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

CANT EAT PLATINUM!

Is this the way out?!

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.

might as well print this then


:onamerad:

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

No, this is retarded.

Why?

Explain....

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

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.).

Why not just mint a coin worth 100,000,000,000,000, volia, debt gone?

But what would back it?

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?

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?

As i said, this idea is retarded.

It will cost $2 trillion to make the $1 trillion coin, and they will outsource it to China anyways.

what backs anything?! NOTHING! it's an illusion.

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.....

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.

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.

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?

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?

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.

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

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

Hmmm another good point........

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

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.

Cutting spending is the only way to fix the problem...you can't borrow your way out of debt...

Yes!!

Shove that baby up the Fed's ass, and never look back. There would be no reason to have to raise the debt ceiling and issue new bonds. Deposit $10 trillion "worth" of these platinum coins with the Fed, have the Fed issue the corresponding FRN currency, and pay off China's government bonds in full!

Of course then the FRN would be worth the same as toilet paper. But that's how one gets out of crushing debt!

The government owes it to US citizens to act in OUR interest, not the interest of foreign governments.

Well yes it is, as I just did explain.

But without the debt ceiling stuff.

It will devalue the dollar, but the important internal entitlements (Social Security is the most important) are indexed to inflation, so that part of the real economy would continue just fine.

But to our dear Chinese creditors who never get tired of telling we are responsible for repaying in strong dollars: zai jian! (That means good-bye in Mandarin :)