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1/8/2013 5:24:46 PM
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Some Americans considering making a $1 trillion coin to pay debt
[url=http://www.nydailynews.com/news/politics/obama-mint-trillion-dollar-coin-deal-debt-ceiling-article-1.1235224]Article[/url]
[quote] New York Rep. Jerrold Nadler is the most prominent politician arguing that minting a trillion dollar coin to pay some of the nation's debt is a better option than another fight over raising the U.S. debt ceiling that could result in default.
And with Washington bracing for yet another game of brinkmanship in less than two months over the $16 trillion debt limit, the seemingly far-fetched idea seems to be gaining currency.
Nadler and other proponents, however, argue that a trillion dollar coin is no more absurd than the debt ceiling itself, which caps the government's ability to cover spending Congress has already authorized.
The proposal stems from a line in federal law that allows the Treasury Department to "mint and issue platinum bullion coins and proof platinum coins" in any size or denomination it chooses. That loophole, intended to allow for collectors' coins, theoretically opens the door to the trillion dollar coin.
While platinum is a precious commodity, a platinum coin would have to weigh more than 20,000 tons to have an actual value, when melted, of a trillion dollars. But the face value of no U.S. coin actually matches the value of the metal used to make the coin.[/quote]
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Wouldn't that devalue the currency hilariously?
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[quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote] dingdingding
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[quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]Don't tell them that, I wanna see what happens when the dollar loses its value and the $1 trillion coin won't work.
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[quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]Don't tell them that, I wanna see what happens when the dollar loses its value and the $1 trillion coin won't work.[/quote]I know you're not American, but rooting for us to fail will have a worldwide effect.
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]Don't tell them that, I wanna see what happens when the dollar loses its value and the $1 trillion coin won't work.[/quote]I know you're not American, but rooting for us to fail will have a worldwide effect.[/quote]Pound will still be the 3rd highest currency :D Also I know it will be bad but its gonna happen eventually. [Edited on 01.08.2013 9:34 AM PST]
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This is just getting absurd.
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]Don't tell them that, I wanna see what happens when the dollar loses its value and the $1 trillion coin won't work.[/quote]I know you're not American, but rooting for us to fail will have a worldwide effect.[/quote] I think he's joking.
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[quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]
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[quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote]Don't tell them that, I wanna see what happens when the dollar loses its value and the $1 trillion coin won't work.[/quote]I know you're not American, but rooting for us to fail will have a worldwide effect.[/quote]Pound will still be the 3rd highest currency :D Also I know it will be bad but its gonna happen eventually.[/quote]If/when it does happen, it will be phased out slowly. A sudden drop in value of a globally-traded currency would be devastating to many markets.
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Haha imagine transporting a trillion dollar coin? Jobs will be invented just for guarding the damn thing
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I'm glad to see America's future in the hands of the best and the brightest.
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[quote][b]Posted by:[/b] Viron Haha imagine transporting a trillion dollar coin? Jobs will be invented just for guarding the damn thing[/quote] Oops I dropped it down the drain....
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote] dingdingding[/quote]yep. start printing higher amounts of fiat currency and we zimbabwe up in this mutha. 50 trillion dollar bills just to afford a loaf of bread, anyone? no offense but some states man, they just don't get it. we're not europe, euro policy won't work. we don't want to be greece.
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How on earth will a coin like this enter the economy?
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The point of the theory of the coin is to get around the debt ceiling issue if political gridlock forces the country into not being able to pay its bills, not to really pay down the debt.
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The Platinum Chip.
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I picture a $1T coin to be the size of a big rig...
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[quote][b]Posted by:[/b] Cheeseoid How on earth will a coin like this enter the economy?[/quote]Well 1st they make it with the words Trillion with a number 1 infront of it with a dollar mark on it. And then we watch the American economy collapse in a few hours followed by the economies of Asia.
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[quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Cheeseoid How on earth will a coin like this enter the economy?[/quote]Well 1st they make it with the words Trillion with a number 1 infront of it with a dollar mark on it. And then we watch the American economy collapse in a few hours followed by the economies of Asia.[/quote]And North America. And South America. And Europe.
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Android Spartan [quote][b]Posted by:[/b] Cheeseoid How on earth will a coin like this enter the economy?[/quote]Well 1st they make it with the words Trillion with a number 1 infront of it with a dollar mark on it. And then we watch the American economy collapse in a few hours followed by the economies of Asia.[/quote]And North America. And South America. And Europe.[/quote] It really wouldn't make that much difference. The Federal Reserve has essentially "printed" well over two trillion dollars since 2008 by balance sheet manipulation and making purchases. QE4 continues to increase that amount by 45 billion each month just by itself. The only difference is that this is more obvious to normal people than what the Federal Reserve monetary policy has been.
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[quote][b]Posted by:[/b] Haloroach [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote][/quote]The idea is that you mint it so you technically have it, but don't put it into circulation(lol of course not, imagine going to albertsons and trying to buy a loaf of bread), and since it's not in circulation, it will not inflate the regular currency since it will not be used. I still think its retarded but they thought of it.
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[quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote] No. This isn't printing an additional trillion dollars and adding it to the money supply. By doing this it's the equivalent of raising the debt ceiling, which is an absurd thing to begin with.
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[quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote] dingdingding[/quote] Nope. Not anymore than raising the debt ceiling would.
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[quote][b]Posted by:[/b] nightspark [quote][b]Posted by:[/b] MadMax888 [quote][b]Posted by:[/b] Binman59 Wouldn't that devalue the currency hilariously?[/quote] dingdingding[/quote] Nope. Not anymore than raising the debt ceiling would. [/quote] Exactly. Its just a loophole. Its something an attorney would think of to pull one over on people who are mentally unable to think creatively.
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[quote][b]Posted by:[/b] Binman59 [quote][b]Posted by:[/b] Viron Haha imagine transporting a trillion dollar coin? Jobs will be invented just for guarding the damn thing[/quote] Oops I dropped it down the drain....[/quote] Haha imagine - oh I think I'm hungry I might go get lunch ... damn I have no change will this be okay? Just roll it through the front door
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Its either the government is going to be focusing all efforts on producing a few hundred thousand tons of platinum or the US dollar is about to get seriously devalued... Something tells me its going to be the one with the devaluing. Excuse me, gentlemen, I believe I've got a few thousand dollars worth of gold to be buying.
