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Bank Of America On The "Trillion Dollar Tooth Fairy" Straight "From The Land Of Fiscal Make Believe"

Tyler Durden's picture


A year ago, out of nowhere, the grotesque suggestion to "resolve" the US debt ceiling with a platinum dollar coin came, and like a bad dream, mercifully disappeared even as the debt ceiling negotiations dragged until the last minute, without this idea being remotely considered for implementation, for one simple reason: it is sheer political, monetary and financial lunacy. And yet there are those, supposedly intelligent people, who one year later, continue dragging this ridiculous farce, as a cheap parlor trick which is nothing but a transparent attempt for media trolling and exposure, which only distracts from America's unsustainable spending problem and does nothing to address the real crisis the US welfare state finds itself in. And while numerous respected people have taken the time to explain the stupidity of the trillion dollar coin, few have done so as an integral part of the statist mainstream for one simple reason - it might provide a loophole opportunity, however tiny, to perpetuate the broken American model even for a day or two, if "everyone is in on it." Luckily, that is no longer the case and as even Ethan Harris from Bank of America (a firm that would be significantly impaired if America was forced to suddenly live within its means), the whole idea is nothing more than "the latest bad idea" straight "from the land of fiscal make believe." We can only hope that this finally puts this whole farce to bed.

From Bank of America:

The trillion dollar tooth fairy

From the land of fiscal make-believe

The budget skirmishes over the past few years have spawned a lot of bad ideas. The latest is that the US Treasury issue a trillion dollar coin to get around the debt ceiling. We see several problems with this plan. First, its legality is open to question. Second, it would worsen the coming battle over spending cuts. Moreover, it would further deepen the distrust between the two political parties. Finally, it risks being the first step down a slippery slope of debt  monetization.

Finding change in the Treasury’s sofa

A hot idea for resolving the fiscal crisis is for the US Treasury to issue a trillion dollar platinum coin in order to avoid the looming debt ceiling. The idea  comes from a broad interpretation of law that gives the Treasury secretary the ability to mint and issue commemorative platinum coins “in such quantity and of such variety as the secretary determines to be appropriate.”

The trillion dollar coin plan work as follows: the Treasury would deposit this coin at the Fed, which acts as the Treasury’s banker. The Treasury then could draw upon its account to pay for outlays. This action would allow funding for an additional trillion dollars of spending without having to worry about raising the debt ceiling, buying another year of breathing room. If the debt ceiling isn’t raised a year from now, then presumably the Treasury could mint another coin.

Wouldn’t this action be massively inflationary? Proponents argue no. With the economy operating below potential, allowing this already-authorized spending to occur would prevent a further collapse in aggregate demand. Were the Fed concerned about possible inflation, it could “sterilize” the impact by selling from its existing stock of bonds. In the limit, the Fed could sell a trillion dollars worth of bonds — that should squelch any inflationary impetus and remove any hint of outright debt monetization, according to supporters.

More debt limit desperation

This plan is just the latest in a string of “solutions” to the debt crisis. In the summer of 2011, several ideas were floated to get around the debt ceiling altogether. One proposal was for the Treasury to sell gold holdings to the Fed in exchange for cash. A second was for the Fed to simply extinguish some portion of its Treasury debt holdings. With one stroke of the pen, it would wipe out a big chunk of the debt and allow the Treasury to issue more. A third idea — which is making a bit of a comeback among some commentators — is to invoke the 14th amendment and declare the debt ceiling unconstitutional, as “the validity of the public debt of the United States … shall not be questioned.” Others took a different tack, and argued the US should just default to force a compromise. Thankfully, none of these options were seriously pursued at the time.

A wooden nickel

If this trillion dollar idea sounds a bit too good to be true, it is.

