Hey, let’s avoid the debt-ceiling standoff by minting a trillion-dollar platinum coin instead

posted at 4:23 pm on January 4, 2013 by Allahpundit

Words cannot express my excitement that this banana-republic idea is now being taken seriously enough to attract vocal support from a sitting Democratic congressman. If you’re looking for a way to convince the public that the left has no interest whatsoever in reducing spending before we face a fiscal meltdown, you can’t do better than having Obama and Geithner respond to the GOP’s demand for cuts by producing a de facto handful of magic beans.

In fact, that’s my condition for supporting this proposal. I’ll back it to the hilt, but only if the masterminds behind it figure out a constitutional way to let Treasury choose beans as the trillion-dollar currency instead of a coin. That’ll show those Republicans.

“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills,” Nadler said in a telephone interview this afternoon.

I asked whether he was serious.

“I’m being absolutely serious,” he said. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”

By “things,” he means magic coins, not Medicare reform. Over at National Journal, a jittery Matthew Cooper wonders if the optics of all this might not be counterproductive for Democrats:

As bad as the House behavior has been, using a small legal provision meant to please numismatists to leverage the nation’s debts seems, um, risky. The only analogy I can think of is the Court-packing mess of the 1930s when President Roosevelt, faced with a cranky Supreme Court that overturned his social-welfare programs and those in the states, tried to enlarge the size of the Court to fill it with more sympathetic appointees. After an outcry, the president backed down. But FDR at least tried to make the change by proposing a statute and forcing a Senate debate. (The bill never cleared the chamber.)

Minting the coins would seem even more imperious. After all, the Supreme Court in the 1930s was knocking down state minimum-wage laws and other expressions of the popular will. FDR had some momentum behind him. But President Obama would look despotic if he embraced this tactic. (Imagine all the pictures of King Obama on a coin.)

I assume the reason they’re thinking about a coin worth “only” a trillion instead of $10 trillion is because, you see, a $10 trillion coin would be exorbitant and sound crazy.

Via Mediaite, here’s Rick Santelli proving his extremism by wondering why people who refuse to mindlessly extend the nation’s line of credit while we’re on an unsustainable fiscal track are the “lunatics” in this debate. Exit question: Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea? At this point, given the results in November, what’s the best result poll-wise we could hope for? 55-45 against?


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Hey what would a jihady version of Mugabe would look like ?

burrata on January 4, 2013 at 4:26 PM

Works for me. Democrats will never figure it out./

CW20 on January 4, 2013 at 4:27 PM

If they go for it, how difficult would it be to counterfeit? Think they’d have change for a $1 trillion coin at the 7-11?

The Rogue Tomato on January 4, 2013 at 4:28 PM

This is an Austin Powers parody.. right?

Illinidiva on January 4, 2013 at 4:29 PM

Better yet, I could eat at Ruth’s Chris, hand them the counterfeit $1 trillion coin and say, “Keep the change.”

The Rogue Tomato on January 4, 2013 at 4:30 PM

I’d buy that for a dollar. When Guam tips over.

John the Libertarian on January 4, 2013 at 4:30 PM

someone will loose it in a couch

ChunkyLover on January 4, 2013 at 4:30 PM

If they go for it, how difficult would it be to counterfeit? Think they’d have change for a $1 trillion coin at the 7-11?

The Rogue Tomato on January 4, 2013 at 4:28 PM

Sorry, can’t make change for anything over a billion. Try down the street.

WisRich on January 4, 2013 at 4:30 PM

They only need to print 17 of them to cover our dept…no big deal, just 17 coins.

right2bright on January 4, 2013 at 4:30 PM

The Rogue Tomato on January 4, 2013 at 4:28 PM

The way bho/team/d’s/some r’s are spending, that coin just might buy you a bag of chips and a coke at the 74/11? YOU don’t get change!
L

letget on January 4, 2013 at 4:31 PM

It may be time to increase spending to record levels not seen before.

Bmore on January 4, 2013 at 4:31 PM

Are people seriously this stupid? It would take 20,000 tons of platinum and 100 years of mining to get $1,000,000,000,000 of value. Otherwise, it’s just a representative value and no better than the greenish toilet paper we use now.

Nutstuyu on January 4, 2013 at 4:32 PM

I nominate Rich Uncle Pennybags, the man in the top hat in Monopoly, to be struck on the platnium coin. Hell, its worth the same.

itsspideyman on January 4, 2013 at 4:32 PM

So if somebody steals the coin, where can they break it for ten 100 billion dollar coins?

