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(Washington Post)   1) Mint $2 trillion in platinum coins. 2) ???? 3) End the financial crisis   (washingtonpost.com) divider line 193
    More: Asinine, United States, Peterson Institute for International Economics, debt limit, debt crisis, gold reserves, Yale Law School, U.S. Mint  
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15869 clicks; posted to Main » on 07 Dec 2012 at 12:38 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-07 12:13:25 PM
Ha! Imagine losing THAT in your couch.
 
2012-12-07 12:23:16 PM
Maybe asinine. But an asinine problem requires an asinine solution. We have enough problems without adding arbitrary ones on top, like the invented debt ceiling and its subsequent biannual invented crisis.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve.

What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?
 
2012-12-07 12:31:48 PM
The only thing that trumps trillion dollar platinum coins is the set of brass on the guy who tries to implement said strategy...
 
2012-12-07 12:36:18 PM
Arbitrary problems have arbitrary solutions.
 
2012-12-07 12:40:32 PM

Lumpmoose: Maybe asinine. But an asinine problem requires an asinine solution. We have enough problems without adding arbitrary ones on top, like the invented debt ceiling and its subsequent biannual invented crisis.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve.

What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?


They wold be fairly easy to prove stolen I imagine.

Pawnshop probably couldn't make change.
 
2012-12-07 12:40:56 PM
Now if Obama really wanted to troll, he'd super glue it to the Capitol steps.
 
2012-12-07 12:41:39 PM
By the headline, I thought they were literally going to mint 2 trillion in plat coins. I wasn't sure if there was even enough platinum on earth to do that.
 
2012-12-07 12:42:30 PM
I was all set to ask if a trillion dollars worth of platinum even existed, then I saw the scheme was one of those worth-by-fiat things.

They should use rhodium. It's currently worth more per mole than the other precious metals.
 
2012-12-07 12:44:53 PM
yeah, I'd get in line to loan money to the government that pulled that...
 
2012-12-07 12:45:14 PM
"I like it," said Joseph Gagnon of the Peterson Institute for International Economics. "There's nothing that's obviously economically problematic about it."

Must be the Peterson Institute for International Economics for the Mentally Challenged. What a total farkwit.
 
2012-12-07 12:45:38 PM

Holocaust Agnostic: Lumpmoose: Maybe asinine. But an asinine problem requires an asinine solution. We have enough problems without adding arbitrary ones on top, like the invented debt ceiling and its subsequent biannual invented crisis.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve.

What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?

They wold be fairly easy to prove stolen I imagine.

Pawnshop probably couldn't make change.


Now, I want to help you out with this, but unfortunately, I just don't know enough about trillion dollar platinum coins to make a decision right now. Would you mind if I called a guy who's an expert in Numismatics?
 
2012-12-07 12:45:39 PM
cache.ohinternet.com
 
2012-12-07 12:46:15 PM

PirateKing: Now if Obama really wanted to troll, he'd super glue it to the Capitol steps.


I lol'd at that, thank you! I pictured all the derpy congresscritters trying desperately to pry the thing loose.
 
2012-12-07 12:46:48 PM
Deposit 2 moon rocks into the Federal Reserve. They are considered a National Treasure and apparently priceless. That would make the debt ceiling unlimited. Problem solved, forever.
 
2012-12-07 12:48:20 PM

FatherChaos: [cache.ohinternet.com image 442x334]


That's true too....the law also does not prohibit the Treasury from issueing currency in the form of underwear, stale pretzels, or many other materials.
 
2012-12-07 12:48:50 PM

Bondith: I was all set to ask if a trillion dollars worth of platinum even existed, then I saw the scheme was one of those worth-by-fiat things.

They should use rhodium. It's currently worth more per mole than the other precious metals.


What would happen if you were to gather a mole(unit of measurement) of moles (the small furry critter) in one place?

Link
 
2012-12-07 12:49:03 PM

Antimatter: By the headline, I thought they were literally going to mint 2 trillion in plat coins. I wasn't sure if there was even enough platinum on earth to do that.


*shakes tiny fist*

I shouldn't have wasted the time to go look up my Powerpoint presentation for the price per mole chart.
 
2012-12-07 12:49:05 PM
Make two extra coins and send them to China and call it even.
 
2012-12-07 12:49:12 PM

Tr0mBoNe: Arbitrary problems have arbitrary solutions.


In the past, the police had somehow gotten it into their heads that it was illegal to take photographs of anything, anywhere. Some said it was because of "copyright" some said it was because of "homeland security", but the result was the same: they'd make you delete the photographs.

One enterprising photographer came up with the idea of making a "photography license". It was similar to a library card, except that you added a photograph of your face in the top-left corner with glue or a laminator. When the cops stopped you for taking pictures, you could then respond, 'it's okay, I have a photography license', and show them it.

An imaginative solution to an imaginary problem.
 
2012-12-07 12:49:41 PM
We should be doing this anyway. The law is pretty awesomely vague and cries out for hilarious abuse. As I read it, nothing is stopping Obama from minting a negative-$50 coin and slipping it into John Boehner's pocket.

