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Putting A Trillion Dollars Of Platinum In Perspective
So you want a trillion dollar platinum coin? Ok: here are some facts:
- Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare.
- It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
- The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.
- A coin valued at $1 trillion and made out of platinum would, at today's price of $1557/ounce, weigh in at 642.3 million ounces.
- 642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.
In other words, putting a coin that is worth $1 trillion in perspective to all the platinum ever mined, would look something like this:
Now, putting the sheer legal idiocy of the proposal aside, and CNBC's John Carney has written a good article about why it is indeed, legal idiocy, the simple reality is that for this retarded idea to work, there has to be some justifiability, or even remote credibility of the "legal tender" backing the value. Sadly as the chart above shows, there can't possibly be such justifiability.
Or can there?
Remember, as we said, the chart above is indicative of reality at today's prices. So if the Treasury plans on literally coming up with ridiculous laws, what is there to prevent it from merely coining a one ounce, or half an ounce, or one gram Platinum coin and assigning it the value of $1 trillion.
Sure it can. There is a problem with that, however: it is called currency devaluation and is also what FDR did with executive order 6102 when he confiscated America's gold - he basically devalued the US Dollar by well over half overnight (which, for all those curious, is the endgame in the current depression also, but we'll cross that bridge when we get to it).
In other words, when one strips away with all the rhetoric, all the advocates of this insidiously stupid idea which gets a new life every time there is a debt ceiling crisis, are doing, is arguing for a massive devaluation of the dollar: because for the trillion dollar coin idea to be even remotely plausible, the price of Platinum, and by implication the entire precious metals complex, would have to go up by a factor of some 1,100.
It also means the value of the paper US currency would have to go down by 1,100.
Which, by the way, is precisely what all those who wish for the Fed to continue funding America's unprecedented spending binge, which can never be satisfied by taxes alone, are hoping for.
And of course, they will eventually get it.
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We started covering the platinum seigniorage fiasco in June of 2011. We thought it was a joke.
http://tradewithdave.com/?p=14637
that's one mfer of a coin
based on today's valuation or are they talking the REAL value?
gold at $50,000 oz is no longer a wet dream
"All paper currencies are toilet paper, the dollar is simply two ply." - Thomas Caplin
"All the perplexities, confusion and distress in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from the downright ignorance of the nature of coin and circulation." - John Adams in a letter to Thomas Jefferson
"We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people." - Daniel Webster, speech in the American Senate, 1833
"Money is a new form of slavery, and is distinguishable from the old simply by the fact that it is impersonal, there is no human relation between master and slave." – Leo Tolstoy
"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account overdrawn.'" - Ayn Rand
Hey,
You find a buyer, I'll find the tungsten.....errr.....I mean platinum.
datz alotta joobux 4 a liddle Pt...
Platinum is too expensive. It should be made out of copper. No that is too expensive, make it out of plastic like Fisher Price: http://tinyurl.com/a6l5cwt
Better yet, just make it out of paper, or even better just type in $1,000,000,000,000 into a computer.
Ya... platinum... hmmm... that's my turf guys...
There are about 6 millions ounces mined per year or around 180 tonnes.
I think the mistake made was in confusing 25 cubic feet with a 25 foot cube... but then again that's just my 2 cents...
http://www.google.ca/imgres?q=global+annual+platinum+production+2012&um=...
It's a fiat platinum. It's worth 1T because they say so.
Fiscal prudence suggests conservation of platinum and
stamping of the coin onto a Bernank turd.
I predict as the Ponzi enters it's final stages, the financial gimmicks thought up and/or carried out by those still defending the system will become too absurd for rational minds to comment on. This "gem" of an idea is very near that threshold...
You never want to go "full retard":
http://www.youtube.com/watch?v=X6WHBO_Qc-Q
The only idea worth considering is ending The Federal Reserve
Something is worth whatever a buyer is willing to pay for it, no? Who is willing to buy this coin for one Trillion dollars? A Picasso painting (maybe equally ridiculous, according to Picasso himself) is worth millions because someone will buy it for millions. Without a buyer the Picasso is worthless, unless you scrape off the paint -- then maybe you can sell the canvas to a boat builder to make sails with. Who will value this coin at one Trillion dollars and buy it? -- No entity other than the hooligans who created it. Recall Bill Hicks' routine, "We're the hooligans... got to catch us."