Fenris on January 4, 2013 at 4:32 PM

If the coin thing gets serious play, a majority of this country is gonna be looking to doomsday peppers for tips the way they currently look at do it yourself shows.

rob verdi on January 4, 2013 at 4:32 PM

” But President Obama would look despotic if he embraced this tactic.”

Like he cares…

“So, Mr. President…

… How was your Hawaiian vacation?” – David Gregory

Seven Percent Solution on January 4, 2013 at 4:32 PM

Perfect

Schadenfreude on January 4, 2013 at 4:33 PM

By the way, here’s Zerohedge’s unfortunately necessary explanation of why a trillion dollar platinum coin is impossible…with the dollar at it’s current levels that is:

•A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

Weight of Glory on January 4, 2013 at 4:33 PM

I can only hope they aren’t seriously considering this.

Banana Republic indeed.

sharrukin on January 4, 2013 at 4:33 PM

Weimar. Zimbabwe.

Dear Leader knows best.

locomotivebreath1901 on January 4, 2013 at 4:33 PM

Just think, y’all. We’ll be able to take an African vacaton with leaving our homes…to Zimbabwe. Anyone got $1,000,000 on them for a loaf of bread?

kingsjester on January 4, 2013 at 4:34 PM

It would put the final nail in any legacy Obama thinks he is going to ever have. It also can’t happen. Obama can order the coins minted but they can’t actually mint them without a law which states the design of the coin and who will be on it from Congress and that he won’t get.

Rocks on January 4, 2013 at 4:34 PM

Nutstuyu on January 4, 2013 at 4:32 PM

im affraid the collective I.Q of the nation has gone down ten or twenty points as evidence look at the past election and entertainment television.

ChunkyLover on January 4, 2013 at 4:34 PM

Maybe they should use this on one side:

logo

Or maybe this:

the other side

kim roy on January 4, 2013 at 4:35 PM

Sure. Why not? Mint a trillion dollar coin, and trigger an avalanche sell-off of US treasuries.

Robert_Paulson on January 4, 2013 at 4:35 PM

I have invested in wheel barrows.

Bmore on January 4, 2013 at 4:35 PM

This is the equiv of Freddie Prinze (Sr.) talking about eliminating your credit card debt by getting a new credit card to pay off the old one, then opening another new one to pay off the one you’ve just opened, and so on, and so on. So, yeah, it will prolly get “47 percent” approval.

apostic on January 4, 2013 at 4:35 PM

Exit question: Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea?

Oh, yes. Yes you are. I’ve got 16 trillion points of fact I can show you to back me up.

Weight of Glory on January 4, 2013 at 4:35 PM

I assume the reason they’re thinking about a coin worth “only” a trillion instead of $10 trillion is because, you see, a $10 trillion coin would be exorbitant and sound crazy.

So they’ll make 10 $1 trillion coins. See, not exorbitant or crazy!

Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea?

Sadly, yes.

rbj on January 4, 2013 at 4:36 PM

I nominate Rich Uncle Pennybags, the man in the top hat in Monopoly, to be struck on the platnium coin. Hell, its worth the same.

itsspideyman on January 4, 2013 at 4:32 PM

Or they could just declare Monopoly money as legal tender, which would probably be a lot cheaper.

sharrukin on January 4, 2013 at 4:36 PM

By the way, here’s Zerohedge’s unfortunately necessary explanation of why a trillion dollar platinum coin is impossible…

It’s only impossible if you assume the coin has to have the actual value of $1 trillion in platinum.

Our currency doesn’t work that way anymore. I don’t know why they’d even have to use platinum. They could use tin foil.

The Rogue Tomato on January 4, 2013 at 4:36 PM

I nominate Rich Uncle Pennybags, the man in the top hat in Monopoly, to be struck on the platnium coin. Hell, its worth the same.

itsspideyman on January 4, 2013 at 4:32 PM

Only if it’s the one of him with his pockets turned inside out.

monopoly

Or maybe this one is more appropriate

monopoly

kim roy on January 4, 2013 at 4:37 PM

Are these jackasses human . . . somebody needs to physically examine them for transistors and electrical wiring.

rplat on January 4, 2013 at 4:38 PM

Of course to by one of my wheel barrows, you will need a truck to haul your money over in.

