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Thread: Can Trillion Dollar Coins Save the Economy?

  1. #131
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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Fenton View Post
    Not a budget and you know it.
    It is as good a stand in shorthand as any in the context he used it.

    Try it, place those words “[t]he appropriations bills that have been financing the government since 2011 and the last debt ceiling fiasco” in the sentence in which he used the word budget.

    It makes even more sense toward the point than just a plain old ‘budget’.

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    Re: Can Trillion Dollar Coins Save the Economy?

    I was gona do some fancy math and see how big the platinum coin would have to be in order to be worth a $1T but it turns out that Platinum is worth slightly less than gold: Live Gold, Silver, Platinum, Palladium Quote Spot Price Chart - Kitco

    Platinum, and even palladium, is the wrong material. I think the President is looking for a $1T coin made of Unobtainium.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Jerry View Post
    I was gona do some fancy math and see how big the platinum coin would have to be in order to be worth a $1T but it turns out that Platinum is worth slightly less than gold: Live Gold, Silver, Platinum, Palladium Quote Spot Price Chart - Kitco

    Platinum, and even palladium, is the wrong material. I think the President is looking for a $1T coin made of Unobtainium.
    To mint two $1T coins using market value amounts of gold would require, roughly, 20% of all the gold ever mined.

    P.S. That is a fundamental problem that people urging a return to the gold standard do not, I think, realize. The world has simply outgrown gold.

    EDIT: Incidentally I am not certain if $2T worth of platinum has been mined, in total?
    Last edited by Dwight; 01-08-13 at 05:29 PM.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Fenton View Post
    Not a budget and you know it. Just a legislative device to allow perpetual spending.

    Again, why do we need a ever increasing debt ?
    Sure the appropriations bills aren't a budget in the legal sense (i.e. legally speaking there hasn't been a budget for a few years now) but in the informal sense they are budgeting Federal spending. In other words, you're completely avoiding my point by arguing the semantics of me using a word in an informal, non-legalistic way.

    So let's clear this up. If congress doesn't want to spend money, then it should not approve the spending. Congresspeople should not be approving spending then opposing the fundraising to enact that spending that they approved. That's just stupidity. I don't care if you're a conservative or not. Conservatives that oppose raising the debt ceiling shouldn't be approving spending that requires raising the debt ceiling. It's simple as that.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Jerry View Post
    I was gona do some fancy math and see how big the platinum coin would have to be in order to be worth a $1T but it turns out that Platinum is worth slightly less than gold: Live Gold, Silver, Platinum, Palladium Quote Spot Price Chart - Kitco

    Platinum, and even palladium, is the wrong material. I think the President is looking for a $1T coin made of Unobtainium.
    I don't think the coin would need to be worth $1T in platinum value. It would simply be made of platinum and denominated at $1T.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Khayembii Communique View Post
    I don't think the coin would need to be worth $1T in platinum value. It would simply be made of platinum and denominated at $1T.
    So then why not make it out of dog food?

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Khayembii Communique View Post
    I don't think the coin would need to be worth $1T in platinum value. It would simply be made of platinum and denominated at $1T.
    I am pretty sure he was ignoring the seniorage value as a joke.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Jerry View Post
    So then why not make it out of dog food?
    I'm sure there's laws or rules as to what type of materials the Treasury can mint coinage out of. Of course if there aren't then you're correct in that the medium really doesn't matter. All that really matters is the denomination. Maybe wet dog food would work; they could press it then wait for it to dry. I don't think dry dog food would, though, unless they ground it up and added water or some kind of binding agent; too crumbly.

    We could make it out of the ground up bones of Ted Stevens.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Jerry View Post
    So then why not make it out of dog food?
    The wording in the clause of the law in question, the one that allows the head of the Treasury to pick whatever denomination and design without requiring approval from Congress, names platinum explicitly as the material allowed. I do not have the link handy but it is in one of my posts earlier in the thread.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Juiposa View Post
    Arbitraily adding $1 trillion of make believe money to the Treasury is certainly more stupid than raising the debt ceiling. Default cannot and will not ever be an option. Bitting the bullet and raising the debt ceiling while balancing the budget takes place is the only way to go.
    Has Obama ever shown interest in balancing a budget?

    In fact they haven't even presented a budget and there appears no haste to do so. The last one Obama presented was voted down by everyone and he certainly didn't campaign on the importance of having a budget. In fact budgets would only get in the way of his cronyism spending, where billions are being pocketed.

    My understand is that this is also contrary to the Constitution.

    Obama budget defeated 99-0 in Senate - Washington Times

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