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#1 Jan 07 2013 at 8:50 AM Rating: Excellent
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There's been an idea floating around for a while to avoid the next (rapidly approaching) debt ceiling crisis.

http://www.weeklystandard.com/articles/coin-realm_693789.html


It’s come to this: Serious people in Washington are discussing a hypothetical solution to the next debt ceiling crisis—minting trillion-dollar coins. There are legal restrictions on how much paper money the government can circulate, as well as gold, silver, and copper coins. But the law is unclear on platinum, a loophole Obama allegedly could exploit. According to analyst Chris Krueger at Guggenheim Securities’ Washington Research Group, who first floated this idea, “The theory goes that the U.S. Mint would create a handful of trillion-dollar (or more) platinum coins. The president would then order the coins deposited at the Fed, [which] would then put the coin[s] in the Treasury .  .  . and a default is removed from the equation.


I think it's a really interesting idea that has no chance of happening. Not because it wouldn't work, but because I obviously don't have time in my busy schedule to sit for a portrait for the "heads" side of one. Although, since I'm not available, it seems like it would be good fun to put Regan on it and let Conservatives have to argue against "the Regan".
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#2 Jan 07 2013 at 8:52 AM Rating: Good
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Sounds as likely as just going into the computer and changing Americas debt to the Fed from 16 Trillion to 0.
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#3 Jan 07 2013 at 8:57 AM Rating: Decent
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Oh joy, hyper inflation is just around the corner.
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#4 Jan 07 2013 at 8:59 AM Rating: Good
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Bad idea. Someone is bound to confuse it with a quarter and clog up the coffee machine.

I think the 'head' though should be either Mickey Mouse or Matt Damon - maybe Bill G if he's willing to pay enough.
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#5 Jan 07 2013 at 9:00 AM Rating: Good
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Sounds as likely as just going into the computer and changing Americas debt to the Fed from 16 Trillion to 0

Oh no, it's far more likely than that. It might actually happen. It'll certainly be used as a negotiating point. It's jut likely not to actually occur because of compromise of some sort. It's along the lines of "The House Sargent at Arms can attack people with the Ebony and Silver Mace that signifies his office". Which is completely true and all real, but fairly unlikely to happen.
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#6 Jan 07 2013 at 9:01 AM Rating: Excellent
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cidbahamut wrote:
Oh joy, hyper inflation is just around the corner.

Supposedly it wouldn't cause inflation because it would never enter the economy. It would go directly into the treasury and be leveraged against existing debts.

And don't ask me to argue the point, I'm just saying what the advocates are saying. It has no chance of happening and hasn't been suggested by anyone within the administration (anyone of note, anyway in case I missed someone). Just one of those things pundits and economist bloggers do to waste time.

The Not-At-All-Fun pedant in me feels obligated to note that images of living individuals can't legally be placed on US currency.

Edited, Jan 7th 2013 9:02am by Jophiel
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#7 Jan 07 2013 at 9:01 AM Rating: Default
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Oh joy, hyper inflation is just around the corner.

You have just indicated you don't understand macroeconomics even the tiniest little bit. Oh well, I imagine that probably doesn't impact your life much.
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#8 Jan 07 2013 at 9:03 AM Rating: Decent
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It has no chance of happening

I really wouldn't go that far. I'd say a 1% chance.
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To make a long story short, I don't take any responsibility for anything I post here. It's not news, it's not truth, it's not serious. It's parody. It's satire. It's bitter. It's angsty. Your mother's a *****. You like to jack off dogs. That's right, you heard me. You like to grab that dog by the bone and rub it like a ski pole. Your dad? ***. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.

#9 Jan 07 2013 at 9:05 AM Rating: Excellent
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Smasharoo wrote:
It's along the lines of "The House Sargent at Arms can attack people with the Ebony and Silver Mace that signifies his office".
I'd certainly be more willing to watch CNN more if it did.
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#10 Jan 07 2013 at 9:05 AM Rating: Excellent
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Bet you a trillion dollar platinum coin it doesn't happen.
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#11 Jan 07 2013 at 9:06 AM Rating: Good
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Jophiel wrote:

The Not-At-All-Fun pedant in me feels obligated to note that images of living individuals can't legally be placed on US currency.

I'm calling this Nexa's Big Excuse.
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#12 Jan 07 2013 at 9:08 AM Rating: Excellent
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Elinda wrote:
Jophiel wrote:
The Not-At-All-Fun pedant in me feels obligated to note that images of living individuals can't legally be placed on US currency.
I'm calling this Nexa's Big Excuse.

Smash will be a martyr.

I only remember this from the whole "state quarter" thing and people suggesting stuff like "Michael Jordan should be on the Illinois quarter!"
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#13 Jan 07 2013 at 9:09 AM Rating: Decent
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Bet you a trillion dollar platinum coin it doesn't happen.

Give me 200 to 1 and I'll take that bet.
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#14 Jan 07 2013 at 9:37 AM Rating: Excellent
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Screenshot


Nothing can go wrong with this plan.
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#15 Jan 07 2013 at 9:54 AM Rating: Excellent
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Contract bidding for the armored car to transport the coin gets bogged down after a congressional committee finds evidence of illegal money laundering from several companies with the top offers. Coin gets minted then sits on the shelf at the treasury dept as the country goes bankrupt.

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#16 Jan 07 2013 at 10:05 AM Rating: Excellent
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Hamilton weeping needs to be on this coin.
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#17 Jan 07 2013 at 11:55 AM Rating: Good
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Lance Armstrong on the obverse, with the reverse depicting a Bald Eagle crapping on a Friedman treatise on Monetarism - the obvious choice.

Your legislature will need to take measures to prevent it appearing on an IGN site, where it would be listed as having the equivalent value of 300 years GDP of Jiangxi province.