Bmore on January 4, 2013 at 4:38 PM

everyone knows stupid people in their lives. There are millions of stupid people that voted for the moral and intellectual reprobates that thought of this. That is what is scary.

tom daschle concerned on January 4, 2013 at 4:39 PM

Momma always said,

Stupid is as stupid does.

kingsjester on January 4, 2013 at 4:39 PM

Obama’s face on one side, his campaign logo on the other.

Guy Benson on January 4, 2013 at 4:41 PM

Anyone seriously promoting this idea should be castrated so they can’t reproduce, then $hot in the head to make sure they can’t reproduce.

Thomas More on January 4, 2013 at 4:41 PM

We’re all Rhodesian now !!!

When will Necklacing begin in the Ghetto’s?

Mr. Arrogant on January 4, 2013 at 4:42 PM

Unless you trade me for platinum, then a wheel barrow should hold enough to complete the transaction. Silver or gold would also be accepted.

Bmore on January 4, 2013 at 4:42 PM

I can’t wait for the qaudrillion dollar coin that they’ll be proposing in a few years.

Kataklysmic on January 4, 2013 at 4:42 PM

Only if both Hugo and Dear Leader are on the coin…

d1carter on January 4, 2013 at 4:43 PM

I’m pretty sure this was an episode of the simpsons about ten years ago.

Brass Knuckles on January 4, 2013 at 4:44 PM

By the way, here’s Zerohedge’s unfortunately necessary explanation of why a trillion dollar platinum coin is impossible…with the dollar at it’s current levels that is:

•A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
•642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

Weight of Glory on January 4, 2013 at 4:33 PM

This is silly. Our money is not backed by anything except the word of the government. The value they print on any piece can be whatever they choose. The fact that it’s platinum has nothing to do with it’s value.

Rocks on January 4, 2013 at 4:44 PM

Brass Knuckles on January 4, 2013 at 4:45 PM

Coming up soon from the kneepadded media :
” Republicans responsible for Obama not being able to mint a coin to solve the economic crisis “

burrata on January 4, 2013 at 4:45 PM

Our currency doesn’t work that way anymore. I don’t know why they’d even have to use platinum. They could use tin foil.

The Rogue Tomato on January 4, 2013 at 4:36 PM

Of course, that’s the stupidity of it all.

Weight of Glory on January 4, 2013 at 4:45 PM

I nominate Rich Uncle Pennybags, the man in the top hat in Monopoly, to be struck on the platnium coin. Hell, its worth the same.

itsspideyman on January 4, 2013 at 4:32 PM

As I said in the headline thread on this, the only acceptable visage for this coin would be Mickey Mouse.

trigon on January 4, 2013 at 4:45 PM

Is it possible we’re nearing a time when at least some of our elected officials publicly admit they’re considering asking our president to package his future “movements” for sale?
Along with the unprecented sourvenir market of course-”I wanted some of Obama’s crap and all I got was this stink’n shirt” sort of thing.
Too tipping point I guess. Oh hell, go for the coin!

onomo on January 4, 2013 at 4:45 PM

Ok gang, here’s my next Obama petition:

https://petitions.whitehouse.gov/petition/assign-no-more-5-illegal-aliens-each-millionaire-or-billionaire-household-care-taking-and-financial/SK5jnqwP

As always, it needs 150 sigs before it gets displayed on the WH site.

BobMbx on January 4, 2013 at 4:46 PM

I assume the reason they’re thinking about a coin worth “only” a trillion instead of $10 trillion is because, you see, a $10 trillion coin would be exorbitant and sound crazy.

Recall the 2009 stimulus was originally going to be a cool $1 trillion but they decided it sounded too scary and reduced it to $870 billion. Can’t explain how three years in a row after that we piled on way over $1 trillion/year. Guess to not make it sound scary we just don’t talk about it.

DanMan on January 4, 2013 at 4:46 PM

I don’t know if they’ll change the rules to allow the demigod of ObamiNation to be on the front, but I know they’ll have Fluke’s arse as the tail.

Steve Eggleston on January 4, 2013 at 4:46 PM

Guys, I think you’re not thinking out all of the implications. If we can just mint $1 Trillion coins, then why not mint 15 or 20 a year and tell everyone they don’t need to pay taxes or, hell, work, ever again? The government can take care of us with our $15 to $20 Trillion GDP produced by minting f’ing coins, and no one ever needs to work / suffer / want for anything ever again.

