerry Nadler (D-N.Y.).
Anonymous Coward
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01/08/2013 12:07 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
Anonymous Coward (OP)
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01/08/2013 12:07 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
 Quoting: Anonymous Coward 31679713


But what would back it?
Anonymous Coward
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01/08/2013 12:09 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
this whole loophole was based on the ability to print commeritive coins, ie $10 silver coin or something, which would then be bought as gifts or by collectors. Who's going to buy this one?
Anonymous Coward
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01/08/2013 12:10 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
I would think that would cause the value of platinum to rise exponentially and therefore gold/silver, etc.

Why stop at $1Trillion? Why not $100 Quadrillion just to be safe? That way we never have to have a money crunch again!!!

Could I pay my taxes in platinum then?
Anonymous Coward
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01/08/2013 12:10 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
 Quoting: Anonymous Coward 31679713


But what would back it?
 Quoting: J&V


As i said, this idea is retarded.
ZeuZ

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01/08/2013 12:14 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
It will cost $2 trillion to make the $1 trillion coin, and they will outsource it to China anyways.
Eat, drink, and be merry,
for tomorrow,
you may die.
Moses
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01/08/2013 12:15 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
 Quoting: J&V


It's more of the fiat currency scam. Gold is money and our currency was once backed by gold. As long as money is backed by gold it prevents governments/banks from printing money nilly willy. Gold has to be mined, refined, coined, etc., it requires actual work before new currency is brought into circulation. Keeps the government honest. But they're not honest. Since the inception of the Federal Reserve and the removal of the gold backing, our currency has been inflated and our purchasing power stolen. See this link

[link to www.zerohedge.com]

The trillion dollar coin is just this fiat scheme on steroids raised to the umpteenth power. Our currency will collapse in hyperinflation without a doubt. The timing is difficult to predict but the outcome is certain.
Anonymous Coward
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01/08/2013 12:16 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
 Quoting: Anonymous Coward 31679713


But what would back it?
 Quoting: J&V


what backs anything?! NOTHING! it's an illusion.yoda
Anonymous Coward (OP)
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01/08/2013 12:16 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
 Quoting: Anonymous Coward 31679713


But what would back it?
 Quoting: J&V


As i said, this idea is retarded.
 Quoting: Anonymous Coward 31679713


Exactly... You couldnt back that, but you could make a real platinum coin.

I am not saying, i am for or against, but looking more for legit anti reasons.....
Anonymous Coward
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01/08/2013 12:18 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
...


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
 Quoting: J&V


I can't. It is though. This is a loophole. This would be nothing more than QE ie. printing more money.
 Quoting: Anonymous Coward 31679713


But its actually backed by value?


 Quoting: J&V


It would be too heavy and platinum is about a bag (grand) an ounce atm, so, trillion dollar coin would be very heavy.

Also, there is not enough platinum on this planet to make one, and you guys need at least twenty of them to 'wipe your face', so to speak.
Moses
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01/08/2013 12:19 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?
 Quoting: Anonymous Coward 31679713


But what would back it?
 Quoting: J&V


Absolutely nothing. Same as our current currency. But talking about this concept will educate some folks about the sham our currency is and will ultimately backfire.
Anonymous Coward (OP)
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01/08/2013 12:20 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Is this the way out?!
 Quoting: J&V


No, this is retarded.
 Quoting: Anonymous Coward 31679713


Why?

Explain....
 Quoting: J&V


It's more of the fiat currency scam. Gold is money and our currency was once backed by gold. As long as money is backed by gold it prevents governments/banks from printing money nilly willy. Gold has to be mined, refined, coined, etc., it requires actual work before new currency is brought into circulation. Keeps the government honest. But they're not honest. Since the inception of the Federal Reserve and the removal of the gold backing, our currency has been inflated and our purchasing power stolen. See this link

[link to www.zerohedge.com]

The trillion dollar coin is just this fiat scheme on steroids raised to the umpteenth power. Our currency will collapse in hyperinflation without a doubt. The timing is difficult to predict but the outcome is certain.
 Quoting: Moses 31759017


Thx for reasonable explanation, platinum is more valuable though...

Gold vs platinum...