First and foremost, it may not be legal. The idea effectively rests on a loophole in a law that allows platinum coins to be issued by the Treasury — but for
commemorative, not fiscal, purposes. Opponents suggest that the courts would strike down this plan since it is not the intent of the original bill. Others have questioned its constitutionality: they argue that Congress cannot (and did not intend to) delegate fiscal decisions to the Treasury. That is, the Treasury must implement the spending and tax — and debt limit — decisions of the Congress, not override them. However, opinions are mixed as to whether these criticisms would be enough to invalidate the trillion dollar coin idea in a court of law.

Whether legal or not, it would almost certainly provoke a bitter court battle. And at least one Republican representative, Greg Walden of Oregon, has said he would propose legislation to preclude the trillion dollar coin plan. While the Obama administration so far has not commented on the idea, in 2011 it rejected on legal grounds the idea of invoking the 14th amendment to avoid a debt limit battle. However, in early January House Minority Leader Nancy Pelosi said she would be willing to invoke the amendment “in a second.”

Platinum-gilded problems

Taking these sorts of actions would almost certainly worsen, not ease, the coming battles over the spending — a second reason to be skeptical of the idea of the trillion dollar coin. As we have noted before, the debt ceiling is just one of three brinkmanship moments looming in the next few months. The across-the-board spending cuts that constitute the sequester have only been delayed for two months, and absent new legislation, will start in March. Even more troubling, on March 27 the latest continuing resolution ends and, absent new legislation, all nonessential government programs would have to shut down for lack of funding.

Third, throwing the trillion dollar coin into this mix would not only intensify these two other fights, it would likely poison the well even further in future budget negotiations. With split government, fiscal policy making requires bipartisan agreement. The cliff compromise earned support from both parties, marking a welcome — if brief — respite from partisan politics. The last thing Washington needs is a further escalation in gamesmanship.

Finally, there is a slippery slope from avoiding the debt limit to outright debt monetization. Although proponents see it as a technical fix to a problem that, in their view, never should occur, it means the Treasury would have established a precedent to thwart Congressional limitations on spending and the debt ceiling.

Outside of the legal questions, nothing precludes the Treasury from issuing a coin to pay down the full $16.4 trillion in debt in one fell swoop: true monetization. A trillion dollar coin also would subvert the whole budget process, undermining already fragile public confidence and spooking financial markets. And based on the criteria put forth by the rating agencies, it would represent a stunning failure to devise credible political processes to resolve the longer-term budget issues for the US. A downgrade would very likely follow, in our view.

Besides, imagine the battles over whose portrait belongs on the face.


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Tue, 01/08/2013 - 20:50 | 3134624 ShortTheUS
ShortTheUS's picture

Why mint a $1T coin when an executive order is all BHO needs?

Tue, 01/08/2013 - 20:54 | 3134635 Cheesy Bastard
Cheesy Bastard's picture

This idea was originally tried with a trillion dollar bill.  The money was stolen by a ruthless communist dictator.  (Sound familiar?)

Tue, 01/08/2013 - 21:03 | 3134658 Tijuana Donkey Show
Tijuana Donkey Show's picture

And if it's a crime to bribe a jury, then I guess I'm guilty of that as well. 

Monty Berns

Tue, 01/08/2013 - 21:13 | 3134690 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

 "Others took a different tack, and argued the US should just default to force a compromise."  

Best idea yet. They are never going to pay their bills. Suck up and go bankrupt.

Tue, 01/08/2013 - 21:26 | 3134719 Bicycle Repairman
Bicycle Repairman's picture

I favor a platinum coated tungsten slug.  There's no law against that.