In fact, why be selfish? Lets mint 100 a year, and use the proceeds to pay for the rest of the world to not have to work or pay taxes! We could end poverty, hunger, war, everything! In fact, the fact that BHO and the dems havent suggested that yet tells me that they’re selfish punks that don’t care about the little guys.

Timin203 on January 4, 2013 at 4:46 PM

This is silly. Our money is not backed by anything except the word of the government. The value they print on any piece can be whatever they choose. The fact that it’s platinum has nothing to do with it’s value.

Rocks on January 4, 2013 at 4:44 PM

Even when we were on the gold standard, the nominal value of gold coinage and the value of the gold inside were not the same.

Steve Eggleston on January 4, 2013 at 4:47 PM

Thread is remarkedly troll free. Potato may be too hot to handle?

a capella on January 4, 2013 at 4:47 PM

Thread is remarkedly troll free. Potato may be too hot to handle?

a capella on January 4, 2013 at 4:47 PM

Trolls coming in 5…4…3….

Steve Eggleston on January 4, 2013 at 4:49 PM

it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”

By “things,” he means magic coins, not Medicare reform.

Smartest man ever, that Obama, and his wonderling Czars and Administration. Why hasn’t anyone ELSE ever thought about a trillion-dollar coin? Just really a smart idea. They’re all so cute. And they went to Harvard. Smart!

/ looney bin Liberal rager.

Lourdes on January 4, 2013 at 4:49 PM

I plan on using Necco wafers as my medium of exchange.

onlineanalyst on January 4, 2013 at 4:49 PM

Why is everyone getting so literal about this coin. You could make it out of plaster of Paris and write “1TN” on it.

Makes about as much sense as issuing and buying our own debt and running the printing houses like a coven of $2 hookers in Subic Bay.

CorporatePiggy on January 4, 2013 at 4:50 PM

Al Gore created teh internet, before he made billions on weather scares.

tom daschle concerned on January 4, 2013 at 4:50 PM

I can’t take credit for this but a Hotgas poster on the news thread of this item had the most excellent idea of all…why not just mint two infinity coins, one toay off the debt and the other to pay for the other coin. The scary thing is that someone thought up the idea of a trillion dollar coin to begin with. I’m sunre it would go unnoticed in the currency markets.

Ellis on January 4, 2013 at 4:51 PM

They like it at DU

10. He has the Platinum Coin option

Face it Democrats would never know the difference.

CW20 on January 4, 2013 at 4:51 PM

Are people seriously this stupid? It would take 20,000 tons of platinum and 100 years of mining to get $1,000,000,000,000 of value. Otherwise, it’s just a representative value and no better than the greenish toilet paper we use now.

Nutstuyu on January 4, 2013 at 4:32 PM

By the way, here’s Zerohedge’s unfortunately necessary explanation of why a trillion dollar platinum coin is impossible…with the dollar at it’s current levels that is:

•A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
•642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

Weight of Glory on January 4, 2013 at 4:33 PM

What’s being proposed would be a one ounce platinum coin with a face value of $1 trillion, rather than a giant 20K ton platinum coin.

I can only hope they aren’t seriously considering this.

Banana Republic indeed.

sharrukin on January 4, 2013 at 4:33 PM

This is the third time now the story’s made the rounds. Some lefty media outlets like HuffPo are beginning to notice this and push it. Likewise, as AP mentioned, some politicians are starting to take this seriously. I at first laughed this story off, but now I’m beginning to get nervous.

Doomberg on January 4, 2013 at 4:51 PM

Why is everyone getting so literal about this coin. You could make it out of plaster of Paris and write “1TN” on it.

Makes about as much sense as issuing and buying our own debt and running the printing houses like a coven of $2 hookers in Subic Bay.

CorporatePiggy on January 4, 2013 at 4:50 PM

Because, outside of platinum coinage, the nominal amount and type of coinage is limited by law.

Steve Eggleston on January 4, 2013 at 4:52 PM

Thread is remarkedly troll free. Potato may be too hot to handle?

a capella on January 4, 2013 at 4:47 PM

The Left clutches to it’s false iconography called “Obama The Smartest President Ever” with bitter, brutal fingers. They can’t so much as acknowledge any insights that identify his realistic failures because that’d compromise their steely propaganda about the guy. Same with all of the people he’s “surrounded (him)self with”.

Lourdes on January 4, 2013 at 4:52 PM

Thread is remarkedly troll free. Potato may be too hot to handle?

a capella on January 4, 2013 at 4:47 PM

This coin proposal is the greatest idea since paul krugman recommended we fake an alien invasion in order to boost GDP!

