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(Washington Post)   Treasury to Internet: "Shut the hell up, idiots. We're not gonna mint a trillion dollar coin"   (washingtonpost.com) divider line 181
    More: Amusing, Treasury Department, Business Insider, Consolidated Appropriations Act, Mike Castle  
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10342 clicks; posted to Main » on 12 Jan 2013 at 9:08 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-12 05:24:40 PM
I'm not sure if this was a good or bad idea, but its just one more example of the GOP completing violating the norms of governance while sticking to the letter of the law in order to gain an advantage, and the Democrats (Obama specifically) completely refusing to do that. They refuse to play by the new rules. The longer Obama pretends you can simply abide by norms without the other side also doing it, the more he will lose.
 
2013-01-12 05:27:13 PM
But but... but this random blog I read stated this would simultaneously be the savior of the nation and the end of the Republic! HOW CAN THE INTERNET BE SO WRONG?!
 
2013-01-12 05:36:00 PM
They're already on eBay.
 
2013-01-12 05:48:36 PM
I trust FWD: FWD: FWD: emails before I trust the United States government.
 
2013-01-12 06:06:41 PM

BigSnatch: I trust FWD: FWD: FWD: emails before I trust the United States government.


Yeah, this means they've minted it but have already spent it on birth control pills for women who build FEMA camps for exterminating conservatives.
 
vpb [TotalFark]
2013-01-12 06:32:54 PM

Slaxl: BigSnatch: I trust FWD: FWD: FWD: emails before I trust the United States government.

Yeah, this means they've minted it but have already spent it on birth control pills for women who build FEMA camps for exterminating conservatives.


And it's money well spent.
 
2013-01-12 06:34:04 PM
But could you make me a trillion-dollar mint? Of course, for that price, it'd have to be the curiously strongest.
 
2013-01-12 06:38:29 PM

BigSnatch: I trust FWD: FWD: FWD: emails before I trust the United States government.


Thing is half of this equation isn't the US government, technically.
 
2013-01-12 06:44:23 PM
Well, now Krugman is going to start blasting the Treasury.
 
2013-01-12 06:51:51 PM
Why does the White House insist on weakening their position before the negotiating really starts?
 
2013-01-12 06:55:14 PM

EvilEgg: Why does the White House insist on weakening their position before the negotiating really starts?


I think it's probably because the WH does not view the 14th Amendment solution is legal, which has a pretty good chance of being the President's opinion since he is a Constitutional scholar, and they don't think minting $2T is a solution.
 
2013-01-12 06:56:46 PM

GreenAdder: But could you make me a trillion-dollar mint? Of course, for that price, it'd have to be the curiously strongest.


A TRILLION DOLLAR MINT WOULD CONTAIN ENOUGH COCOA AND MINT LEAVES TO SINK THE TITANIC, YOU STUPID LIB!! LOLOLOLOLOLOLOL!
 
2013-01-12 06:57:19 PM

GAT_00: EvilEgg: Why does the White House insist on weakening their position before the negotiating really starts?

I think it's probably because the WH does not view the 14th Amendment solution is legal, which has a pretty good chance of being the President's opinion since he is a Constitutional scholar, and they don't think minting $2T is a solution.


None of this is relevant. Even if this was all 100%, true there's no reason on Earth to say it out loud. Why tell the GOP all of this in advance?
 
2013-01-12 07:01:03 PM

GAT_00: EvilEgg: Why does the White House insist on weakening their position before the negotiating really starts?

I think it's probably because the WH does not view the 14th Amendment solution is legal, which has a pretty good chance of being the President's opinion since he is a Constitutional scholar, and they don't think minting $2T is a solution.


They are probably right. They just didn't need to say it, let the GOP sweat it out a bit, and while they are all worked up n a froth over that you hit them with real solution.
 
2013-01-12 07:10:48 PM

EvilEgg: Why does the White House insist on weakening their position before the negotiating really starts?


Because if things go completely to shiat no one asks why he didn't mint the coin to solve the problem
 
2013-01-12 07:11:01 PM

EvilEgg: let the GOP sweat it out a bit, and while they are all worked up n a froth over that you hit them with real solution.


Do you think the GOP lunacy has a final solution?
 
2013-01-12 07:13:49 PM
FTA: The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.

That's the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. "Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," he said.

The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don't believe it's legal and would not credit the Treasury Department's deposit, the platinum coin would be worthless.



Nice to see that the "Federal Reserve", and pack of bloodsucking private banksters gets to decide what is "legal" and was isn't in the US.

Then again, the do hold the mortgage on the country, don't they?
 
2013-01-12 07:22:21 PM

Shostie: GreenAdder: But could you make me a trillion-dollar mint? Of course, for that price, it'd have to be the curiously strongest.

A TRILLION DOLLAR MINT WOULD CONTAIN ENOUGH COCOA AND MINT LEAVES TO SINK THE TITANIC, YOU STUPID LIB!! LOLOLOLOLOLOLOL!


Okay, but can I get a trillion mints for a dollar?
 