Tue, 01/08/2013 - 21:47 | 3134776 Zer0head
Zer0head's picture


Well, on Bloomberg yesterday their new regular with Tom Keene is none other than Joe Weisenthal from Business Insider (yes Joe W s now a Bloomberg contributor and freqeuent co-host)

He talks up the platinum thing with a serious(ly senile) Tom Keene

pathetic (Mike are you watching your own piece of sht TV channel?)

and Joe take the marbles out of your mouth so that viewers don't jump to the conclusion that you're a douche before listening to what you have to say


Wed, 01/09/2013 - 00:29 | 3135139 TruthInSunshine
TruthInSunshine's picture

I'm actually loving the more frequent discussion of the idiotic trillion platinum coin concept in/on more mainstream/lamestream channels/publications/outlets, as even the dumbest of sheep will instinctively realize upon hearing this concept that we're bankrupt & the so-called "elected leaders" are running the nation, now known as the U.S.S. Republica De Banana, directly into a massive Iceberg.

A trillion dollar coin, assuming it weren't a simplistic & juvenile ruse (which it certainly is), wouldn't even dent the mountain of actual debt the United States (nor many other large, developed, fractional reserve fiat infected nations) have accrued.

The sooner the sheeple understand this basic fact, the better.

In fact, even National Propaganda Radio (NPR), no doubt a likely favorite outlet of proxy propaganda of one Paul Krugman, is allowing the reality to seep out:

A National Debt Of $14 Trillion? Try $211 Trillion : NPR August 06, 2011 4:06 PM Listen to the Story

When Standard & Poor's reduced the nation's credit rating from AAA to AA-plus, the United States suffered the first downgrade to its credit rating ever. S&P took this action despite the plan Congress passed this past week to raise the debt limit.

The downgrade, S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."

It's those medium- and long-term debt problems that also worry economics professor Laurence J. Kotlikoff, who served as a senior economist on President Reagan's Council of Economic Advisers. He says the national debt, which the U.S. Treasury has accounted at about $14 trillion, is just the tip of the iceberg.

"We have all these unofficial debts that are massive compared to the official debt," Kotlikoff tells David Greene, guest host of weekends on All Things Considered. "We're focused just on the official debt, so we're trying to balance the wrong books."

Kotlikoff explains that America's "unofficial" payment obligations — like Social Security, Medicare and Medicaid benefits — jack up the debt figure substantially.

"If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That's the fiscal gap," he says. "That's our true indebtedness."

We don't hear more about this enormous number, Kotlikoff says, because politicians have chosen their language carefully to keep most of the problem off the books.

"Why are these guys thinking about balancing the budget?" he says. "They should try and think about our long-term fiscal problems."

According to Kotlikoff, one of the biggest fiscal problems Congress should focus on is America's obligation to make Social Security payments to future generations of the elderly.

"We've got 78 million baby boomers who are poised to collect, in about 15 to 20 years, about $40,000 per person. Multiply 78 million by $40,000 — you're talking about more than $3 trillion a year just to give to a portion of the population," he says. "That's an enormous bill that's overhanging our heads, and Congress isn't focused on it."

"We've consistently done too little too late, looked too short-term, said the future would take care of itself, we'll deal with that tomorrow," he says. "Well, guess what? You can't keep putting off these problems."

To eliminate the fiscal gap, Kotlikoff says, the U.S. would have to have tax increases and spending reductions far beyond what's being negotiated right now in Washington.

"What you have to do is either immediately and permanently raise taxes by about two-thirds, or immediately and permanently cut every dollar of spending by 40 percent forever. The [Congressional Budget Office's] numbers say we have an absolutely enormous problem facing us."

Tue, 01/08/2013 - 23:44 | 3135057 Race Car Driver
Race Car Driver's picture

If they can make a magic $1 trillion coin - why stop there? Why not a magic infinity coin and just say 'charge it' forever? Indeed... why can't .gov just mint the coin and then immediately buy the entire fucking planet and then control everything from 1600 PA Ave? No more wars, no more hunger... plenty for everyone forever.

Why didn't someone think of this coin thing sooner ... like a thousand years ago? Because it's bullshit - that's why.

Wed, 01/09/2013 - 00:11 | 3135106 mademesmile
mademesmile's picture

The idea made it to National NBC news -

So, yeah, I think they will do it. Kinda testing the water right now.

