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Thread: Can Trillion Dollar Coins Save the Economy?

  1. #31
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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by lpast View Post
    Thats not what I was saying...I was saying republican potus raised the debt ceilings.. and I cant remember in my 65 y rs a more obsructing house ever....so the coin thing isnt as unreasonable as it would be if we didnt have such unreal partisan teapartiers just obstucting anything they can
    Not sure what you are claiming. But you were responding to my comment that, as congressional approval for the design of the coin would be necessary, the republicans can be the adults and stop it from ever being printed. Only a child would truly think that just printing a trilion dollar coin or two would make any economic sense.

    But, more specifically to your point... Has it been as obstructing in the past? Shrug. There are a lot of reason why things are different now then in the past. Including the size of the current financial mess, the fact that both parties are more partisan due to gerrymandering, etc...

    However, democrats have complained and voted against debt celing increases when republicans are in powe - they just didn't have the necessry votes, but they tried. Just as the current republicans are complaining and planning on voting against debt ceiling increases while Obama is in power. So, this is hardly anything new. It's just one party trying to ignore the past and talk a good game, often with assistance from the media.

    For example:

    “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.” He did. It passed narrowly – by a vote of 52-48.
    Obama 2006 vs. Obama January 2011 vs. Obama April 2011 on the Debt Ceiling - ABC News

    Back in 2006, I recall the media was really concerned about the spending and were on teh side of bringing the costs or, probably more liekly increasing taxes. NOw, not so much.>> Now it's all republicans fault for not just going along.
    Last edited by buck; 01-05-13 at 09:50 PM.

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    Re: Can Trillion Dollar Coins Save the Economy?

    WTF good is a "trillion dollar coin?" Seriously, is this something that can be "spent?" Can anyone, or anything even afford one of these things? Our own freaking government can't afford them (since we are nose-deep in debt). Why not just write the word "trillion" on a freaking cocktail napkin? That and the stupid coin would be worth the same thing. Jesus, I swear our government has the intellectual capabilities of a grade-school schoolyard sometimes.

  3. #33
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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by Velvet Elvis View Post
    WTF good is a "trillion dollar coin?" Seriously, is this something that can be "spent?" Can anyone, or anything even afford one of these things? Our own freaking government can't afford them (since we are nose-deep in debt). Why not just write the word "trillion" on a freaking cocktail napkin? That and the stupid coin would be worth the same thing. Jesus, I swear our government has the intellectual capabilities of a grade-school schoolyard sometimes.
    I have talked recently to a college professor that teaches Macroeconomics and money is now referred to as a "medium of exchange" and you can forget about Goldsmiths and real backed money forever. I presume it is part of a scheme to default without seeming to default, as when Greece was forgiven $70 billion of its' debt but it was not called default. Greece didn't pay the debt in default and it was labelled forgiven debt and because it was not a default AIG did not have to back its credit default swap. There is a lot of skullduggery going on in the current world's "monies." Don't use that monies term too precisely.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Haven't we seen this sort of foolishness before? Weimar anyone?
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Can Trillion Dollar Coins Save the Economy?

    Massive inflation would solve our debt problem the same way hacking off your foot would fix a ingrown toe nail. Tax increases, spending cuts or even increasing the debt to GDP ratio all have consequences, but they are still better than hyperinflation. Who can point to a single historical example where a nation fixed their economy by inflating their problems away?

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by j-mac View Post
    Haven't we seen this sort of foolishness before? Weimar anyone?
    Zimbabwe.

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    Re: Can Trillion Dollar Coins Save the Economy?

    Inflation I believe is inevitable. You can't artificially keep interest rates low in order to hold down interest payments on the debt indefinitely.
    Einstein, "science without religion is lame, religion without science is blind."

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by grip View Post
    Inflation I believe is inevitable. You can't artificially keep interest rates low in order to hold down interest payments on the debt indefinitely.
    The only difference between the pain felt at the end of the '70s, and early 80's as a result of Carter's foolishness, is that the mi-lase felt will be put off until it can be blamed on a Republican Presidential administration...So, in a way, demo's/progressives learned, not that their policies failed, but rather how to do them and shift the blame. How sad for us.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by j-mac View Post
    The only difference between the pain felt at the end of the '70s, and early 80's as a result of Carter's foolishness, is that the mi-lase felt will be put off until it can be blamed on a Republican Presidential administration...So, in a way, demo's/progressives learned, not that their policies failed, but rather how to do them and shift the blame. How sad for us.
    This economic cycle is probably going to be much worse than the 70's and I doubt anyone will escape blame.
    Einstein, "science without religion is lame, religion without science is blind."

  10. #40
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    Re: Can Trillion Dollar Coins Save the Economy?

    Quote Originally Posted by buck View Post
    Not sure what you are claiming. But you were responding to my comment that, as congressional approval for the design of the coin would be necessary, the republicans can be the adults and stop it from ever being printed. Only a child would truly think that just printing a trilion dollar coin or two would make any economic sense.

    But, more specifically to your point... Has it been as obstructing in the past? Shrug. There are a lot of reason why things are different now then in the past. Including the size of the current financial mess, the fact that both parties are more partisan due to gerrymandering, etc...

    However, democrats have complained and voted against debt celing increases when republicans are in powe - they just didn't have the necessry votes, but they tried. Just as the current republicans are complaining and planning on voting against debt ceiling increases while Obama is in power. So, this is hardly anything new. It's just one party trying to ignore the past and talk a good game, often with assistance from the media.

    For example:



    Obama 2006 vs. Obama January 2011 vs. Obama April 2011 on the Debt Ceiling - ABC News

    Back in 2006, I recall the media was really concerned about the spending and were on teh side of bringing the costs or, probably more liekly increasing taxes. NOw, not so much.>> Now it's all republicans fault for not just going along.
    Buck this doesnt take mile long posts...just a simple statement...the debt ceiling will be raised...just like all other presidents have always done of either persuasion.

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