·Theme
- Forums
- Cross Site
- The Asylum
- $1,000,000,000,000? Keep the change.
$1,000,000,000,000? Keep the change.Follow
Haha http://www.stopthecoin.com
trickybeck wrote:
Haha http://www.stopthecoin.com
I'd stop it too if it was going to get minted with that lame picture of bama.
Alma wrote:
I lost my post
If they're going with Obama, they should either do the "Not Bad" meme face or him shirtless in the surf.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Getting your face on a Platinum coin is so Gangsta.
Shaowstrike (Retired - FFXI)
91PUP/BLM 86SMN/BST 76DRK
Cooking/Fishing 100
"We don't just borrow words; on occasion, English has pursued other languages down alleyways to beat them unconscious and rifle their pockets for new vocabulary."
— James D. Nicoll
91PUP/BLM 86SMN/BST 76DRK
Cooking/Fishing 100
"We don't just borrow words; on occasion, English has pursued other languages down alleyways to beat them unconscious and rifle their pockets for new vocabulary."
— James D. Nicoll
Jophiel wrote:
#59gbaji,
Posted: Jan 08 2013 at 4:22 PM, Rating: Sub-Default, (Expand Post) It's amusing to me how often people who actually don't know what they're talking about insist that those who disagree with them must be as ignorant as they are. Do you understand how the Federal Reserve works? More importantly, do you understand why it works? Do you understand why people accept a piece of paper with a number on it as a currency for which they will exchange goods and services? I'll give you a hint: It's not because the US mint printed or struck the bill or coin. It's because a third party (a conglomeration of banks in this case) accepted it as currency they will accept. And because they will accept it, all other banks they do business with will. It's about faith that said coin or bill represents something of actual value (rightly or wrongly). In the absence of that faith, the object has zero value at all as currency.
gbaji wrote:
Minting it is only half the equation.
What to put on the back side of the Bama-coin??
Alma wrote:
I lost my post
gbaji wrote:
I know what the mint does and how it works.
Apparently not. All coins minted by the US government are legal tender for their printed face value.
Quote:
There's nothing to prevent them from making a platinum coin with a vastly higher value printed on it then its innate value as a collectible, but who would accept it.
The same people who accept a piece of paper linen with $100 on it as being worth one hundred US dollars.
Quote:
It's amusing to me how often people who actually don't know what they're talking about insist that those who disagree with them must be as ignorant as they are.
Well, I'm glad that even in the depths of your displayed ignorance, you can find mirth. Must make it go easier
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Putting it into circulation is a whole different issue.
What makes you think it would need to enter circulation. That's a fascinatingly wrong way to look at this. The coin itself serves no purpose other than to remove the "debt" part of the debt ceiling. The Fed still auctions T-Bills, there's still actual debt, it's just borrowing against the $1t on it's balance sheet instead of air. Functionally, of course, it's identical to raising the debt ceiling. It just end runs the congressional approval process which likely shouldn't exist anyway.
What makes you think it would need to enter circulation. That's a fascinatingly wrong way to look at this. The coin itself serves no purpose other than to remove the "debt" part of the debt ceiling. The Fed still auctions T-Bills, there's still actual debt, it's just borrowing against the $1t on it's balance sheet instead of air. Functionally, of course, it's identical to raising the debt ceiling. It just end runs the congressional approval process which likely shouldn't exist anyway.
Disclaimer:
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? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
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? Gay. Your priest? Straight. **** off and let me post. It's not true, it's all in good fun. Now go away.
#63gbaji,
Posted: Jan 08 2013 at 6:12 PM, Rating: Sub-Default, (Expand Post) But those people only accept it because the banking system will accept it in return. If I write $100 on a piece of paper, you wont accept it unless you can deposit it in a bank. Similarly, no vendor will accept it unless their bank will accept it. Otherwise, it's just a piece of paper with a number written on it. Currency is only currency if the banking institutions accept it as such.
gbaji wrote:
You don't understand what "legal tender" means in practical terms. Well, you have a childlike understanding of it, I suppose.