Edit: Krugman is for it, what could go wrong?

Wed, 01/09/2013 - 00:49 | 3135236 TruthInSunshine
TruthInSunshine's picture

They won't do it, but I wish they would (see my post above this one as to why).

Even a lowly, 4th tier blogger like Joe Weasenthal was essentially laughed off the air on cnBSc, a joke of a cable "financial network," during a tremendously non-compelling endorsement of crazy town:


Tue, 01/08/2013 - 21:08 | 3134673 nmewn
nmewn's picture

Has anyone run the numbers on how many ounces of platinum equals a trillion? ;-)

Tue, 01/08/2013 - 21:43 | 3134768 nmewn
nmewn's picture


While I enjoy the fact they are still somewhat tied to the realities of the world, why don't they just propose a trillion dollar paper bond...they luuuve their paper so much?

But I suppose issuing more paper against paper would be redundant ;-)

Wed, 01/09/2013 - 14:01 | 3137090 Tursas
Tursas's picture

This paper must be easy to recycle too!

Wed, 01/09/2013 - 01:37 | 3135341 StychoKiller
StychoKiller's picture

Unlike Zimbabwe munny, this Trillion is one troy pound of Ag!

Wed, 01/09/2013 - 01:45 | 3135355 Boxed Merlot
Boxed Merlot's picture

This idea was originally tried...  in the first century when Jerusalem was under Roman rule.


Then the chief priests and the Pharisees called a meeting of the Sanhedrin.  “What are we accomplishing?” they asked. “Here is this man performing many signs. If we let him go on like this, everyone will believe in him, and then the Romans will come and take away both our temple and our nation.”   Then one of them, named Caiaphas, who was high priest that year, spoke up, “You know nothing at all!  You do not realize that it is better for you that one man die for the people than that the whole nation perish.”  He did not say this on his own, but as high priest that year he prophesied..."   Jn 11:47-51a


That's how the jubilee was initiated back then.  Will history repeat, rhyme or do something new?

Tue, 01/08/2013 - 21:11 | 3134684 asteroids
asteroids's picture

Once the coin is minted. How hard would it be to make your own eh?

Tue, 01/08/2013 - 21:39 | 3134758 TerminalDebt
TerminalDebt's picture

where will you spend it? I don't tthink the vending machines will make change for that

Tue, 01/08/2013 - 22:43 | 3134937 nmewn
nmewn's picture

District of Zimbabwe, for a bag of chips.

Tue, 01/08/2013 - 21:46 | 3134780 ball-and-chain
ball-and-chain's picture

The true solution isn't austerity.

It's growth.

But it's hard to grow when all the manufacturing jobs are overseas.

However, those good capitalists needed every last nickel of profit.

Wow.  Talk about great patriots.

Greedy bastards.

Tue, 01/08/2013 - 22:56 | 3134793 treasurefish
treasurefish's picture

I do not claim to be a smart man, but Obama does not have a choice at this point.  He literally has zero options.  No executive order can restore the full faith and confidence. There is only one solution that'll alleviate this whole situation for awhile longer, and that's when The Bernanke rips up all the MBS he's been buying.  Maybe, the thing that erupted the FED's mess in 2008 will be the thing that saves the FED for a little while longer?  Who would complain (other than Wall Street) when their note is free and clear, and the US restores the Rule of Common Law afterwards?  Maybe, I'm just dreaming.


HOWEVER, when the same banksters that are unlawfully freezing and seizing the account of a gun manufacturer actually take time out of their busy thieving fractional reserve banking schedule to profess genuine FEAR over any idea, then I AM ALL FOR IT - even IF it was the idiot at the BI that opened his pie-hole to regurgitate this idiocracy.  The economy is not going to get any better anyway, will it?  The USD is the WORLD RESERVE CURRENCY.  Let the rest of the world suffer while we win the race to the catfish.  Let them eat....The Bernanke's ass.  It is probably very flavorful.