Nexa
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#18 Jan 07 2013 at 1:24 PM Rating: Decent
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Smasharoo wrote:
Oh joy, hyper inflation is just around the corner.

You have just indicated you don't understand macroeconomics even the tiniest little bit. Oh well, I imagine that probably doesn't impact your life much.

I was under the impression that hyper inflation was characterized by the government printing enormous amounts of currency in short order. Instead of being snide why don't you enlighten me as to why this shouldn't worry me if it actually comes to pass.

Also: use the ******* quote button already.

Edited, Jan 7th 2013 2:24pm by cidbahamut
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#19 Jan 07 2013 at 1:34 PM Rating: Good
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I was under the impression that hyper inflation was characterized by the government printing enormous amounts of currency in short order. Instead of being snide why don't you enlighten me as to why this shouldn't worry me if it actually comes to pass.

First of all, go fuck yourself. I'm not your tutor. Learn to read.

Also: use the ******* quote button already.

Secondly, go fuck yourself. Oh sorry, rather:

Quote:
Smasharoo says:
GO FUCK YOURSELF


Edited, Jan 7th 2013 2:34pm by Smasharoo
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#20 Jan 07 2013 at 2:08 PM Rating: Excellent
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cidbahamut wrote:
I was under the impression that hyper inflation was characterized by the government printing enormous amounts of currency in short order. Instead of being snide why don't you enlighten me as to why this shouldn't worry me if it actually comes to pass.

Because it's not in the economy. It's not even being paid out to debtors. You can't be forced to use a wheelbarrow of Zimbabwe dollars to buy a loaf of bread if no one actually has a wheelbarrow full of Zimbabwe dollars in "real life".

Inflation is caused by people having so many of something that it gets devalued. You have an apple and I have an apple but I'd like two apples so I'm willing to trade an arrow for it. You have 200 apples and I have 200 apples and I don't want any of your **** apples because we're all swimming in apples as is.

If you have an apple and I have an apple and we hear legends of a magical apple tree with a trillion apples on it, far away and guarded by dragons, it doesn't make my desire for your apple any less.
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#21 Jan 07 2013 at 2:15 PM Rating: Excellent
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cidbahamut wrote:
I was under the impression that hyper inflation was characterized by the government printing enormous amounts of currency in short order. Instead of being snide why don't you enlighten me as to why this shouldn't worry me if it actually comes to pass.


Linky if it helps...

Quote:
MYTH #1: This will cause massive hyperinflation.

This is an understandable fear, because the idea of creating new money out of thin air to pay our debts brings to mind situations like Weimar and Zimbabwe, and trillion dollar bills being tossed about it in the streets.

But this is not about using the coin to pay back our debts, it's staying within the law, while avoiding the technically nonsensical debt ceiling.

Think about the mechanics, the trillion dollar coin goes to the Fed, but in terms of the real economy, government spending takes place exactly as normal. Now it is true that the Treasury might not be doing bond purchases at this time, and that this could leave more money in the system, that could heat up and cause inflation, but this is easily remedied, because the Fed has a gigantic pile of Treasuries it's sitting on that it could sell back into the open market to "sterilize" the government spending.

The bottom line is: Because this trillion dollar coin isn't being used as "helicopter money" (money dropped directly into the economy) you don't get the inflationary effects you're used to seeing when you hear about governments creating money in large denominations.

This is purely a technical fix for a bad situation.


Bold is mind, creative accounting at it's best was my understanding (though that's far from perfect). Smiley: rolleyes

Also insightful
, and because linking random things is fun. Smiley: nod
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#22 Jan 07 2013 at 2:19 PM Rating: Good
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What happens when the trillion dollar coin goes missing?
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#23 Jan 07 2013 at 2:21 PM Rating: Excellent
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Elinda wrote:
What happens when the trillion dollar coin goes missing?


Every person in the U.S. with a metal detector will suddenly decide to take a vacation to D.C.
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#24 Jan 07 2013 at 2:22 PM Rating: Excellent
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Shaowstrike the Shady wrote:
Elinda wrote:
What happens when the trillion dollar coin goes missing?


Every person in the U.S. with a metal detector will suddenly decide to take a vacation to D.C.


Economic stimulus at it's best.
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#25 Jan 07 2013 at 2:26 PM Rating: Excellent
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Elinda wrote:
What happens when the trillion dollar coin goes missing?

Heh, I was thinking about that earlier today. Not about having the coin itself but the government. Do you mint a new one and pretend the old one never existed? Do you just pretend it's not missing?

The coin itself wouldn't be spendable for the obvious reason that no one has change for a trillion bucks and you'd be arrested trying to use it in any open manner. It'd be like those gold dollars form the 30's that weren't supposed to be circulated and now when someone tries to sell one, the government seizes it as stolen property. So its only real value beyond the metal content would be as a collectable. Worth a few million perhaps to the right guy for its uniqueness but maybe not even that much.
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#26 Jan 07 2013 at 4:03 PM Rating: Good
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Jophiel wrote:
Elinda wrote:
What happens when the trillion dollar coin goes missing?

Heh, I was thinking about that earlier today. Not about having the coin itself but the government. Do you mint a new one and pretend the old one never existed? Do you just pretend it's not missing?

The coin itself wouldn't be spendable for the obvious reason that no one has change for a trillion bucks and you'd be arrested trying to use it in any open manner. It'd be like those gold dollars form the 30's that weren't supposed to be circulated and now when someone tries to sell one, the government seizes it as stolen property. So its only real value beyond the metal content would be as a collectable. Worth a few million perhaps to the right guy for its uniqueness but maybe not even that much.


You're forgetting the Finder's Fee if you return it to the Treasury. Smiley: sly
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