Guess if this flies, I am a trillionaire twice over. I have a $100,000,000,000,000 Zimbabwe note and an ounce of platinum. Problem is, I know the difference.
PT is too common......only rhodium would work for this.
Then again.....maybe not.
It appears that none of you are "getting it", which is surprising as normally this is a liberty loving, intelligent crowd.
The idea is that it is FIAT, but it is fiat issued by our own government, debt free. The value is whatever the government assigns to it, not what the materials are worth. Note that it is always this way or the coins get smelted (gold eagles don't trade at their face value).
So, the government issues a coin made out of whatever, deposits it with the FED and issues dollars debt free. Are you catching on yet? This is in fact a work around the banker cartel.
Yes, I know... In a perfect world all money would be backed by a tangible good. Well, think about the actual supply of gold, and how many dollars are in existence. Backing the dollar with gold would cause a huge depression as a lack of supply of the metal. Oh yes, sure you could revalue, but that also would lead to problems.
Maybe what we really need is a hybrid, at least in the near term.
FIAT coins would be affected by counterfeit just like FIAT paper notes.
How long until the Chinese pick up and flood the US with thousands of 1T platinum coins?
iridium is rarer.
Or could use Cf252.
@METASTAR: You are correct! They can take ANY platinum coin of ANY weight and print one Trillion on it and it will be perfectly legal.
Tyler didn't get it (not the first time). Its got nothing to do with the market value of Platinum. Just the coin has to be made of Platinum. That's all...!
</I gave up and deleted it>
I stand corrected, there are a few of us that get it. See my post above....
An no Unleaded cars will ever be made again.
On the link provided in the article:
http://www.gold-traders.co.uk/blog/interesting-facts-about-platinum/
there are two contradicting facts:
1. "The annual production of Platinum is about 130 tonnes."
2. "All of the Platinum ever mined [...] would weigh over 16 tons."
(and in the context, by "over 16 tons" it is implied under 17 tones, not any number bigger than 16).
If the volume of 7,6 cubic meters is correct, then the weight of all the platinum ever mined would be around 160 t. Still not consistent with 130 t annual production.
Excactly... it's 200 Tonnes per year. This ZH-article is not well founded.
I never thought I would say this; Tyler FAILED with this article. The amount stamped on the coin has nothing to do with the metal. Just as if you buy a Double Eagle gold coin. The face value has no real representation of it's true market value. The economic facts behind this principal go both ways.
You can't represent a trillion dollars of ACTUAL debt with a coin worth diddly shit regardless of whatever the fuck one scribes on the surface.
My guess:
FED and ECB will make a Debt Jubilee in a couple of years, maybe earlier. During the next years they are going to buy - let's say - half of "their" goverment bonds and then "out of the sudden" will postpone these liabilities interest-free for 100 years. They can't clear the debt, hence that meant they had to work along with negative equity (which actually wouldn't disturb a true neo-keynsian, would it?).
Indirectly that means foreign debtors will be expropriated (as well as domestic savers) and US-Dollar and Euro should loose purchasing power for foreign goods tremendously.
From that point on my vision becomes obscured ;-) , but that could certainly ignite inflation, followed by new over-indebtness and another set of unconventional measurments. Asia is going to take over. It'll take some time, but finially we have got to share wealth and power.
Any ideas besides going to war?
Won't happen. The last time someone who was owed a debt offered a Jubilee, Moses was the keynote speaker. /sarc
@zhandax: "Nobody wants to build a wall"
http://www.youtube.com/watch?v=YjgKKOdVRx4
</sarc>
However, none of the big player have started to sell US-Dollar or Treasuries in large amounts so far. China, Germany, Switzerland, and so forth are afraid of loosing their markets. And Japan's debt almost reaches 250% GDP - we will see how long that is going to last.
Interesting: Japan supposely faces deflation for 20 years now - but 6 of the wolrd most expensive cities are japanese. "Deflation" - suuuure.
Well then type it up on a computer screen and hand it to the Fed Res. Is this not how they create it? It's not like this would screw over the sovereign debt holders. We are talking about the Fed here. Money is a creation. The Fed is the magician. Open your eyes bro! Or is this Mr. Bernake I'm speaking with?