Right. Stinging retort from the guy who, last night, obviously had no idea that commemorative coins were legal tender
I get it. You were wrong, you're embarrassed and you'll word spew until people stop responding and make yourself feel better thinking you "won".
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Smasharoo wrote:
Putting it into circulation is a whole different issue.
What makes you think it would need to enter circulation. That's a fascinatingly wrong way to look at this. The coin itself serves no purpose other than to remove the "debt" part of the debt ceiling. The Fed still auctions T-Bills, there's still actual debt, it's just borrowing against the $1t on it's balance sheet instead of air. Functionally, of course, it's identical to raising the debt ceiling. It just end runs the congressional approval process which likely shouldn't exist anyway.
What makes you think it would need to enter circulation. That's a fascinatingly wrong way to look at this. The coin itself serves no purpose other than to remove the "debt" part of the debt ceiling. The Fed still auctions T-Bills, there's still actual debt, it's just borrowing against the $1t on it's balance sheet instead of air. Functionally, of course, it's identical to raising the debt ceiling. It just end runs the congressional approval process which likely shouldn't exist anyway.
Yes. And the moment the Fed issues the T-bills, it increases the very debt that they're trying to avoid hitting. That's what I was talking about. The moment you actually try to use it, you incur an increase in debt equal to the value of the coin you minted. And that is legally bound by the debt ceiling legislation. The Debt ceiling has nothing to do with total dollars in circulation (or minted, or whatever). It is the total dollar value of all outstanding Treasury Bills. That's it. You can't get around that in any useful way.
King Nobby wrote:
More words please
Jophiel wrote:
gbaji wrote:
You don't understand what "legal tender" means in practical terms. Well, you have a childlike understanding of it, I suppose.
Right. Stinging retort from the guy who, last night, obviously had no idea that commemorative coins were legal tender
I didn't mean to suggest that they weren't legal tender, but that the aren't used as legal tender. No one uses a commemorative Gold Dollar to buy a taco off the dollar menu at a fast food joint Joph. They could do so, but they'd be stupid if they did.
In the same way that someone *could* pay $1T for a $50 platinum coin with "US One Trillion Dollars" printed on it. But no one will. See how that works?
King Nobby wrote:
More words please
Jophiel wrote:
gbaji wrote:
You don't understand what "legal tender" means in practical terms. Well, you have a childlike understanding of it, I suppose.
Right. Stinging retort from the guy who, last night, obviously had no idea that commemorative coins were legal tender
Just curious are these commemorative coins from the US Mint, or the "private non monetary mint" you hear about on the TV commercials trying to sell you coins clad in 99.9999%, that's four 9s, pure gold.
Can't sleep, clown will eat me.
gbaji wrote:
I didn't mean to suggest that they weren't legal tender, but that the aren't used as legal tender.
Hahahahahah... right. That's exactly what you meant
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
TirithRR wrote:
Jophiel wrote:
gbaji wrote:
You don't understand what "legal tender" means in practical terms. Well, you have a childlike understanding of it, I suppose.
Right. Stinging retort from the guy who, last night, obviously had no idea that commemorative coins were legal tender
Just curious are these commemorative coins from the US Mint, or the "private non monetary mint" you hear about on the TV commercials trying to sell you coins clad in 99.9999%, that's four 9s, pure gold.
From the US Mint. They commonly mint, say, a $5 gold coin commemorating Gulf War veterans. Then they sell them as proofs for $100 or something and the $95 difference (or whatever the production difference is) goes towards some veterans program. But the coin itself is legally worth $5 if you wanted to use it to buy a Big Mac. You probably wouldn't for the same reason you wouldn't use that one upside-down airplane stamp to mail off your water bill payment but you could and it's as acceptable as a five dollar bill. Presumably (I'm guessing) part of their value comes from the fact that anyone can create some knock-off "gold coin" with an eagle on it but only the US Mint can add a denomination. Copying some Franklin Mint coin is copyright/trademark infringement; copying a US Mint coin is counterfeiting.
