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(Washington Post)   1) Mint $2 trillion in platinum coins. 2) ???? 3) End the financial crisis   (washingtonpost.com) divider line 192
    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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15871 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 01:05:53 PM  
s10.postimage.org
 
2012-12-07 01:06:02 PM  
I just bought two.

upload.wikimedia.org
 
2012-12-07 01:06:06 PM  
Coins? All we need is some new paper money:

2.bp.blogspot.com
 
2012-12-07 01:06:51 PM  
It would be worth it of Obama walked to the podium to announce the while casually flipping the coin. (toothpick optional)
 
2012-12-07 01:07:01 PM  
Two platinum coins? That sounds like the change we need.
 
2012-12-07 01:07:15 PM  

uncleacid: I just bought two.

[upload.wikimedia.org image 499x77]


Me too! Those Gold Clad Proofs will only increase in value! And such a deal!
 
2012-12-07 01:08:46 PM  

Truther: Dems have done/said PLENTY of clown nose stuff over the years...


Oh, no doubt. But come on. The GOP sales pitch these days is basically "government is fundamentally a bad thing, at best a necessary evil, so put us in charge of it and we'll make sure it behaves itself."

Whether or not you agree with that, it's the reason Congress' approval rating hovers around 10%. 80% of the Democrats polled are furious that it never does anything, and 100% of the Republicans polled are furious that it might.
 
2012-12-07 01:08:51 PM  

Kraftwerk Orange: 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 image 500x341]


"Hussein", nice.

Making these coins would be worth it, if only to watch the wacky schemes the very stupid from, say, Oklahoma or Idaho would concoct to steal it, "Like what they saw in that Tom Cruise movie".
 
2012-12-07 01:09:20 PM  

Holocaust Agnostic: 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.


Inflation is the obvious problem. But gagnon goes on to try to address that by saying the fed could offset the inflation by other measures.
 
2012-12-07 01:09:51 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.


what $2Trillion in Platinum coins my look like if the treasury says it is:
www.washingtonpost.com


Fiat money is fascinating thing, no?
 
2012-12-07 01:09:51 PM  
www.blogcdn.com

OK but just don't hire a courier to carry it to the US Treasury on foot, through dangerous territory. 

And yes, I volunteer for the job.
 
2012-12-07 01:10:28 PM  
Might as well argue about whether it would be worthwhile to fake up an Alien Invasion threat to justify massive military spending which would necessitate increasing the debt limit and act as a sort of stimulus package to boot.

It's about as likely.
 
2012-12-07 01:10:43 PM  
May as well make it 16 trillion each and really get a head of this whole thing and become the GREATEST. PRESIDENT. EVAR.
 
2012-12-07 01:10:56 PM  
i.imgur.com
 
2012-12-07 01:12:01 PM  
I'm just happy to see the federal government could solve the problem along the lines of what I've recommended for a long time: Under cover of darkness, and without telling anyone, a crew fires up the machinery at one of our paper-money-making plants and churns out a trillion or so dollars.
Those dollars go into circulation, everybody has more money, they can pay more for stuff - and tax revenue goes up.
The important thing is, the gov't CAN'T TELL anyone they did this, because otherwise people would just run around whining about "inflation," "wheelbarrows" and "Germany."

You're welcome.
 
2012-12-07 01:14:07 PM  

semiotix: . . .because it basically puts a giant clown nose on the entire United States government . . .


How do I know you've been out of town for a looooong time?
 
2012-12-07 01:14:47 PM  
i2.photobucket.com
 
2012-12-07 01:19:54 PM  

Grammatik Polizei: [pavlopoulos.files.wordpress.com image 410x412]

Minting your way out of trouble always ends well.


Well, it depends. We have a high Centralisation, as well as the National Bank idea, that usually gives a good deflation count. I think Geitner would count as a fairly decent (4 or 5) Master of Mint, and Obama is at LEAST a 7/7/7 Ruler.

We can take the inflation from minting.

/EU3.
 
2012-12-07 01:21:50 PM  
Knot meet sword.

It is odd that when Congress approves spending.......they don't actually approve spending.
 
2012-12-07 01:22:40 PM  

Huck And Molly Ziegler: I'm just happy to see the federal government could solve the problem along the lines of what I've recommended for a long time: Under cover of darkness, and without telling anyone, a crew fires up the machinery at one of our paper-money-making plants and churns out a trillion or so dollars.
Those dollars go into circulation, everybody has more money, they can pay more for stuff - and tax revenue goes up.
The important thing is, the gov't CAN'T TELL anyone they did this, because otherwise people would just run around whining about "inflation," "wheelbarrows" and "Germany."

You're welcome.


You've never studied macroeconomics have you? The government tried this stupid trick back in the lat 1970s and early 1980s in an attempt to end a recession. All it did was create double-digit inflation that took almost six years to get under control. The Fed must balance how much money is in circulation based on GDP to keep inflation in check.
 
2012-12-07 01:22:52 PM  
Grammatik Polizei
Minting your way out of trouble always ends well.