Lumpmoose: But an asinine problem requires an asinine solution.


But seriously, that's exactly right. Obama will (hopefully) move heaven and earth to avoid doing this, because it basically puts a giant clown nose on the entire United States government, and he's not a member of the party that sees that as a good thing in the long run.

But if it comes right down to it... I notice the White House is preemptively rejecting idea that the Fourteenth Amendment gives the President unilateral authority to spend past the debt ceiling. I notice they're not preemptively rejecting this.
 
2012-12-07 12:50:31 PM
Of all the Simpson's episodes that accurately commented on or predicted the future of our society, never in my wildest dreams did I think the trillion dollar bill episode would be one of them.

Don't worry America, I'm sure having a government that continually confuses reality with parody will have no long term consequences.
 
2012-12-07 12:50:59 PM

Lumpmoose: Maybe asinine. But an asinine problem requires an asinine solution. We have enough problems without adding arbitrary ones on top, like the invented debt ceiling and its subsequent biannual invented crisis.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve.

What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?


Go ahead. Try to spend them.
 
2012-12-07 12:52:21 PM
This is exactly why the GOP sucks. Government spending like a drunken sailor is the American way.
 
2012-12-07 12:52:38 PM
Ctrl-F "debas"

*Not found*

Wow, no one yet rending their garments over currency debasement. Farkers, you sometimes impress.
 
2012-12-07 12:52:55 PM
FTA: Thanks to an odd loophole in current law, the U.S. Treasury is technically allowed to mint as many coins made of platinum as it wants and can assign them whatever value it pleases.

Antimatter: By the headline, I thought they were literally going to mint 2 trillion in plat coins. I wasn't sure if there was even enough platinum on earth to do that.


Size doesn't matter, you just mint a coin with '1 Trillion' stamped onto it and declare it worth $1 trillion. Isn't fiat math great??
 
2012-12-07 12:53:12 PM
In theory, this is much like having the central bank print money. But, says Gagnon, the U.S. government would simply be using the money to keep spending at existing levels, so it wouldn't create any extra inflation.

And this guy claims he's an economist?
 
2012-12-07 12:53:51 PM
Why coins? Trillion dollar bills could at least have anti-counterfeiting measures in their design.

www.huydang.com
 
2012-12-07 12:54:29 PM

Sticky Hands: yeah, I'd get in line to loan money to the government that pulled that...


Yeah, I'd much rather loan money to the government that will stop paying its debts once they reach an arbitrary amount.
 
2012-12-07 12:55:44 PM
Can't they just delete everyone's debts that are just 0s and 1s on a pc somewhere and start from scratch?
 
2012-12-07 12:55:44 PM

THX 1138: Why coins? Trillion dollar bills could at least have anti-counterfeiting measures in their design.

[www.huydang.com image 526x380]


There's only two. And we'll know where they are.
 
2012-12-07 12:56:23 PM
I'm the first? really?

cdn.static.ovimg.com

/here trilli trilli trilli
 
2012-12-07 12:56:30 PM
Well that pic I hotlinked lasted an entire 45 seconds. Sigh.
 
2012-12-07 12:57:47 PM
i269.photobucket.com

Simpsons did it.
 
2012-12-07 12:58:11 PM
Man, I hope they don't get it confused with a quarter when they go to buy a Clark bar from the vending machine, because talk about WHOOPSIE!
 
2012-12-07 12:58:15 PM
Gold pressed latinum?
 
2012-12-07 12:58:21 PM

Sim Tree: Tr0mBoNe: Arbitrary problems have arbitrary solutions.

In the past, the police had somehow gotten it into their heads that it was illegal to take photographs of anything, anywhere. Some said it was because of "copyright" some said it was because of "homeland security", but the result was the same: they'd make you delete the photographs.

One enterprising photographer came up with the idea of making a "photography license". It was similar to a library card, except that you added a photograph of your face in the top-left corner with glue or a laminator. When the cops stopped you for taking pictures, you could then respond, 'it's okay, I have a photography license', and show them it.

An imaginative solution to an imaginary problem.


craphound.com
 
2012-12-07 12:58:31 PM

Red_Fox: I'm the first? really?

[cdn.static.ovimg.com image 400x300]

/here trilli trilli trilli


/Shakes fist
 
2012-12-07 12:59:03 PM

THX 1138: Well that pic I hotlinked lasted an entire 45 seconds. Sigh.


It's still up for me, though I don't see how Canadian politics is germane to this discussion.
 
2012-12-07 12:59:07 PM

semiotix: We should be doing this anyway. The law is pretty awesomely vague and cries out for hilarious abuse. As I read it, nothing is stopping Obama from minting a negative-$50 coin and slipping it into John Boehner's pocket.

Lumpmoose: But an asinine problem requires an asinine solution.

But seriously, that's exactly right. Obama will (hopefully) move heaven and earth to avoid doing this, because it basically puts a giant clown nose on the entire United States government, and he's not a member of the party that sees that as a good thing in the long run.

But if it comes right down to it... I notice the White House is preemptively rejecting idea that the Fourteenth Amendment gives the President unilateral authority to spend past the debt ceiling. I notice they're not preemptively rejecting this.