I really don't even care what they do, because a Country Boy can survive.

Tue, 01/08/2013 - 21:53 | 3134797 thadoctrizin
thadoctrizin's picture

This trillion dollar coin meme is just a clever viral marketing campaign for the upcoming sequel "The Italian Job 2"

Tue, 01/08/2013 - 23:37 | 3135037 FL_Conservative
FL_Conservative's picture

The budget skirmishes over the past few years have spawned a lot of bad ideas. The latest is that the US Treasury issue a trillion dollar coin to get around the debt ceiling. We see several problems with this plan. First, its legality is open to question. Second, it would worsen the coming battle over spending cuts. Moreover, it would further deepen the distrust between the two political parties. Finally, it risks being the first step down a slippery slope of debt  monetization.

Are they fucking serious????   HELLO!!!!  The U.S. debt is ALREADY being monetized!!!!!!!!!   What fucking planet are these douches on??????

Wed, 01/09/2013 - 01:40 | 3135345 StychoKiller
StychoKiller's picture

Yeah, but the $1Trillion coin would make it blatantly obvious, even to the Ignorati!

Wed, 01/09/2013 - 14:10 | 3137133 Tursas
Tursas's picture

We give FED $1Trillion coin and then we pay some interest to FED for it! What is the point in giving this coin to FED?  

Mon, 01/14/2013 - 01:43 | 3150022 aminorex
aminorex's picture

The point is that it pays down debt, to keep below the legal ceiling.  The fact that it is a useless artifact keeps the fed from spending it.  they make change for it.  we spend the change.  they're stuck with it.  it's a screw the fed strategy.  as such i'm for it.

Wed, 01/09/2013 - 10:10 | 3136050 SheepDog-One
SheepDog-One's picture

Oh NOW BofA calls 'fiscal shananigans' on a $1 trillion coin idea....yet bailing out with trillions out of thin air was fine for them!

Tue, 01/08/2013 - 20:51 | 3134626 Big Corked Boots
Big Corked Boots's picture

Given the trustworthyness of the US government right now, I'd say the trillion-dollar platinum coin would have a tungsten center.

Tue, 01/08/2013 - 20:51 | 3134627 ziggy59
ziggy59's picture

Scary part of this nightmare waiting to manifest is that of late, the more weird and crazy an idea is presented by TITB(the Insane That Be), the more likely it is to be tried...

Desparate times ...yada yada yada

Tue, 01/08/2013 - 23:41 | 3135052 tickhound
tickhound's picture

And just the fact BOA hates something this much naturally forces one to at least reconsider...

So I did.  Here's my findings.

The Treasury can create "funding it can draw upon" ...or basically borrow against the coin. 

Certainly not the WORST idea in the world.   

Naturally it is "deposited at the Fed, who acts as banker."

But still patently BAD.


The rest is paragraph after paragraph of BOA suddenly GIVING A SHIT...

"it risks being the first step down a slippery slope of debt  monetization."   LOL

"it means the Treasury would have established a precedent to thwart Congressional limitations on spending and the debt ceiling."  LOL, OMG new "precedents" to thwart Congress

"undermining already fragile public confidence and spooking financial markets."  Finally, some meat!   

"based on the criteria put forth by the rating agencies"  LOL, cuz they're suddenly relevant 

"it would represent a stunning failure to devise credible political processes to resolve the longer-term budget issues for theUS."   Stunning failure isn't to be consolidated and commemorated into a single coin.  It should be diluted and dispersed over a vague spectrum.

"A downgrade would very likely follow, in our view"  AS IF the coin is suddenly the tipping point.

Conclusion:  A thousand "Trillion Dollar Tooth Fairies" later and NOW boa is worried about 'legalities.'  What-EV, Linda Green.    