Gbaji said that such coins don't count as "real US currency without Congressional action" which is just wrong in this case. Now he's frantically backpedaling and saying OF COURSE he knew they were real just, you know...
Anyway, have fun watching him flip out some more and try to cover for his remarks. Should be good times.
Edited, Jan 8th 2013 6:30pm by Jophiel
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Jophiel wrote:
Gbaji said that such coins don't count as "real US currency without Congressional action" which is just wrong in this case. Now he's frantically backpedaling and saying OF COURSE he knew they were real just, you know...
And you're frantically jumping on some poor wording I used earlier while ignoring the key point. It doesn't "count" in the sense that it's not used as part of the normal money supply. From an economic perspective, it's a commodity. That it could also be used as currency valued less than its commodity value is an interesting side note, but has no real economic impact. In the same way that speculating and arguing about a $1T platinum coin is a great distraction from the very real debt issues at hand, but it doesn't have any actual real economic impact (at least not in terms of debt reduction or avoidance of the debt ceiling by the government).
Quote:
Anyway, have fun watching him flip out some more and try to cover for his remarks.
The parts of my remarks that you're focusing on have nothing to do with whether or not the minting of a $1T platinum coin could be used to side step the debt ceiling restriction. Try to stay on point.
King Nobby wrote:
More words please
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
Jophiel wrote:
Anyway, have fun watching him flip out some more and try to cover for his remarks. Should be good times.
Donate. One day it could be your family.
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
I'll gladly trade the "mint a trillion dollar coin to circumvent the debt ceiling" loophole for the "you actually need 60 Senators to pass legislation, not 51" loophole and the various "free money for wealthy investors" tax loopholes.
Edited, Jan 8th 2013 7:58pm by trickybeck
trickybeck wrote:
I'll gladly trade the "mint a trillion dollar coin to circumvent the debt ceiling" loophole for the "you actually need 60 Senators to pass legislation, not 51" loophole and the various "free money for wealthy investors" tax loopholes.
Fool! With a trillion dollars, you could buy all fifty senators! And, like, a hundred thousand more senators, just to hedge your bets.
Belkira wrote:
Wow. Regular ol' Joph fan club in here.
I say just dissolve the Fed, and open a new bank. Essentially the Fed holds most of your Debt, you hold it yourself. If I owed myself money Id just forget about it and move on.
You could knock out like 10 Trillion opening a new central bank. Be left with a couple trillion in foreign and domestic investment, and 5 Trillion held by foreign governments.
You owe yourselves 10 Trillion dollars...why not just say @#%^ it you been a good buddy self, and Ive been good to you...lets call it even.
Instead of The Federal Reserve Bank. You could call it the Federal Reserve.
Edited, Jan 9th 2013 1:00am by rdmcandie
You could knock out like 10 Trillion opening a new central bank. Be left with a couple trillion in foreign and domestic investment, and 5 Trillion held by foreign governments.
You owe yourselves 10 Trillion dollars...why not just say @#%^ it you been a good buddy self, and Ive been good to you...lets call it even.
Instead of The Federal Reserve Bank. You could call it the Federal Reserve.
Edited, Jan 9th 2013 1:00am by rdmcandie
HEY GOOGLE. **** OFF YOU. **** YOUR ******** SEARCH ENGINE IN ITS ******* ****** BINARY ***. ALL DAY LONG.
Uglysasquatch wrote:
Jophiel wrote:
Anyway, have fun watching him flip out some more and try to cover for his remarks. Should be good times.
Recent Visitors: 304
All times are in CST
Anonymous Guests (304)
- Forums
- Cross Site
- The Asylum
- $1,000,000,000,000? Keep the change.
© 2024 Fanbyte LLC