That is some funny shiat. Ever hear of the Dem Congressman who thought Guam would capsize?

Dems have done/said PLENTY of clown nose stuff over the years...
 
2012-12-07 12:59:10 PM

hdhale: "I like it," said Joseph Gagnon of the Peterson Institute for International Economics. "There's nothing that's obviously economically problematic about it."

Must be the Peterson Institute for International Economics for the Mentally Challenged. What a total farkwit.


What is he missing? It's not an inflation thing. For all you know, Obama has already deposited an eleventy-quintillion dollar coin at the Fed, but it doesn't affect the value of the dollar in your pocket until it's circulated. And Obama can't spend more money than Congress has already budgeted for in legislation that's already passed. 

So how is the coin option worse from an economic standpoint than what will probably happen, which is Boehner eventually giving up and allowing the debt ceiling to rise to accommodate the expenditures Congress has already authorized?
 
2012-12-07 12:59:50 PM
pavlopoulos.files.wordpress.com

Minting your way out of trouble always ends well.
 
2012-12-07 01:00:48 PM

Lumpmoose: What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?


Once the coins are created I would think they would be worth whatever they are listed at. But good luck turning into a bank for 10s and 20s. If they could just change the value of current currency (say that 5 times fast!) they could just say that quarters were now worth 5 bucks and we would pump billions into the economy and not need to print or mint a thing.

I would think that thief would be the best solution. Someone would steal the coins and have to lock them away somewhere forever. There for you have the money in the system but locked down. This is the same thing we get with the dollar coin push every couple of years. So the value of the dollar would decrease to the point that we could pay off the debt with piles of useless green backs.

The day these get made you better switch your ARM to a fixed.

"I like it," said Joseph Gagnon of the Peterson Institute for International Economics. "There's nothing that's obviously economically problematic about it."

Has he not heard of inflation?!

Joseph Gagnon received a BA from Harvard University in 1981 and a PhD in economics from Stanford University in 1987.

I'd love to pick his brain on this topic.
 
2012-12-07 01:02:22 PM
I'll sell the Treasury of of my $100,000,000 lead coins for a mere $5,000,000. It's a good deal.
 
2012-12-07 01:02:29 PM
The real problem is government spending. Washington spends like a teenager who stole his parents' credit card.
 
2012-12-07 01:02:51 PM

StrikitRich: Size doesn't matter, you just mint a coin with '1 Trillion' stamped onto it and declare it worth $1 trillion.


Why not? It worked so well for Germany when they tried something very similar to that between the world wars.
 
2012-12-07 01:03:56 PM

The Stealth Hippopotamus: Lumpmoose: What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?

Once the coins are created I would think they would be worth whatever they are listed at. But good luck turning into a bank for 10s and 20s. If they could just change the value of current currency (say that 5 times fast!) they could just say that quarters were now worth 5 bucks and we would pump billions into the economy and not need to print or mint a thing.

I would think that thief would be the best solution. Someone would steal the coins and have to lock them away somewhere forever. There for you have the money in the system but locked down. This is the same thing we get with the dollar coin push every couple of years. So the value of the dollar would decrease to the point that we could pay off the debt with piles of useless green backs.

The day these get made you better switch your ARM to a fixed.

"I like it," said Joseph Gagnon of the Peterson Institute for International Economics. "There's nothing that's obviously economically problematic about it."

Has he not heard of inflation?!

Joseph Gagnon received a BA from Harvard University in 1981 and a PhD in economics from Stanford University in 1987.

I'd love to pick his brain on this topic.


It really is inflation, just Gagnon style.
 
2012-12-07 01:03:59 PM
s7.postimage.org
 
2012-12-07 01:04:02 PM

Bondith: I was all set to ask if a trillion dollars worth of platinum even existed, then I saw the scheme was one of those worth-by-fiat things.

They should use rhodium. It's currently worth more per mole than the other precious metals.


Obama's trolling of congress would be better if the coins were made of plastic.
 
2012-12-07 01:05:15 PM

Knight of the Woeful Countenance: Holocaust Agnostic: Lumpmoose: Maybe asinine. But an asinine problem requires an asinine solution. We have enough problems without adding arbitrary ones on top, like the invented debt ceiling and its subsequent biannual invented crisis.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve.

What's the actual physical process for moving the coins from the US Mint to the Federal Reserve? If they're stolen, does the US government just declare them worthless?

They wold be fairly easy to prove stolen I imagine.

Pawnshop probably couldn't make change.

Now, I want to help you out with this, but unfortunately, I just don't know enough about trillion dollar platinum coins to make a decision right now. Would you mind if I called a guy who's an expert in Numismatics?


I'll offer you $25 for it, that's as high as I can go.
 
2012-12-07 01:05:35 PM

hdhale: "I like it," said Joseph Gagnon of the Peterson Institute for International Economics. "There's nothing that's obviously economically problematic about it."

Must be the Peterson Institute for International Economics for the Mentally Challenged. What a total farkwit.


A genius like you should be able to explain to us the problems then. They are so blatant after all.
 
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