And you conservatives just wish you’d thought of it first — the only reason you’re saying it wouldnt work is that you’re disgusting gun toting inbred bigots!

/troll

Timin203 on January 4, 2013 at 4:52 PM

…And if they go absolutely insane and print the super magical 1 trillion dollars coins we will have Obama making a prime speech addressing the nation on how this would solve all our problems… Then we will have the theatric on TV showing hundreds of heavily armed vehicles taking the 1 trillion dollars coins from the coin mint factory to the Federal Reserve building… And the liberal commentators on TV with a very serious look on their faces saying “the country is saved, Obama saved us all”… Then the Obama parasites will go in the streets of the cities screaming “Obama saved us”… Then Obama will declare that day “The Day of Deliverance” and orders that it will be taught in classrooms for ever and how Obama saved us with the most brilliant idea ever in history of mankind by printing the 1 trillion dollars coins…

mnjg on January 4, 2013 at 4:53 PM

They do this and commodities will so go through the roof….

Salt will become currency like during the Roman Empire.

abnormal_1 on January 4, 2013 at 4:53 PM

Shouldn’t we be asking China if they’ll accept a magical platinum coin for debt repayment before we strike one?

darwin on January 4, 2013 at 4:53 PM

Are people seriously this stupid? It would take 20,000 tons of platinum and 100 years of mining to get $1,000,000,000,000 of value. Otherwise, it’s just a representative value and no better than the greenish toilet paper we use now.

Nutstuyu on January 4, 2013 at 4:32 PM

Read closer grasshopper….the said coin could be coined in lead.

“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination,

Buck_Nekkid on January 4, 2013 at 4:53 PM

The reason the coin would be platinum is that is the only type of coin which is not already regulated as to the amounts in can be minted in. Platinum has no regulation on amounts mostly because it usually minted as a commemorative coin and not really meant be to used in exchange.

Rocks on January 4, 2013 at 4:54 PM

Exit question: Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea? At this point, given the results in November, what’s the best result poll-wise we could hope for? 55-45 against?

After you strip out the clueless wimpy “don’t know”s, it will be 47-43 against, tops.

Steve Eggleston on January 4, 2013 at 4:54 PM

So, when the bank that holds your mortgage finds out you don’t actually have a house, you draw a picture of a house and put it in a safety deposit box and they say fine, cool, rock on!!

IndieDogg on January 4, 2013 at 4:55 PM

This is silly. Our money is not backed by anything except the word of the government. The value they print on any piece can be whatever they choose. The fact that it’s platinum has nothing to do with it’s value.

Rocks on January 4, 2013 at 4:44 PM

Do you think zerohedge, the site dedicated primarily to the fraud of central banks and sorrows of fiat currency, is really trying to make the point that there is not enough platinum to cover the “trillions”? Their point is the very one you’ve made. They’re attempting to show that a coin cannot simply be “worth” something because a government says it is (without gross distortions in other areas). And that a monetary system based on that fiat notion will get you in to the very circles of fiscal hell that we are currently in. Which is why at the end of the article I linked to, the writer writes:

In other words, when one strips away with all the rhetoric, all the advocates of this insidiously stupid idea which gets a new life every time there is a debt ceiling crisis, are doing, is arguing for a massive devaluation of the dollar: because for the trillion dollar coin idea to be even remotely plausible, the price of Platinum, and by implication the entire precious metals complex, would have to go up by a factor of some 1,100.

It also means the value of the paper US currency would have to go down by 1,100.

Which, by the way, is precisely what all those who wish for the Fed to continue funding America’s unprecedented spending binge, which can never be satisfied by taxes alone, are hoping for.

And of course, they will eventually get it.

Weight of Glory on January 4, 2013 at 4:56 PM

Platinum coins. In the shape of a bean.

besser tot als rot on January 4, 2013 at 4:56 PM

Our currency doesn’t work that way anymore. I don’t know why they’d even have to use platinum. They could use tin foil.

The Rogue Tomato on January 4, 2013 at 4:36 PM

Legally, the only coin the executive has authority to mint on its own are platinum eagles. It was legislated this way so the Mint could produce a small number of platinum eagles every year to sell to coin collectors. The law was never intended to be used/abused this way.

All other coins to be minted require an act of Congress.