Not that this isn't an incredibly silly idea (why not just say they did it? why do there have to be physical objects created to make an accounting trick 'real'?), but I think the idea is that the money created wouldn't enter circulation. Or something. It makes no goddamn sense.


Debeo Summa Credo
Inflation is the obvious problem. But gagnon goes on to try to address that by saying the fed could offset the inflation by other measures.

I like this guy's style

/yeah yeah toraque beat me to it but he's also a dumb butt-face who sniffs his own butt.
 
2012-12-07 01:23:51 PM  
currently sitting in the DC mint, playing nursemaid
This seems like an idiotic choice that the leaders of our country would consider viable

there is currently no mention in any way of creating one of these
not even in jest
thank the gods

but I'm sure something equally as 'tarded will be the magic bullet
 
2012-12-07 01:25:13 PM  
shiat like this makes you realize that our economy is one mass delusion.
 
2012-12-07 01:25:45 PM  

HMS_Blinkin: 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.


Better at the bottom of the House toilet bowl with blue dye in the water.

/Don't shake hands with anyone with blue hands
 
2012-12-07 01:27:00 PM  

RanDomino: Not that this isn't an incredibly silly idea (why not just say they did it? why do there have to be physical objects created to make an accounting trick 'real'?), but I think the idea is that the money created wouldn't enter circulation. Or something. It makes no goddamn sense.


If you use that money to pay the government's expenses and employees, it enters circulation.

It makes no goddamn sense.
 
2012-12-07 01:27:59 PM  

Grammatik Polizei: [pavlopoulos.files.wordpress.com image 410x412]

Minting your way out of trouble always ends well.


Our macroecon professor gave one of those away as a prize.

/The person who got it cheated
 
2012-12-07 01:28:22 PM  

Summercat: Grammatik Polizei: [pavlopoulos.files.wordpress.com image 410x412]

Minting your way out of trouble always ends well.

Well, it depends. We have a high Centralisation, as well as the National Bank idea, that usually gives a good deflation count. I think Geitner would count as a fairly decent (4 or 5) Master of Mint, and Obama is at LEAST a 7/7/7 Ruler.

We can take the inflation from minting.

/EU3.


I agree. As long as we don't indavde South America, we should be able to keep it under control.
 
2012-12-07 01:28:33 PM  

RanDomino: Grammatik Polizei
Minting your way out of trouble always ends well.

Not that this isn't an incredibly silly idea (why not just say they did it? why do there have to be physical objects created to make an accounting trick 'real'?), but I think the idea is that the money created wouldn't enter circulation. Or something. It makes no goddamn sense.


Debeo Summa Credo
Inflation is the obvious problem. But gagnon goes on to try to address that by saying the fed could offset the inflation by other measures.

I like this guy's style

/yeah yeah toraque beat me to it but he's also a dumb butt-face who sniffs his own butt.


Because the rules were written before fiat shenanigans, and for whatever reason a lot of people still believe in The Rules.
 
2012-12-07 01:29:06 PM  

The Stealth Hippopotamus: 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.


Wear a biohazard suit.
 
2012-12-07 01:29:18 PM  

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


I like it, but let's take it a step further.

1) Mint coins
2) Glue coins to the bottom of a private pool
3) Invite all your "favorite" people to a big ceremony
4) Pretend to drop the coins into the pool
5) Watch the fun
6) Repeat 3-5 as needed
 
2012-12-07 01:31:33 PM  
I bought a box of those from Franklin Mint.
 
2012-12-07 01:32:33 PM  

tricycleracer: shiat like this makes you realize that our economy is one mass delusion.


Wrong - "...full faith and credit . . ."

/they got no credit, and I damn sure have no faith.
 
2012-12-07 01:34:27 PM  

tricycleracer: shiat like this makes you realize that our economy is one mass delusion.


EVERY economy relies on mass delusion. Like relying on the mass delusion that an unusual rock has some kind of intrinsic value when it's value is almost entirely the subjective opinion of people who think it shines up nicely, and everyone else really really likes it, so they probably should, too.
 
2012-12-07 01:34:44 PM  
Kinda makes is seem silly that they get so butthurt because of imaginary debt getting too close to the imaginary limit. So making a symbolic statement like this would make the Republicans really look like some fools for making a big deal about this.

I say go ahead and make them madder, lets see if they spontaneously combust.
 
2012-12-07 01:38:10 PM  
I still believe in fairies, I do, I do...

Coins, notes and standardised currency are an attempt at measuring confidence. We accept that because someone else should benefit from wading through sewage and all the other stuff we don't want to do. Money is a token of belief and it is used to buy freedom.

$2 trillion in platinum coins is a lie designed to create an impossible freedom.
 
2012-12-07 01:40:00 PM  

nmemkha: [s7.postimage.org image 240x320]


Honestly, watching that show and the one in Detroit -- the Vegas guy really is rather fair with the people coming in. He generally gives them right around 50-60% of the resale value of an item. You go to most resale shops and they tend to buy at 20% or so. You look at the Detroit one and they tend to buy at 10%.
 