Here's a link that describes some more of the trillion dollar platinum coin idea:
http://www.aei-ideas.org/2012/12/how-could-washington-avoid-a-debt-ceiling-default-mint-a-few-trillion-dollar-platinum-coins-seriously/
OK....I read it. It's batshit crazy......seriously.
But while we are on the topic of Platinum can I just take a minute or two of your time to inform you that about 70% or so of global output comes from the politically 'stable' and completely 'non-corrupt' country of South Africa?
The current production cost of extraction for many of the biggest miners exceeds $1,400 or close to the existing market price...
And I don't expect wages or energy or explosives costs to be decreasing any time soon.
Oh... Did I mention it's a STRATEGIC metal?
Yet Gold costs more to own?!?!?
And gold production costs are often under $300 an ounce for many of the big miners... and if you use gold rather that platinum in your F-35 jet turbine blades they will simply melt away.
But then again we can't afford wars right now anyway right?
(Excluding depletion allowances of course... )
Silly, gold only costs $5 to get out of the ground and whole asteroids are made of gold.
Sheeeesh!
Don't forget all that gold in the ocean. It's just out there, floating.
and in the rivers...on the bottom...as a result of shitty boats
Is that the trillion dollar dildo the usa has been fucking the rest of the world with for the last 100 years??????
So, that's where we invade next?
"R2P... we must protect the miners. I am ordering an invasion."
The Webster quote is good - do you have an authoritative source for it?
See http://books.google.com/books?id=WjtFAAAAYAAJ&lpg=RA1-PA644&ots=irMupldd...
First paragraph.
wow that guy in 1833 sure got his timming right .
They always inflated and looks like they always will.
Let's just go ahead and mint eight "Ningi's" or one "Pu" and be done with it
http://www.bbc.co.uk/cult/hitchhikers/gallery/images/340/ningi.jpg
[I want the rubber contract on that...]
According to Wikipedia all of the gold ever mined throughout history has a value of about $10 trillion (and that's at $1900/oz) so the US Debt now handily exceeds the value of all gold and platinum ever mined, ever.
I feel better already.
http://en.wikipedia.org/wiki/Gold_reserve
The US Teasury could put out the call to "buy any and all gold" for an arbitrarily high figure, let's say $10,000 / oz. They would get lots of sellers (maybe a little of mine, but not much!), but they would also have put a bottom in on the price of physical gold. They would get enough to be able to pay down a LOT of the debt...
Freegold soon follows. Then the gold that Treasury got would more than easily be able to pay down all the rest of our national debt.
Who wins? Holders of physical gold.
Who loses? Anyone who missed the Gold Train... Also, anyone who believes current US Government promises. Does ANYONE here believe our government? Huh? Not even EatRand or IvyLeagueMike I would venture...
Of course I believe my government. Other than fostering delusion, why would I want to lie to myself?
As price goes up, the motivation to sell goes down. Those holding physical pms are not enticed to sell and convert. Why would they? To buy trinkets? The average gold investor has typically enough liquidity to cover payments on basic necessities. The real price won't be discovered on the Comex board. Comex will become obsolete when people are willing to convert tens of thousands in worthless paper for gold at black market sales. That's how it's going down my friend. Lessons learned from USSR.
ok , say that is the way it's going down.
The fall of the USSR took decades.
for WHEN is your black market thesis ? When will COMEX become obsolete ?
2013 or 2033?
A classic comment on FOFOA
I can see where playing the FED a patsy has some political value, and there has been some movement in the direction of that "set up", but the US vs. the BIS and all it's CBs seems like a desperation senario almost equal to dollar hyperinflation.
The Fed and its gold certificates from the Treasury, the Treasury and its allegiance to the IMF, the ESF playing derivative counterparty black ops behind it all.
What a cluster ...
No doubt, all "rules of engagment" will be broken as the paper burns.
I think this is where we come full circle back to dollar hyperinflation as the one and only outcome that makes any sense from a standpoint of likelihood.
The dollar and gold will rise together toward the end (has this already happened?) and then the paper gold market will crash to dirt-zero.