Doomberg on January 4, 2013 at 4:56 PM

…why not just mint two infinity coins,

Ellis on January 4, 2013 at 4:51 PM

That’s really what’s being said there by Obama and Timmy. They want the IDEA of a “debt limit” eradicated. Works to pump-up Obama’s sales pitch that he’s Mr. Infinity. And, you know, awesome. Because he can beat-debt by, uhh, by making it gone.

Debt-limit? That’s so Old White People Responsible.

Lourdes on January 4, 2013 at 4:56 PM

Thread is remarkedly troll free. Potato may be too hot to handle?

a capella on January 4, 2013 at 4:47 PM

Perhaps even they can’t come up with a reasonable argument.

itsspideyman on January 4, 2013 at 4:57 PM

By the way, here’s Zerohedge’s unfortunately necessary explanation of why a trillion dollar platinum coin is impossible…with the dollar at it’s current levels that is:

•A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
•642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

Weight of Glory on January 4, 2013 at 4:33 PM

This is silly. Our money is not backed by anything except the word of the government. The value they print on any piece can be whatever they choose. The fact that it’s platinum has nothing to do with it’s value.

Rocks on January 4, 2013 at 4:44 PM

Correct, which is why I suggested this in the headline commments:

Why not make ceramic coins? Or plastic?

That’s it!

Produce 25,000,000 plastic coins, each with a value of $1,000,000.

Plenty to pay off the Chinese, mail one to every citizen, and have a few $Billion/Trillion left over for union pensions and algae/solar/wind projects.

No more problems!

peski on January 4, 2013 at 2:21 PM

peski on January 4, 2013 at 4:57 PM

That’s really what’s being said there by Obama and Timmy. They want the IDEA of a “debt limit” eradicated. Works to pump-up Obama’s sales pitch that he’s Mr. Infinity. And, you know, awesome. Because he can beat-debt by, uhh, by making it gone.

Debt-limit? That’s so Old White People Responsible.

Lourdes on January 4, 2013 at 4:56 PM

And this…

Are you implying that the Obama administration is somehow constrained by the Constitution?

peski on January 4, 2013 at 2:16 PM

peski on January 4, 2013 at 4:58 PM

Here is a funny thing I just learned, that there are financial literacy programs…for low income people…but they don’t teach them the NORMAL things about financial literacy.

They give the students in the program the opportunity to open savings accounts and match the deposit there while they are in “the class” and then they can spend it on something designated…home ownership, college, blah blah blah.

http://cfed.org/programs/idas/

These programs are mostly charitable from “non profits” but they look a lot like they are socialist organizations that want Economic Equity, not to teach people about capitalism.

And the government is thick in it, and doing what these groups tell them to http://cfed.org/about/.

Talk about minting money, it says they MATCH the amount in low income people’s savings accounts. That is 100% interest…and what if it is capitalized?

Fleuries on January 4, 2013 at 4:59 PM

This is the third time now the story’s made the rounds. Some lefty media outlets like HuffPo are beginning to notice this and push it. Likewise, as AP mentioned, some politicians are starting to take this seriously. I at first laughed this story off, but now I’m beginning to get nervous.

Doomberg on January 4, 2013 at 4:51 PM

Pray that Obama and his communist party go this beyond belief insanity… Pray…

mnjg on January 4, 2013 at 4:59 PM

Tin foil (aluminum foil) will not be accepted as payment.

Bmore on January 4, 2013 at 4:59 PM

This is about selling Obama as Mr. Infinity.

He, Timmy, his Admin. and the DNC, they SELL these concepts, these ideas, to work-the-fevered-crowds. After five months or so of those crowds (includes Leftmedia) harping about a trillion-dollah-coin, EVERYone will just KNOW Obama “can’t be bogged down with the antiquated idea of a debt-limit…”

It’s about making more way for Obama’s Communist ideas and plans. Bust this, bust that, rust this, wreck that, laugh about that important thing there, ditch that…it’s alllll about Obama and his march toward Kenya.

Lourdes on January 4, 2013 at 4:59 PM

Are people seriously this stupid? It would take 20,000 tons of platinum and 100 years of mining to get $1,000,000,000,000 of value. Otherwise, it’s just a representative value and no better than the greenish toilet paper we use now.

Nutstuyu on January 4, 2013 at 4:32 PM

Wouldn’t be easier to turn straw into gold?

Pazman on January 4, 2013 at 5:01 PM

Exit question: Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea?

