Trillion Dollar Coin.

The idea of minting several trillion dollar coins is making the rounds on the Internet. I posted this on the "other" forum that shall remain nameless.

This idea is beyond stupid and here is why. (hat tip to James Kostohryz)

1."Makes an utter mockery of the rule of law" depending instead on legalisms for justification.

2. "Flagrantly violates democratic principles and institutions." Why even have a Congress if we are to ignore the laws it enacts?

3. "Destroys a fundamental cornerstone of a sound modern economy." This makes a mockery of the Federal Reserve System and central banking. You may like or dislike the Fed (I hate it) but the central banking system was put in place with our system of representative democracy. Don't like it then advocate a change and don't do some slick sidestep of the laws.

4. "Destroys the currency." Bernanke's "QE3 to Infinity" is already debauching the currency. A couple of trillion dollar coins just adds to the dogpile.

Read Kostohryz's excellent article on this kraziness. Read here:

http://seekingalpha.com/article/1054491-the-trillion-dollar-coin-idea-beyond-stupid

Who in their right mind would think this is a good idea???????????????????

nightlight88 wrote:Who in their right mind would think this is a good idea???????????????????

50% of this country have proven they are not in "right mind" with their voting choice and cheering the destruction of liberty.

Darth Cheney wrote:

nightlight88 wrote:Who in their right mind would think this is a good idea???????????????????

50% of this country have proven they are not in "right mind" with their voting choice and cheering the destruction of liberty.

Oh ya, how in the hell did I forget that?

nightlight88 wrote:Who in their right mind would think this is a good idea???????????????????

We could print up 16-trillion dollar bills and send them to Peking. They can throw them out the windows at the next Chinese New Year parade.

It appears that the Treasury Department is rejecting the idea of a trillion dollar coin.

The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.

That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. ”Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he said.

The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don’t believe it’s legal and would not credit the Treasury Department’s deposit, the platinum coin would be worthless.

http://pjmedia.com/tatler/2013/01/12/treasury-nixes-trillion-dollar-coin-idea/