2013-01-12 08:15:11 PM
Maybe they could issue tax refunds in Dave and Busters Dance Dance Revolution tokens,which could be redeemed at participating food-fun-cades.

I'm an idea man, problem, meet solution.
 
2013-01-12 08:41:01 PM

EvilEgg: GAT_00: EvilEgg: Why does the White House insist on weakening their position before the negotiating really starts?

I think it's probably because the WH does not view the 14th Amendment solution is legal, which has a pretty good chance of being the President's opinion since he is a Constitutional scholar, and they don't think minting $2T is a solution.

They are probably right. They just didn't need to say it, let the GOP sweat it out a bit, and while they are all worked up n a froth over that you hit them with real solution.


Maybe because threatening an illegal solution won't get you anywhere, and even letting precedent be suggested by the administration that could be used to totally destroy the value of US currency if abused in the future is a bad thing.
 
2013-01-12 09:08:34 PM

Amos Quito: FTA: The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.

That's the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. "Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," he said.

The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don't believe it's legal and would not credit the Treasury Department's deposit, the platinum coin would be worthless.

Nice to see that the "Federal Reserve", and pack of bloodsucking private banksters gets to decide what is "legal" and was isn't in the US.

Then again, the do hold the mortgage on the country, don't they?


I was going to make a comment to this effect but nothing coherent came to mind. Thanks for giving voice to my thoughts on the Fed's role in this.
 
2013-01-12 09:14:22 PM
Between this nonstory and Jack Lew's signature, this week has been a painful reminder of how dumb NPR has become.
 
2013-01-12 09:14:29 PM
I told you it was time to get busy working on a ningi. We're gonna need a shiatload of rubber.
 
2013-01-12 09:15:47 PM
I'm confused. We're already under severe financial pressure as a country. If they don't start minting those coins, how is the government going to pay for the new Death Star?
 
2013-01-12 09:15:49 PM
I don't get it.

Wouldn't a trillion dollar coin be just the same as printing money?

Is this what conservatives are sunk to? Advocating printing fiat currency to save your endangered asses because they are obstructing all rational and economically and politically correct responses to a system they farked up economically and politically ages ago, long before Obama was a glint in some DNC operative's glazed eye?

Time to take the conservative Republicans out and shoot them. They're too dumb to live. They're more useless than horses with broken fetlocks (they don't fly in the wind by the way--they are part of the lower leg).
 
KIA
2013-01-12 09:16:35 PM
Silly people! He's going to confiscate guns, auction them off to the third world, take those proceeds and pay off the debt. Don't you see??? Are you blind????

/ add tinfoil to grocery list
 
KIA
2013-01-12 09:17:33 PM

brantgoose: Time to take the conservative Republicans out and shoot them. They're too dumb to live.


Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.
 
2013-01-12 09:22:31 PM

brantgoose: Wouldn't a trillion dollar coin be just the same as printing money?


Yes, it would be. That's the point.
 
2013-01-12 09:23:16 PM

brantgoose: I don't get it.

Wouldn't a trillion dollar coin be just the same as printing money?

Is this what conservatives are sunk to? Advocating printing fiat currency to save your endangered asses because they are obstructing all rational and economically and politically correct responses to a system they farked up economically and politically ages ago, long before Obama was a glint in some DNC operative's glazed eye?

Time to take the conservative Republicans out and shoot them. They're too dumb to live. They're more useless than horses with broken fetlocks (they don't fly in the wind by the way--they are part of the lower leg).


You know if you replaced Replublicans with "Jews" or "Obama" everyone would know you're a monster. If its not funny for one, its not funny for all.
 
2013-01-12 09:24:00 PM

KIA: brantgoose: Time to take the conservative Republicans out and shoot them. They're too dumb to live.

Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.


All the guns we're taking from you; did you forget already?
 
2013-01-12 09:25:41 PM
Mint the farking coin already. Who wants to carry around all these worthless bills?

i45.tinypic.com
 
2013-01-12 09:26:14 PM

KIA: Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.


Who needs guns when we have Predator drones?
 
2013-01-12 09:26:40 PM
I expected a lot more US Mint employees in this thread.
 
2013-01-12 09:26:40 PM
Professional endorsements of the Trillion Dollar Coin generally carry the caveat that allowing Republicans to hold the nation's credit rating hostage is worse. The TDC is a dangerous and destabilizing idea and the point is that Republicans are MORE dangerous and destabilizing.

I agree, it's stupid for Obama to pre-announce what he's not going to do. He should let people wonder what he's going to do.
 
2013-01-12 09:27:05 PM

ten foiled hats: KIA: brantgoose: Time to take the conservative Republicans out and shoot them. They're too dumb to live.

Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.

All the guns we're taking from you; did you forget already?



I got mine already. Pried it out of a neocon's cold dead hands.
 
2013-01-12 09:29:27 PM

Shostie: GreenAdder: But could you make me a trillion-dollar mint? Of course, for that price, it'd have to be the curiously strongest.

A TRILLION DOLLAR MINT WOULD CONTAIN ENOUGH COCOA AND MINT LEAVES TO SINK THE TITANIC, YOU STUPID LIB!! LOLOLOLOLOLOLOL!


