Anyone seen the articles about this? What do you think? Invloves making a trillion dollar face value platinum coin to avoid the debt ceiling.
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Anyone seen the articles about this? What do you think? Invloves making a trillion dollar face value platinum coin to avoid the debt ceiling.
for it to have real value then it would need to be a trillion dollars worth of platinum for a start, but usually it's the other way round,
like the 1 million dollar face value gold coin, it's actuall gold worth is much more then that.
so it's pointless, if the treasury has a trillion worth of platinum then that's all they need, doesn't need to have face vlue, why devalue precious metal with fiat currency anyway?
just use zinc plated steel so it will be worthless like the rest of our currency
Unfortunately, Ben, the supporters of the trillion dollar coin theory are applying no such logic to the plan. In fact they are applying no logic at all, just legalistic mumbo jumbo to create a technical loophole out of a law concerning novelty coins, and it is absurd to the nth degree. And now some financial types with names like Stanford and Yale on their resumes have come out in support of this garbage...shows how far in the toilet our ethics have gone, how much money we're spending recklessly, and by using this magic coin, how some of our leaders have no intention of paying off our debt. It essentially would give the people who spend the money (the Treasury) the ability to create the money they spend, which means all bets are off.Quote:
Originally Posted by scrapperben
It would also create a precedent that every wrong turn the government wants to take could be justified by finding some legal loophole and applying it to what they want in a given situation....the legal loophole in this case was originally intended for minting specialty coins for collectors.