That is the stunner, when people suddenly realize that the dollar denominated "price" of gold they've been chasing is not based on gold at all, but rather a synthetic derivative, 199 parts paper and 1 part gold (some will say 100:1 but I tend to agree with J.S. Kim).
It will be easy to understand then how a .5% gold / 99.5% paper derivative burns with the rest of the paper, you just cash out with a loaf of ass-wipes and a salt-grain of metal.
Go COMEX! Go LBMA!
But today, most see this derivative as being pegged 1:1 to physical.
Because ... it is.
I mean, think about it. Gold dealers will release today, in trade for paper currency, real physical gold on a 1:1 relationship (plus marginal premium) to a worthless hybrid used to obfuscate the dollars strength in oil, while masking the true value of gold, in order to vaidate the baseless dollar, and create a currency trading arena, within that scope, to create false volatility which produces paper gains and losses based on bets of future volatility.
That will be the paradigm shift of a millenium, considering that not one man in a million truly understands the half of it.
At least the "surplus population" will be dealt with as the lemmings leap en masse onto concrete and asphalt.
Christ, I hope they don't put me on cleanup duty.
Yes, Spitzer, I should have mentioned that I first read that idea from FOFOA.
+ $55,000!
There will be hyperinflation of course, and all dollar holders will suffer from it.
The only question is who will benefit from creating and spending those phony nominal bux.
When the Fed prints, the Fed chooses who benefits. As it always has.
When the US Treasury mints, the US government chooses who benefits.
The commenter is not just talking about paper currency. He is talking about paper gold peddled by the bullion banks.
.
"At least the "surplus population" will be dealt with as the lemmings leap en masse onto concrete and asphalt."
FOFOA thinks the entittled masses will simply jump out the window when the cookie jar is removed.
Really?
They don't want to make a coin with a trillion dollars worth of platinum. It's a dollars worth of platinum with a trillion dollar face value. It's a joke, if they were serious they would give it 16 trillion value and wipe out the entire debt with magic.
Tyler, annual production of platinum is about 133 metric tons
http://www.amerigold.com/why_platinum/
and estimated reserves total is more than 30,000 tons
http://www.lenntech.com/periodic/elements/pt.htm
The link you're pointing to refers to correct annual production but incorrect reserves total.
Or Friday humor?..
some of them are just tired..
Tyler you have a HUGE problem with this article.
Following the link shows two VERY contradictory facts in that one article that is your source.
Also consider that 7.6 cubic meters of Pt would be MUCH more than 16 tons ...
So now you have a complete miss on the weight and still have the two article issues.
Also consider the relative abundances of the various PM's in the Earth's crust
Platinum is not THAT rare it's just a bitch to get to (deep mines)
The ironic part is that in the asteroids and meteors platinum is MUCH more common than silver or gold.
Silly, it's abiotic!
Sheeesh!
when you realize that nearly 260 tonnes of steel are used in U.S. manufacturing operations daily.
funny, you'd think it would be more than that.
we don't make much anymore but fiat debt
No, when SHTF you can make a trillion $US coin with the copper.
We need the Fukushima enriched melted core TM uranium+PU coin. Not only to solve the US debt but solve the JP debt as well! We need the coin to be highly radioactive and be carried by the chairman of the FED in his pocket at all times, to keep it secure. When the chairman gets replaced, or expires, as in the case of the senile Greenspan, the coin stays with the new one!
And everyone gives me a hard time about bitcoin. At least we're not looking to make a $1 TRILLION coin to solve debt problems.
I really hope they do it, please, devalue the hell out of the dollar. I dare them.
I can't believe I have to do this...
Platinum bitchez!
"sixteen tons, and whatya get,
another day older and
deeper in debt" Tennessee Ernie Ford, singing an old coal mine hymn, "Sixteen Tons". Damn if that doesn't sound familiar...................
Shit doesn't even fit on my computer screen...
I have a screen stretcher. Well, it works with fences.
You can market that along side my Bucket O' Steam.
yeah, now we're talking
Global GDP - approx $75 trillion.
Make 1 coin = $75 trillion.
That 1 coin = Global IMF currency.
Use a variant of BitCoin to mark-to-mark all currencies to that coin.
Phase out all other currencies to switch to the GIMF.