[link to www.sellgoldhq.com]


Platinum, however, is an extremely rare metal, even harder to find than gold. It doesn’t share the exact properties of gold – for example, you won’t find much “platinum leaf” around – but it does have a very high resistance to heat and its melting point is extremely high.
In our culture, platinum has become known as “higher than gold,” which has lead to platinum’s status as the title of albums that sell more than 1,000,000 copies. Gold albums, for example, sell less than platinum albums, although it should be noted that “diamond” albums outsell them all.
Anonymous Coward
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01/08/2013 12:27 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
platinum is more valuable though...

Gold vs platinum...


[link to www.sellgoldhq.com]


Platinum, however, is an extremely rare metal, even harder to find than gold. It doesn’t share the exact properties of gold – for example, you won’t find much “platinum leaf” around – but it does have a very high resistance to heat and its melting point is extremely high.
In our culture, platinum has become known as “higher than gold,” which has lead to platinum’s status as the title of albums that sell more than 1,000,000 copies. Gold albums, for example, sell less than platinum albums, although it should be noted that “diamond” albums outsell them all.


Not today, gold is about $100/oz more. [link to www.apmex.com]

Plus if I understand the alleged concept correctly, the discussion is about a single coin, normal sized, etc. with a trillion dollar denomination. As long as everyone agrees to accept we're good. However I don't believe a China or a Japan would care to trade all the debt they have purchased for a single coin?
Anonymous Coward (OP)
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01/08/2013 12:28 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
platinum is more valuable though...

Gold vs platinum...


[link to www.sellgoldhq.com]


Platinum, however, is an extremely rare metal, even harder to find than gold. It doesn’t share the exact properties of gold – for example, you won’t find much “platinum leaf” around – but it does have a very high resistance to heat and its melting point is extremely high.
In our culture, platinum has become known as “higher than gold,” which has lead to platinum’s status as the title of albums that sell more than 1,000,000 copies. Gold albums, for example, sell less than platinum albums, although it should be noted that “diamond” albums outsell them all.
 Quoting: Anonymous Coward 31759017


Not today, gold is about $100/oz more. [link to www.apmex.com]

Plus if I understand the alleged concept correctly, the discussion is about a single coin, normal sized, etc. with a trillion dollar denomination. As long as everyone agrees to accept we're good. However I don't believe a China or a Japan would care to trade all the debt they have purchased for a single coin?



Well that is true.....i dont get that either, one mint ONE COIN?
Anonymous Coward
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01/08/2013 12:29 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Pro.

Let's make a magic coin out of platinum and sawdust to solve all of our dear leaders problems and fix the entire World's economy. They print it out of thin air and Ctrl +P anyways.
Saddletramp
We Don't Rent Pigs...

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01/08/2013 12:33 PM

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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
If you're going to do it you better go ahead and mint enough of them to buy out debt worldwide in one fell swoop, while you're at it you better go ahead and repeal the Fed's charter, and you're still going to see the dollar fall out of bed in world markets, possibly hyperinflation.

If you do it, you better go all the way...

To just do one is like printing a trillion dollar treasury bond on a coin...

just more liquidity floating around out there putting pressure on the dollar...

Last Edited by Saddletramp on 01/08/2013 12:34 PM
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andawg221

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01/08/2013 12:39 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
It will cost $2 trillion to make the $1 trillion coin, and they will outsource it to China anyways.
 Quoting: ZeuZ


China will make 500 fakes and the USA will lose the real coin.
Anonymous Coward (OP)
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01/08/2013 12:39 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
It will cost $2 trillion to make the $1 trillion coin, and they will outsource it to China anyways.
 Quoting: ZeuZ


China will make 500 fakes and the USA will lose the real coin.
 Quoting: andawg221


Hmmm another good point........
Anonymous Coward
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01/08/2013 12:56 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
it's a fine theory and all.



but why the hell would the Feds allow it



don't you understand ??? it will never happen unless it accompanies other massive change
Anonymous Coward (OP)
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01/08/2013 01:37 PM
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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
it's a fine theory and all.



but why the hell would the Feds allow it



don't you understand ??? it will never happen unless it accompanies other massive change
 Quoting: Anonymous Coward 18806415


It is a theory for sure..... but seems to be gaining some momentum... i had never heard of this before now, all the talk now, maybe it will become real in the next 20 years.
BRIEF
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01/08/2013 01:41 PM

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Re: Are you pro minting Platinum Coin or against it? (Loophole found to fix budget)
Cutting spending is the only way to fix the problem...you can't borrow your way out of debt...
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