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US trillion dollar coin to "get country out of debt"

 
Anti Vortex
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01/26/2013 02:11 PM

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US trillion dollar coin to "get country out of debt"
"The trillion dollar coin has come into the national consciousness just as the US tries to deal with its massive debt burden. US law sets its government a limit for its debt, which only a vote in Congress can extend. This normally wouldn’t be too much of a problem, however, now that the debt burden has reached $16 trillion and is rising, the US is at the top of its credit limit and politicians need to decide what to do about it."

"Someone found an obscure line in the United States Code for the Treasury – the rules allow for certain coins to be minted of any value at all. So the US Treasury could simply mint a coin and pay their debts that way –avoiding Congress and political wrangling entirely. But is the plan feasible?"

The rest at:

[link to uk.finance.yahoo.com]

Can someone explain this to me?
Wouldn't that just be turning US currency into the Zimbabwe currency?
G3
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01/26/2013 02:12 PM

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Re: US trillion dollar coin to "get country out of debt"
OBAMACOIN
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01/26/2013 02:14 PM

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Re: US trillion dollar coin to "get country out of debt"
"The trillion dollar coin has come into the national consciousness just as the US tries to deal with its massive debt burden. US law sets its government a limit for its debt, which only a vote in Congress can extend. This normally wouldn’t be too much of a problem, however, now that the debt burden has reached $16 trillion and is rising, the US is at the top of its credit limit and politicians need to decide what to do about it."

"Someone found an obscure line in the United States Code for the Treasury – the rules allow for certain coins to be minted of any value at all. So the US Treasury could simply mint a coin and pay their debts that way –avoiding Congress and political wrangling entirely. But is the plan feasible?"

The rest at:

[link to uk.finance.yahoo.com]

Can someone explain this to me?
Wouldn't that just be turning US currency into the Zimbabwe currency?
 Quoting: Anti Vortex


This was posted like almost a month ago....and there are many threads.

Thread: Obama could exploit loophole, avoid debt ceiling by melting "trillion dollar platinum coins" for circulation
Anonymous Coward
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01/26/2013 02:28 PM
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Re: US trillion dollar coin to "get country out of debt"
[link to nobama.com]
Anti Vortex (OP)

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01/26/2013 02:39 PM

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Re: US trillion dollar coin to "get country out of debt"
This was posted like almost a month ago....and there are many threads.

 Quoting: Useless Cookie Eater


Ah, might explain the amounts withdrawn from US banks this month.


"The Federal Reserve’s latest figures indicate the largest one-week withdrawal amounts from U.S. banks since Sept. 11, 2001, terrorist attacks. The $114 billion represents 2 percent of the nation’s 25 biggest banks’ coffers."

[link to www.washingtontimes.com]

Last Edited by Some Viking God on 01/26/2013 02:40 PM
Nemamiah
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01/26/2013 02:52 PM

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Re: US trillion dollar coin to "get country out of debt"
"The trillion dollar coin has come into the national consciousness just as the US tries to deal with its massive debt burden. US law sets its government a limit for its debt, which only a vote in Congress can extend. This normally wouldn’t be too much of a problem, however, now that the debt burden has reached $16 trillion and is rising, the US is at the top of its credit limit and politicians need to decide what to do about it."

"Someone found an obscure line in the United States Code for the Treasury – the rules allow for certain coins to be minted of any value at all. So the US Treasury could simply mint a coin and pay their debts that way –avoiding Congress and political wrangling entirely. But is the plan feasible?"

The rest at:

[link to uk.finance.yahoo.com]

Can someone explain this to me?
Wouldn't that just be turning US currency into the Zimbabwe currency?

 Quoting: Anti Vortex


There technically is no US currency except for coins.

There's Federal Reserve Notes (a private corporation's printed currency) that most people blindly accept as "valuable" when in fact it's not any more valuable than Monopoly money
America is great because she is good; if she ever ceases to be good she will cease to be great - it's time to bring back her goodness!

Genius isn't so much what you know, but what you understand

Une danse d'amants est patient et aimable
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Slick Vick

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01/26/2013 03:02 PM
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Re: US trillion dollar coin to "get country out of debt"
This is pretty interesting, but how could it actually be used to pay a debt? Who has change for a trillion dollars? Even if the US mint printed enough money to change the coin in, that coin would be created from nothing, causing massive inflation, correct??
Anonymous Coward
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01/26/2013 03:29 PM
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Re: US trillion dollar coin to "get country out of debt"
Since the Federal (Frauderal) Reserve is a Private Banking Cartel.

And the Money OWED could be construed as an INTEREST payment to this Private Bankster Cartel

I think the intent was to say HERE take this, don't spend it all in one place.

If the PUBLIC APPROVES this payment, it could be construed as "Payment In Full" to these sheister rip-off Bankster creeps.

Since this Bankster Cartel is Founded in Fraud, Perpetrates Fraud, is Backed by Fraudulent paper currency, it is sort of like pulling a Fraud on a pack of lying Bankster
Fraudsters?

The question is, what would these Malignants and Psychopaths do about it?
Anonymous Coward
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01/26/2013 04:18 PM
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Re: US trillion dollar coin to "get country out of debt"
A trillion dollar coin? How the hell is that going to work? How big is this coin and what's it made of? Fucking ridiculous beyond belief! Although I see some rich idiot buying one, just to be a trillion dollar coin owning top dog!
Tripping Treavor
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01/26/2013 04:26 PM
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Re: US trillion dollar coin to "get country out of debt"
If I bought a pack of gum with a trillion dollar coin would I be able to get change?
bvndy

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01/26/2013 04:32 PM
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Re: US trillion dollar coin to "get country out of debt"
When thinking like this becomes routine, beginning of the
end.
You will be looking back fondly on these days when you are paying five trillion for a loaf of bread, and getting paid twice a day so you can spend your money before it loses
too much value.
WILL HAPPEN
You can ignore the consequences of
your actions, but you cannot ignore
the RESULTS of the consequences of your actions

Ayn Rand
Anonymous Coward
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01/26/2013 04:37 PM
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Re: US trillion dollar coin to "get country out of debt"
With derivatives it will never end, they can blow up bubbles on anything at all.

1 grain of wheat on a chessboard at Goldman sucks:

after passing through 64 money makers = 18,446,744,073,709,551,615 grains of rice

[link to en.wikipedia.org]

It might take a few chessboards in reality depending on the greed of our esteemed banking elite.

If you consider a barrel of oil in Libya costs $1 to produce but sells for $100+ ....

Big fleas have little fleas,
Upon their backs to bite 'em,
And little fleas have lesser fleas,
and so, ad infinitum.

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