Each unit of currency is a share of a GIMF. Or a SOGIMF.
Economics - solved!
Then work on where you're getting the other 2 world's worth of commodities you're currently using from. People are asteroid hunting, I've heard.
Maybe a platinum clad coin would be more in keeping with current monetary policy?
Wonder what would happen if you tried to buy a taco at Taco Bell with it? Here is how they handle the $50 gold eagle:
http://www.youtube.com/watch?v=Ef0VG1WEP10
She should have given him $49.01 back to him and kept it. He should be thankful she gave it back.
No spot in the drawer for it can't accept it for payment. 99% of clerks would have done the same thing.
I just watched the video for the 1st time. The video is only a year old and the coin was worth $1400 dollars. Today the same coin is at least worth $250 dollars more, that's 250 more tacos, who said you can eat gold?
Just think of all the tacos you could buy with the $1 trillion dollar platinum coin!
Tyler, the Treasury hasn't minted any coins since 1964 that had equivalent material value. For what it's worth, they could use tungsten or cadmium and call it what they want, although I shouldn't give them any ideas.
Actually no, I believe only Platimun coins are allowed to be minted at the Treasury's discretion. Others need an act of Congress. Saw that elsewhere.
Actually the pre 1982 penny as well as the nickel have met the metal value equal to or greater than its intrinsic value threshold.
Also anybody seeing Tulving is totally out of Pre 64 silver coin...OFF their offer sheet....first time I have ever seen that in my years of monitoring it. Premiums to purchase positve, Even Northwest Territorial Mint has positive premiums.....they usually lag on their offers. To those always crying where is the shortage uh HELLO!
Gold offerings getting skinny too if they didn't have eagles to offer they would be about out with the exception of Canadian and Aussie plus a few bars.
http://www.tulving.com/goldbull.html
"It also means the value of the paper US currency would have to go down by 1,100".
I wish it would hurry it's ass up. I look forward to paying off my mortgage with a silver Eagle.
hey, at least it's out there and they're talking about it .. everyone knows that only a massive revaluation is able to right the ship
Can one of y'all point me to a link on this original story? I missed it and am totally confused by what all this trillion dollar coin talk is about.
Thx.
I found this story on Spiegel.de in Germany this morning. If it made it to Spiegel, it's pretty much verified to be true.
http://www.spiegel.de/wirtschaft/soziales/schuldengrenze-eine-billion-do...
The comment section is funny. Germans calling the whole US ponzi a fiasco already. See, nobody believes the crap from DC anymore. Propaganda only works when it has credibility. The fate of the USSR was sealed when their propaganda efforts failed.
Thanks.
Nice catch.
All it takes is for about 5% of the population to figure out (not just 'know'... but understand and appreciate) the scam and it is all over in a giant stampede to the exits.
That time is drawing nearer each day...
Jakob Augstein, "Der Spiegel" columnist and son of "Der Spiegel" founder Rudolf Augstein nominated No 9 of the world's worst anti-semites by the Wiesenthal Center.
http://www.jta.org/news/article/2012/12/28/3115561/muslim-brotherhood-to...
Do they have a list of the world's best anti-semites too?
"Do they have a list of the world's best anti-semites too?"
I found it here, sort of: http://www.masada2000.org/list-TUVWXYZ.html
Woof woof!
You got that right, Doc. That's been my plan too.
The coin should have Snookie on one side and Eddie Murphy's impersonation of Buckwheat on the other. That would make it a collectable.
No, Obama's mug should be on the front with a big, shit eating grin. The back should just have the words, "Hope, Change and Forward!"
I put Obama's mug on this currency...accomplishes the same thing as the Platinum $1 Trillion coin...
www.barackazillion.com "The Only Currency You Ever Need" "As Good As Gold" It even has a picture of Fort Knox on it! (and the only one with a smiling President on it!)
I do it to mock of course... and unlike the Liberty Coin guy, it's legal to print your own money. I had www.mittazillion.com just in case...
I bet you could pass them in the hood.
Just put Barry and Michelle on it. Same thing
Thanks. I just had to explain to 4 of my coworkers why I just started cracking up at my desk.
Cheers.
We’ll know our disinformation program is complete when everything the US public believes is false.