Wed, 01/09/2013 - 08:06 | 3135764 Element
Element's picture

+1 Well thank god you said it, I thought every one had gone to sleep at the wheel reading the comments.

First step indeed! ... whiter than the driven snow we are! ... suuuurre.

Tue, 01/08/2013 - 20:54 | 3134631 fonzannoon
fonzannoon's picture

the coin thing is too much work. the debt ceiling will be hiked by executive order and citizens will cheer, ratings agencies will remain quiet. The market will rise and thats all that matters.

Tue, 01/08/2013 - 20:58 | 3134642 centerline
centerline's picture

Coin thing is too Zimbabwe.  Pennies from heaven would go over much better.  Err... dollars from heaven.  Sorry.

Tue, 01/08/2013 - 21:09 | 3134678 Dr. Sandi
Dr. Sandi's picture

Ev'ry time it rains

It rains

Dollars from choppers.

(Sing along, you know the tune.)

Tue, 01/08/2013 - 21:16 | 3134694 NoDebt
NoDebt's picture

Not to mention it only works for 10 months.  When you hit month 11, time to issue another trillion dollar coin!

I absolutely LAUGHED at the idea the Fed selling $1 trillion of their TSY holdings to "sterilize" the issuance.  I mean seriously THINK ABOUT THAT FOR A MINUTE..... they would do REVERSE QE to support this???  In effect, FORCING treasury rates higher and making the other $16 trillion of outstanding debt cost MORE to service while instantly crushing every TBTF bank and pension fund in the universe who hold large amounts of Treasuries (or has derivative to exposure to them or anything linked to interest rates)???

If you think they would do anything that would force rates higher (lower TSY prices) at this point you're not paying close enough attention.

You don't need to go as far as questioning the legality of this idea.  It will NEVER get off the ground because it harms too many large, powerful vested interests in the system.

Tue, 01/08/2013 - 21:19 | 3134703 fonzannoon
fonzannoon's picture

why is executive order "in the face of a national emergency" so hard to imagine? 

it's his 2nd term. Power grab time baby.

Tue, 01/08/2013 - 21:27 | 3134721 NoDebt
NoDebt's picture

Me?  I'm sorry were you talking to me?  I don't see anybody else here so you must be talking to me!  (Raging Bull)

OK, let's get one thing nailed down before I answer.  WHO IS REALLY HOLDING THE REINS OF POWER?  Is it Obama with his "emergency powers" and Presidential office or is it the bastard TBTF bankster elites?

Your response will dictate my answer.


Tue, 01/08/2013 - 21:31 | 3134734 fonzannoon
fonzannoon's picture

what if it is the tbtf banksters who use Obummer as their puppet?

Tue, 01/08/2013 - 21:46 | 3134762 NoDebt
NoDebt's picture

Excellent question.  The answer is:  they already do (they're all part of the same paradigm, whether they recognize it or not, as discussed many times on ZH).  Executing this Trillion Dollar Coin idea would do incalcuable damage to the banking cabal on many fronts.  Therefore, they would never issue him the order to do it.  They would, in fact, work actively against him on all fronts if it looked like he was headed in that direction.  Gently at first, more stridently the closer he got to actually doing it.

For example, where did the above article originate?  B of A.  Don't get no more TBTF than B of A.


Tue, 01/08/2013 - 21:49 | 3134785 fonzannoon
fonzannoon's picture

i hear you. when i say executive order, i don't mean for the coin. I just mean he comes out and says we are lifting/eliminating the ceiling. Congress can go scratch their ass.

Tue, 01/08/2013 - 21:54 | 3134805 NoDebt
NoDebt's picture

Ah, gotcha.  Yeah, that's a different kettle of fish.  I suspect a trip to the Supreme Court on that one.

Tue, 01/08/2013 - 21:57 | 3134815 centerline
centerline's picture

+1.  Politicians fingerprints needed on the printing press lever.  That is the play.  Even better is pain for the people so that they beg for it.  Blame rolls right down hill as planned.