Surely you jest…


#WhyIsMyPaycheckLessThisWeek

Seven Percent Solution on January 4, 2013 at 5:03 PM

“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination,….”

This idea is so totally insane that I am concerned even discussing it as a bad idea gives the concept some legitimacy in the minds of these weirdos.

DaveDief on January 4, 2013 at 5:03 PM

Perhaps even they can’t come up with a reasonable argument.

itsspideyman on January 4, 2013 at 4:57 PM

They can never come up with any reasonable argument on any subject… They are damn communist scums with low IQ…

mnjg on January 4, 2013 at 5:03 PM

I at first laughed this story off, but now I’m beginning to get nervous.

Doomberg on January 4, 2013 at 4:51 PM

So am I. It would absolutely devastate an already shaky confidence in the US market, and the dollar would go into freefall.

I can see the Democrats trying to push this as a “those evil Republicans forced us into this and we want to save the kittens, so we have no choice“.

sharrukin on January 4, 2013 at 5:03 PM

Are people seriously this stupid? It would take 20,000 tons of platinum and 100 years of mining to get $1,000,000,000,000 of value. Otherwise, it’s just a representative value and no better than the greenish toilet paper we use now.

Nutstuyu on January 4, 2013 at 4:32 PM

The problem with the goldbugs’ dream of getting a government-guaranteed greater-than-inflation investment (which is what a gold standard really is) is eventually government will seize all the private gold holdings as they did in 1933.

Steve Eggleston on January 4, 2013 at 5:04 PM

It would be interesting, though, to see Obama up before Congress for his next alleged State-o-the-Union address hauling a huuuuge coin hung from his waist with a golden-chord. Like a uniform, a great big coin he hauls around with him attached to his waist with some tassel-laden-sparkly-sash.

Lourdes on January 4, 2013 at 5:04 PM

OK, the $1T takes care of Nadler’s food budget until March 23. Now where are we going to find the rest of the money?

bobs1196 on January 4, 2013 at 5:05 PM

Hey, let’s avoid the debt-ceiling standoff by minting a trillion-dollar platinum coin instead

…I say we mint a trillion of them…with rough edges…and then stick EVERY ONE OF THEM…up their a$$!

KOOLAID2 on January 4, 2013 at 5:05 PM

how about we just Sh*t Gold Bricks?

ToddPA on January 4, 2013 at 5:06 PM

Straw turned into gold is accepted. Gold bricks which have been shitted out will also be accepted, ick! Must be cleaned thoroughly first.

Bmore on January 4, 2013 at 5:09 PM

If they minted a Trillion dollar coin …

The Dims and the GOP in Washington would divert it only to MORE spending.

HondaV65 on January 4, 2013 at 5:10 PM

The United States of Greece

STL_Vet on January 4, 2013 at 5:10 PM

By the way, if anyone wants to see what a platinum eagle looks like: http://www.coinnews.net/americaneagles/wp-content/uploads/2011/01/2011-Proof-Platinum-Eagle-Coin.jpg

The obverse with the statue of liberty head is unchanging, but they do a new reverse every year. The 2011 is my favorite.

So am I. It would absolutely devastate an already shaky confidence in the US market, and the dollar would go into freefall.

I can see the Democrats trying to push this as a “those evil Republicans forced us into this and we want to save the kittens, so we have no choice“.

sharrukin on January 4, 2013 at 5:03 PM

Yeah, I am afraid that is exactly what will happen. Hyperinflation usually happens as a result of loss of confidence in a currency. What’s been propping the dollar up is a “slow boil” of gradual spending increases, but minting $1T coins is going to be a very visible and audacious move, and the kind of thing a banana republic would come up with. I have to think it would provoke the dollar to enter freefall.

Doomberg on January 4, 2013 at 5:11 PM

the said coin could be coined in lead.

No, the coin can’t be made from lead. This is getting ridiculous. The point is the value in dollars that the material is supposed to cover. If they made a one ounce coin made of lead or platinum or poop, what do you think that’d do to the dollars in your pocket? It means that the 1 dollar in your pocket is worth one trillionth of a one ounce poop coin.

By the way, since stupidity and insanity are apparently reigning in our moronic government, let this be a friendly PSA reminder to invest in things that can be bartered and easily denominated. For when these awesome “one trillion dollar” coins of platinum/plastic/ceramic/poop hit the streets, you’ll need a way to pay for your food.

Weight of Glory on January 4, 2013 at 5:13 PM

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