–William J. Casey, 1981 – Director of Central Intelligence from 1981 to 1987
Hopefully this platinum coin "idea" won't pick up too much steam.
It will be interesting to see if my wife mentions it as it filters through her idiot friends facebook pages. Last month I got to hear her opinion on the "fiscal cliff."
Well, until I started yelling, "Stop that! It's all fake!" over the top of her conventional ignorance.
Sadly, many of our friends read HuffPo and Slate, so I know it's only a matter of time.
HuffPo is likely one of the Internet's easiest places to troll.
1) Go to HuffPo
2) Include the text "Tea Party" in a comment.
3) ?????????
4) FIREWORKS!
In all seriousness, HuffPo users are an interesting creature to study. I'd characterize them as people who haven't figured out that the old "government vs. big business" and "Democrat vs. Republican" lines are a false dichotomy. They know "something's wrong," but haven't figured out what it is, so the kneejerk response is to blame The Other PartyTM.
Yes, (sigh), my wife, a liberal school marm, just brought this up.
She voted for ophone, so of course she thought it was a good idea.
She hid this knowledge from me before we got hitched.
There in lies the crux of the argument for this and all other stupid ideas that circle about-- how is the trillion dollar coin any different from what the fed is doing? It's just replacing one illusion with another.
Edit: Moreover, how is this any different than modern financial engineering and all the leverage in the system?
It's platinum, DUH!
Paper money does not accrue seigniorage. Coins are not Federal Reserve notes. That's the fundamental basis for this idea. I realize it's a joke, but accrual accounting is no joke when it is GAAP.
www.tradewithdave.com
$1.7 mill an ounce? Nice!!!!!! Looks like I'm going shopping for some Congressmen after this passes.
Until you discover that you now need $1 mil to shop for groceries.
As an aside, I am trying to imagine right now, what it would be like if Chinese officials demand to be paid for their treasuries, and we mail them a 1 ounce coin.
You seem caught up in melt value vs. face value. What is the intrinsic value of a $100 bill and how is that different from a $1 bill? Sure such an act would increase money supply and thereby decrease the value of our currency, but it has nothing to do with the melt value.
BTW, I do NOT support this action, but just think that the seigniorage issue has been settled already with fiat.
How do you figure? If I go to the bank in 2000 and give them an ounce of gold and they give me fiat, it's going to cost me a lot more fiat to buy that ounce of gold back today.
I believe a bank would give you the face value of that Eagle ($50) while a "we buy gold" might give you $.90 on the dollar.
Let's print a $5T coin and send it to China for their bonds, then let them try to cash it ;-)
Well I don't deal with a bank of course but the point is fiat doesn't maintain it's buying power so I don't get how you are figuring that the seignorage question is settled with fiat.
Dr. E, whether it maintains value is irrelevant. The simple point is that seigniorage enables the government to put any value on the coin. What happens to its value and the value of the paper currency in the system is not their concern.
I got you. I was thinking along the lines of buying power, not the cost of printing..or minting. Thnx.
Gold coins don't circulate. This example is no different than a dime which is really only worth two cents.
Honestly, all Tyler's chart shows is the size of the future devaluation possible before it too is under valued (like the nickel). In other words, a central bankster's wet dream.
Gresham's Law: Good money drives out bad.
You got that backwards or are using a new form of sarcasm I am not familiar with.
In a near zero friction environment (say using Square on you Iphone at Starbucks) Gresham's law reverses. Just sayin'...
That's funny! I have a bunch of gold French 20 franc Napoleons that have definitely been in circulation. Maybe you ment to say "gold coins no longer circulate".
Is that 642.3 million ounces troy or avoirdupois? /sarc
Who cares? It's $16 Tril as soon as it's secured in a Fort Knox-like environment with the transparency of being buried at sea at 2 am with no witnesses.
You load sixteen tons, what do you get?
Another day older and deeper in debt.
We're all cynical but the fact the idea has any traction suggests fiat has lost, and will continue to lose, credibility... despite all the force.
Meanwhile, Timmah gets the Nobel Memorial Prize for Economics.
Maybe we can get the muslim a set of titanium golf clubs.
Likely he already has them.
Hey, you didn't pay for that! Oh, wait...
Okay that kinda missed the point.
