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Wednesday, Jan. 16, 2013 | 2:01 a.m.
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Paul Krugmans article, “Coins against crazies,” gave me a great idea. Krugman writes: “The Treasury would mint a platinum coin with a face value of $1 trillion.” He then says we could deposit the coin with the Federal Reserve and the government could write checks against it.
I say cut out the middleman. Mint a couple of these $1 trillion coins. Have President Barack Obama and Secretary of State Hillary Clinton, with all due pomp and circumstance, fly to Beijing and pay off their portion of our debt. They could then make a stop in Tokyo with the second coin.
And Obama says solving our debt problem is complicated.
Robert says "And Obama says solving our debt problem is complicated."
While the solution is easy the problem is Obama is like an alcoholic. The first step is to recognize we have a spending problem
Obama claims "We don't have a spending problem"
Obama has increase the national debt from $10.6 trillion to $16.5 trillion ($1.25 trillion per year) since he took office.
John Boehner says, "the President said to me, 'We don't have a spending problem.' " "The president's insistence that Washington doesn't have a spending problem is seeming predicated on Obama's belief that massive federal deficits stem only from what Mr. Obama called "a health-care problem."
If we do not having a spending problem why does Obama need the debt ceiling raised?
Why not mint the coin from aluminum? Just as good and less expensive.
CarmineD
Carmine,
"Why not mint the coin from aluminum? Just as good and less expensive".
The only problem with that is aluminum is very cheap and can be found everywhere.Platinum is not cheap and not everyone can afford to own it.Your plan is foiled.
"Your plan is foiled." Samspeaks
How true! All that glitters is not gold.
CarmineD
Carmine,
"How true! All that glitters is not gold".
Platinum and gold are very close in price per ounce.If for some crazy reason the U.S.Treasury were ever to make A trillion dollar platinum coin. Where would the most glitter be,and value? Hang onto everything you own made from platinum.
Sam:
Disagree. Gold is the precious metal standard. Platinum, and its derivative palladium, have been declining in value recently compared to gold. Sell it [platinum] and stock up on the gold.
CarmineD
Carmine,
"Disagree. Gold is the precious metal standard.Platinum and it's derivative palladium,have been declining in value recently compared to gold. Sell it (platinum)and stock up on gold".
You missed my key point' "I said If for some crazy reason the U.S.Treasury were ever to make a trillion dollar platinum coin".
I never said they would only If they did.
Sam:
Like you, I don't know what the Dems and paticularly Reid and Pelosi will put the President up to. If it is a Trillion dollar coin, it makes no difference what it's content is: Tin, gold or platinum. It's a gimmick just like the smoke and mirrors used on the Social Security Trust Fund.
CarmineD
Carmine, Are you talking about the 2.7 trillion dollars that was taken out of the social security trust fund and was never paid back?
These same politicians in the republican party have labeled the social security trust fund a ponzi scheme.Was it a ponzi scheme when they took the money out of the trust fund? Is this what you are talking about?
Sam.
I'm comparing the ugly motives of Congress and presidents of both parties WRT to SS fund deficits/debts and the counterfeit coin non-sense. One is for the SS Fund, the other for the nation's debt. Both are gimmicks and budget smoke and mirrors.
CarmineD
Carmine,
"I'm comparing the ugly motives of congress and presidents of both parties WRT to SS fund deficits?debts and the counterfeit coin non-sense.One is for the SS fund,the other for the nation's debt.Both are gimmicks and budget smoke and mirrors".
The platnium coin was the brainchild of Michael Castle Republican at-large representative for Delaware.He introduced a bill H.R.3610 Omnibus Consolidated Appropriations act of 1997.Which passed both houses and became public law 104-208.This bill gave the U.S.Tresury the power to mint and use Platnium coins.
As you well know The Obama administration has not taken to the idea of minting a trillion dollar coin to help selve the debt problem. So the beat goes on.Any suggestions?
Sam:
It was the likes of Pelosi and Reid, and Dr. Krugman, that push this nonsense coin idea. My suggestion is that nobody, including the President, ever take the advice of these 3 on anything, let alone economics and budgeting.
CarmineD
Carmine.
When we are trying to find a solution to a problem like debt,everything is on the table even the Platnium coin.You have stated more than once in previous discussions everything is on the table involving a subject.No matter how bizarre it may sound.
Just ask Republican Michael Castle who introduced the bill H.R.3610 (and was passed) paving the way for Platnium coins to be minted by the U.S.Treasury, at any domination.
Sam:
Gimmicks and budget smoke and mirrors are not viable solutions. Even President Obama said so. Specifically referring to the $ Trillion debt coin. Do you believe President Obama?
CarmineD
Carmine,
I suggest you re-read my post on Jan.17,6:38 am.
More appropriate would be a coin minted from pot metal exhibiting poor workmanship bearing the face of Krugman himself.
That is what the president should try and peddle. If we're going to try so hard to be the laughing stock of the world we may as well use a likeness and execution worthy of the idea.
I just hope bernanke does not throw the coins out the window of his helicopter, just keep throwing worthless American money.
Sam:
I did, and asked you above if you believe him?
CarmineD
Dale Swanson:
You're idea is genius.
CarmineD
Carmine,
Then you have my anawer.