Oh aren't you precious? You think the Titanic sank. You fell for THAT propaganda hook, line, and "sink"er!

/it was all a plot by the rich industrialists to get out of paying taxes
 
2013-01-12 09:30:23 PM

Abox: ten foiled hats: KIA: brantgoose: Time to take the conservative Republicans out and shoot them. They're too dumb to live.

Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.

All the guns we're taking from you; did you forget already?


I got mine already. Pried it out of a neocon's cold dead hands.


How'd he die? Chasing his own tail?
 
2013-01-12 09:30:48 PM
Fox News was on in the break room yesterday during lunch time and one of the topics for discussion was the trillion dollar coin. First they went to the Democrat who went on how it was the stupidest, dumbest thing in the world to suggest. The Republican follow up was that yes, this is extremely stupid and dumb and there is no way that A) this would work, and B) this should be tried.

The only person who was attempting to say it might possibly be good, was the host.
 
2013-01-12 09:31:07 PM

Heinrich von Eckardt: Mint the farking coin already. Who wants to carry around all these worthless bills?

[i45.tinypic.com image 403x361]


welcome to Obama's 'merica
 
2013-01-12 09:32:55 PM
Simpsons did it.

/somebody else can find the pic
 
2013-01-12 09:33:32 PM
So the problem here, continues to be, a private bank named The Federal Reserve.
 
2013-01-12 09:33:33 PM
Simpsons did it!
img202.imageshack.us
Well, it was a bill rather than a coin, but same idea...

/It's full of what?
 
2013-01-12 09:33:37 PM

KIA: brantgoose: Time to take the conservative Republicans out and shoot them. They're too dumb to live.

Hey, liberal. Whatcha gonna shoot the Republicans with? Tard.


Their own guns. Pay attention, man.
 
2013-01-12 09:36:07 PM
They don't have to mint a coin to inflate away the debt (which is the whole point of the coin). They can just adjust a spreadsheet.
 
2013-01-12 09:37:18 PM

GAT_00: I think it's probably because the WH does not view the 14th Amendment solution is legal, which has a pretty good chance of being the President's opinion since he is a Constitutional scholar, and they don't think minting $2T is a solution.


The relevant parts of the 14th Amendment:
The validity of the public debt of the United States, authorized by law. . . shall not be questioned. . . The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.

The 14th Amendment was ratified in 1868.  The specific context is that all federal debts claimed by creditors of the Confederacy were declared illegal and void.  Basically, Congress wasn't keen on people trying to collect from Uncle Sam because some Southern traitors spent money trying to destroy the Union.

So the Amendment re-establishes the validity of the Union's debts, probably as a political concession to their creditors.  It only says the debt is legal, and if anyone claims it isn't, Congress has the power to pass any law it wants so it's legal again.  It says nothing about paying the bills.  You can acknowledge the legality of a debt and still refuse to pay it. . . it's called bankruptcy.

As for monetizing the debt. . . that would probably cause a currency crisis.

As much as I detest Obama for having no farking clue how to engage in politics, these aren't particularly clever bluffs.  Better to keep the issue focused on the deeply unpopular idea that the GOP is trying to freeze the government.  Again.
 
2013-01-12 09:42:05 PM
Former president Bill Clinton said that if he were in office, he would invoke the 14th Amendment to call the debt ceiling unconstitutional

Wasn't the debt ceiling passed in 1995?


Amos Quito
Nice to see that the "Federal Reserve", and pack of bloodsucking private banksters gets to decide what is "legal" and was isn't in the US.

Not that I don't think the coin contingency isn't silly (and I was mocking Lambert to his face about it before it was cool) but I was also disappointed that they don't seem to have any actual legal reason for rejecting this.


DamnYankees
Yes, it would be. That's the point.

I think technically it would be more like printing treasury bonds. Putting $1 trillion in the Treasury would reduce the debt by $1 trillion, allowing it to issue $1 trillion more debt without breaching the ceiling.
 
2013-01-12 09:44:05 PM
Some bureaucrat will accidentally drop it in a toll booth.
 
2013-01-12 09:44:07 PM
Yes, we want more quantitative easing; since it is working out so well already.

/ in case you didn't know; that was sarcasm
 
2013-01-12 09:44:21 PM

assjuice: Between this nonstory and Jack Lew's signature, this week has been a painful reminder of how dumb NPR has become.


Was there a thread on that?

I was looking at Lew's Wiki page and when I saw the signature that will be appearing on all US currency printed under his administration...

upload.wikimedia.org

Wow. All zeroes.

That's some fin signin' work there, Lew.

/Is this an omen, or what?
 
2013-01-12 09:48:16 PM
While I'm happy that the Treasury Department is not doing it (because it's a stupid idea), I'm curious how the Federal Reserve gets the balls to tell the Treasury Department what is and is not money.

I know that money is US debt, but this would the equivalent to issuing silver certificates again. Unless I'm missing something, the only reason I can think of that the Fed wouldn't honor the coin is it's an infringement of their established monopoly to create money - a monopoly granted to them by the government.
 
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