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I'm Going to Mint a Billion, no...TRILLION Dollar Coin

Discussion in 'Politics & Current Events' started by Cascarino's Pizzeria, Jan 7, 2013.

  1. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

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    Can't wait to go to A.C. with this bad boy:

    Be Ready To Mint That Coin

    Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely. He will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious.

    For those new to this, here’s the story. First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default.

    And Republicans are openly threatening to use that potential for catastrophe to blackmail the president into implementing policies they can’t pass through normal constitutional processes.

    Enter the platinum coin. There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.

    http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/
     


  2. Knave

    Knave Member+

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    As long as it looks like this ...

    [​IMG]

    ... I'll be happy.
     
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  3. Matt in the Hat

    Matt in the Hat Moderator Staff Member

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    The GOPs handlers will never let this happen. Too much money is at stake when the full faith and credit of the nation is on the line. Obama can call their bluff at will.
     
  4. Crimen y Castigo

    Crimen y Castigo Moderator Staff Member

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    I heard a fraction of a slice of a snippet of a news segment about this the other day -- and that is the entirety of my knowledge of this proposed solution or the economic theory behind it.

    Therefore, let me just say with 100% certainty of conviction: Git 'Er Done!!

    Seriously -- this has to happen.
     


  5. VFish

    VFish Member+

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    I say mint the coin and then give it to Joe Biden to safeguard. What could possibly go wrong?
     
  6. Q*bert Jones III

    Q*bert Jones III The People's Poet

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    Well at least we'd know that Paul Ryan wouldn't dare trying to take it.
     
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  7. JBigjake

    JBigjake Member+

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  8. VFish

    VFish Member+

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    [​IMG]

    Translation from black speech:

    "One coin to rule them all, one coin to find them,
    One coin to bring them all and in the darkness bind them."
     
  9. Roel

    Roel Member

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    Too much awesome! But for this to really fly, it would need to a $20 trillion dollar coin, and it would need to have W's face on it.
     
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  10. Smurfquake

    Smurfquake Moderator Staff Member

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    Racist!!!!111
     
  11. superdave

    superdave Member+

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    Thank God I don't have you on ignore, vfish, or else I would have missed this early, but strong, contender for post of the year.
     
  12. HerthaBerwyn

    HerthaBerwyn Member+

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    Put Reagan's face on it and leave 'In God We trust' off of it. Watch heads explode three times.
     
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  13. purojogo

    purojogo Member

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    W's picture in his flight suit declaring "mission accomplished" would be more appropriate////so yeah do not change that facial expression....just the clothes the guy wears....
    NOthing ...."this is too ********ing precious America....."
     
  14. Chris M.

    Chris M. Member+

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    A Vegas casino should make a massive slot machine that only takes the trillion coin.
     
  15. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

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    That's what I was thinking. Every year on Dec. 31st one lucky 'Merican gets to go to Vegas (we could rotate the casinos like the BCS championship game) and place the trillion dollar coin on Red or Black at the roulette wheel to see if we double our money (spend like crack ho's the next year) or lose our money (cut food stamps, Medicaid & Medicare the next year).

     
  16. dapip

    dapip Member+

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    Big Gigantonormous NRCC Failure...

    http://maddowblog.msnbc.com/_news/2013/01/09/16431779-the-nrcc-forgets-how-money-works

    This morning, the NRCC argued, apparently in all seriousness, "The amount of platinum needed to mint a coin worth $1 trillion would sink the Titanic." To help drive home the point, the campaign committee even created an image of a President Obama platinum coin weighing down the Titanic.

    Making matters slightly worse, the NRCC says the coin would "pay for [Obama's] spending," which suggests Republicans still don't understand that the White House cannot legally spend money that hasn't already been approved by Congress.
     
  17. JohnR

    JohnR Member+

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    You can't parody those people.

    Pretty sure they understand this point, but choose to lie. It's not as if the NRCC doesn't make a habit of lying.
     
  18. dapip

    dapip Member+

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    So many explanations.. A parallel universe where The Onion dictates reality comes to mind..



    I agree about the lying part but I'm not sure they understand.. Exhibit A: Rmoney explaining how obama's medicare savings where cuts but Ryan's cuts where savings... He couldn't justify neither...
     
  19. JohnR

    JohnR Member+

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    Per the RNCC, you need tons and tons of platinum to get a trillion dollar coin, but only a gram or so of paper to make a trillion dollar bill.

    Who knew? Sure am glad the RNCC is around to do the hard thinking.
     
  20. song219

    song219 BigSoccer Supporter

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    No wonder the Iranian news agency was taken in by The Onion's article showing American support for Ahmadinejad over Obama. Their obvious source for information on America has been NRCC press releases.
     
  21. VFish

    VFish Member+

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    So, after floating this cockamamie trial balloon it looks like Obama's new Treasury Secretary's signature will look like this:
    [​IMG]
    To be honest, that seems about right. If we are going to be minting trillion dollar coins and printing monopoly money the currency might as well be adorned with a clown's signature.
     
  22. Mattbro

    Mattbro Member+

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    The coin doesn't have to be minted. The GOP could stop acting childishly and threatening to cause the government to default. Wait, what am I talking about? The GOP is never going to stop acting childishly.
     
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  23. VFish

    VFish Member+

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    You do actually have mint the coin, obviously it won't require a trillion dollars worth platinum, but you do have to mint it. Now that the board is actually defending this stupid gimmick I hope the administration pushes forward. It will go over like a Led Zeppelin.
    [​IMG]
     
  24. Q*bert Jones III

    Q*bert Jones III The People's Poet

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  25. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

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    Trolls might steal it and take it to middle earth if you put the Zeppelin logos on it

    I propose this one

    [​IMG]
     
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