2012-12-07 01:40:40 PM  

Holocaust Agnostic: 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.


The total supply of US currency is currently less than 3 trillion.

The M3 money supply in the US is roughly 12 trillion. If the government were to create 2 trillion by fiat, a dollar would become worth about 12/14ths of a dollar or about $.86 overnight.
 
2012-12-07 01:40:43 PM  

JackieRabbit: Huck And Molly Ziegler: I'm just happy to see the federal government could solve the problem along the lines of what I've recommended for a long time: Under cover of darkness, and without telling anyone, a crew fires up the machinery at one of our paper-money-making plants and churns out a trillion or so dollars.
Those dollars go into circulation, everybody has more money, they can pay more for stuff - and tax revenue goes up.
The important thing is, the gov't CAN'T TELL anyone they did this, because otherwise people would just run around whining about "inflation," "wheelbarrows" and "Germany."

You're welcome.

You've never studied macroeconomics have you? The government tried this stupid trick back in the lat 1970s and early 1980s in an attempt to end a recession. All it did was create double-digit inflation that took almost six years to get under control. The Fed must balance how much money is in circulation based on GDP to keep inflation in check.


Yeah, there's a law preventing this now, which is what keeps our credit rating high. But not for COINAGE, only banknotes.

So if you were to do this, you'd have to print millions and millions of DOLLAR COINS nobody wants. Maybe make a series for each and every US president...
 
2012-12-07 01:42:40 PM  

Mr. Eugenides: Holocaust Agnostic: 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.

The total supply of US currency is currently less than 3 trillion.

The M3 money supply in the US is roughly 12 trillion. If the government were to create 2 trillion by fiat, a dollar would become worth about 12/14ths of a dollar or about $.86 overnight.


The horror?
 
2012-12-07 01:43:05 PM  

Corpsie: I still believe in fairies, I do, I do...

Coins, notes and standardised currency are an attempt at measuring confidence. We accept that because someone else should benefit from wading through sewage and all the other stuff we don't want to do. Money is a token of belief and it is used to buy freedom.

$2 trillion in platinum coins is a lie designed to create an impossible freedom.


Well, currency is also far more efficient than bartering. It's portable, and can be divided in ways goods can't normally. (My goat is worth 2.5 chickens, but I really don't want half a chicken, and you don't really have anything else I want...)
 
2012-12-07 01:43:32 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.


The government's going to come confiscate all catalytic converters.
 
2012-12-07 01:44:33 PM  
This is good news... for bitcoin.
 
2012-12-07 01:45:54 PM  
By the way, this is one of the stupidest articles I've ever read that "serious people" are taking seriously, and that's saying a lot.
 
2012-12-07 01:46:18 PM  

Holocaust Agnostic: The horror?


You want a 14% pay-cut overnight? If you make $50,000, like the median American, you would go to $43,000 (effectively).
 
2012-12-07 01:47:15 PM  

kombat_unit: This is exactly why the GOP sucks. Government spending like a drunken sailor is the American way.


And we should put Reagan's portrait on the coins.

/keep it off the dimes.
 
2012-12-07 01:47:33 PM  

jigger: By the way, this is one of the stupidest articles I've ever read that "serious people" are taking seriously, and that's saying a lot.


I'm with you. When I saw Chris Hayes talk about it on MSNBC a couple of days ago, I thought it was worthy of Fox News and the same guy in the Tea Party who was hoping to create a quorum problem in the electoral college.
 
2012-12-07 01:48:26 PM  

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


Not by much. Its price is still nowhere near the 2008 peak.
 
2012-12-07 01:49:37 PM  

vygramul: EVERY economy relies on mass delusion.


Exactly. And this is why I love economics threads. I can't count how many times I've offered to trade a little bit of inherently precious gold, or a few boxes of shotgun shells, or a pallet of tinned meat, and all I want in return are a few of those worthless scraps of colored paper that the other guy just told me are completely valueless.

So far, no takers. In fact, from what I've seen of gold-bugs and other fiat-money-conspiracists, they're probably more likely to stab me in the throat for trying to take their debased, worthless pieces of illegal government scrip (etc. etc.) than anybody else.
 
2012-12-07 01:50:09 PM  

vygramul: Holocaust Agnostic: The horror?

You want a 14% pay-cut overnight? If you make $50,000, like the median American, you would go to $43,000 (effectively).


Wages will catch up. Its actually a 14% debt cut. Which would be nice.
 
2012-12-07 01:55:15 PM  

Holocaust Agnostic: vygramul: Holocaust Agnostic: The horror?

You want a 14% pay-cut overnight? If you make $50,000, like the median American, you would go to $43,000 (effectively).

Wages will catch up. Its actually a 14% debt cut. Which would be nice.


If you were a creditor, would you extend credit to the US later? It would kill our credit rating. Try issuing bonds - even short-term bonds for operations that even ridiculously profitable companies make use of. It would be an unmitigated disaster. Interest rates would skyrocket. Have a 3% mortgage? It's now 17%. Have a 12% credit card? It's now 26%.
 
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