None of this has anything to do with the actual value of anything made of anything else for any purpose except as a means to keep the Titanic afloat for another millisecond because every millisecond is worth about $1M in market trades enriching the top 1%.
Pretending it means anything else is just playing into their hands.
Actually, I think this article makes the very point you've laid out, in the form of Reductio ad Absurdum.
Then maybe it's before noon on Friday and I haven't had nearly enough coffee yet, but it's too soon to have started with the LSD and shrooms, and until one or the other hits nothing I hear or read is making one bit of sense so far.
Might I recommend Everclear? Does wonders on those rusty synapses.
Dilute the Everclear a little with absinthe...
Fucker won't fit in my pocket. And I can't get change at the store. But I'm richer then a Rothschild. Bullish
ARE WE REACHING THE TIPPING POINT? ALMOST ALL FOMC MEMBERS SAW POTENTIAL QE COSTS AS INCREASING. 1994-LIKE SURPRISING TIGHTENING IMMINENT?
http://investmentwatchblog.com/are-we-reaching-the-tipping-point-almost-...
the 1% tipping point will unleash the 99% tipping point
The 99% are easy to manage. The oligarchs can just launch another round of terrorist alerts, or send an envelope containing white powder to a Fed Reserve bank somewhere, or encourage the OWS people to come back and battle with police.
The 99% are easy to manage because they really do fear change. That won't change soon.
not in our lifetime .. we're 10 years after 9/11 and had 10 years to figure out how their shit works.
gig - up
And to think, the federal reserve has printed/data entered about 3 times that amount, without getting a callous on their milky white hands.
They would have gotten away with it if it weren't for you meddling kids!
And to think I almost swore off infographics for a New Year resolution.
(They were too depressing last year.)
My question is: will the bond vigilantes hold the system accountable? I don't think so! They will bury their heads in the sand knowing full well if they call out the farce they will create their own doom...no these guys are all in cahoots in a rigged game. The system won't crash, but the little people will be robbed through inflaton whaile their smiling president brags abot taxing the rich to help them. What a clusterfuck...the criminals are running the government.
Since 1971... er...
make that 1932... er...
make that 1910... er...
...
Infinite regression, ftw! (or should I say "loss")
Oh, it is a first class cluster. But I think each of the bond vigilantes thinks that when the time comes, he will be the first one out.
always remember .. there's no honor among thieves
they don't trust each other
Let's say you are card carrying member of the banksterscum elite....
Which would you prefer?
A tortuously long slow bleed as everything is done to prevent the game from stopping (ie rates increasing)....driving those 99% to REALLY hate you and leave the USA (your golden goose) in a trail of tears and goldengoose shit....possibly bringing the entire PLAN to a screeching halt.
Or...
A sudden debt crisis....manufactured at your pleasure of course....where the rates spike and tear the fucking heads off all those fucking peasants....allowing you to commence the final stages of wealth transfer from working class to GOD'S CHOSEN ONES.
The stupidity and desperation of the Overlord class...becomes more breathtaking every singe day.
So...sell gold and silver for a sixth consecutive week...with clowns such as these in charge? Please advise...
49/49 PMs/SP500
with the other 2% in high grade cannabis and liquor....
ZeroHedge with a Smile!
Why not just decree that dirt is now money so we can all be rich and no one will ever have to work or want for any thing ever again. Oh, and make sickness illegal so we can all be healthy. And make it manditory that every one has to keep one eye closed and squint with the other when one looks at another person so that there are no more ugly people. And although my fecal matter smells like sugar cookies, I think the government should do something to make everyone elses crap smell better.
Idiots.
You Can't EAT Platinum.
The rot goes deep.
Harry Hopkins ordered refined uranium and atomic bomb research documentation shipped to Russia in 1943.
Hey now, Uncle Joe was cool! Him and FDR were BFF!
Yes, sad to say, Harry was a Soviet Agent. He was close to FDR.
Of course, today, the Harry guy is FDR.
I profess to know nothing about Harry Hopkins or his purported atomic espionage. That said, it's easy to slander the dead.
http://www.archive.org/stream/sovietatomicespi1951unit#page/190/mode/2up
http://www.archive.org/stream/sovietatomicespi1951unit#page/184/mode/2up