Tue, 01/08/2013 - 23:45 | 3135059 Karlus
Karlus's picture

Im also concerned that if Bam did it, and dared the Repubs, they would blink.

They would lose the TV MSM PR battle.

As a matter of fact, im not really what function congressional repubs serve...since they seem incapable of resisting...

Tue, 01/08/2013 - 23:26 | 3135026 Beam Me Up Scotty
Beam Me Up Scotty's picture

"why is executive order "in the face of a national emergency" so hard to imagine?

it's his 2nd term. Power grab time baby."

Fonzannoon, thats exactly what I can see happening too.  Republicans dig in and won't go along with debt ceiling increase.  Stawk market tanks hard.  Obama to the rescue, by executive order.  He'll do it, and doesn't care if there is a court battle over it.  Then it will be time to BTFD again, because the market will rebound hard.  But once the political lid is off of a spending cap, spending will go to the moon.  Obama doesn't believe we have a spending problem.  Thats when inflation will come, IMO, possibly even the hyper type.

Tue, 01/08/2013 - 20:55 | 3134638 centerline
centerline's picture

It's all about getting Washington squarely under the wheels of the bus.  So far... working perfectly.

Tue, 01/08/2013 - 20:57 | 3134641 realtick
realtick's picture

Wake The Fuck Up: Babylon's Banksters Run This World

Tue, 01/08/2013 - 20:59 | 3134644 Haole
Haole's picture

All this asinine BS is just blathering over how to hide the running U.S. default.  I'll be amazed if they aren't downgraded, actually I won't...


"I couldn't pull a rabbit out of my hat so I pulled a hair out of my ass" - Nestor Pistor

Tue, 01/08/2013 - 21:03 | 3134645 Cognitive Dissonance
Cognitive Dissonance's picture

"Besides, imagine the battles over whose portrait belongs on the face."

Why Krugman of course. And on the reverse his bare ass will be displayed, mooning those space aliens and daring them to invade.

Tue, 01/08/2013 - 21:06 | 3134670 centerline
centerline's picture

Question is, what do I have to put under my pillow for the tooth fairy to deliver a trillion dollar coin?  hmmm...

Tue, 01/08/2013 - 22:15 | 3134866 knukles
knukles's picture

Imaginary good will, faith and hot air.

Tue, 01/08/2013 - 20:58 | 3134647 Freddie
Freddie's picture

Add Bank of Amerika to the scum list of gun banners.  F TV, Hollywood and Bank of Amerika.

Tue, 01/08/2013 - 21:02 | 3134656 Screwball
Screwball's picture

Why a platinum coin?  Why not a fucking trud?

And why is this getting this much ink?

Tue, 01/08/2013 - 21:06 | 3134668 Cognitive Dissonance
Cognitive Dissonance's picture

There's no more room under the debt ceiling to pay the gladiators so for now this is the best we can do for circuses.

<And it's BYOB (Bring Your Own Bread) as well.>

Tue, 01/08/2013 - 21:06 | 3134669 Dr. Sandi
Dr. Sandi's picture

It's a legal loophole for platinum only. It doesn't mention coins made of gold, silver or turds.

Tue, 01/08/2013 - 21:14 | 3134692 unrulian
unrulian's picture

They're using Platinum because they lost all your gold in an unfortuate collateral accident

Wed, 01/09/2013 - 01:47 | 3135361 Calmyourself
Calmyourself's picture

Logged in to upvote, nice worK.  I enjoy unruly.

Tue, 01/08/2013 - 23:27 | 3135027 TheFourthStooge-ing
TheFourthStooge-ing's picture


It's a legal loophole for platinum only. very retro.

Wed, 01/09/2013 - 15:18 | 3137512 steve from virginia
steve from virginia's picture


Irony ...


 - All the primary dealers including Bank of America received their share of a multi-trillion dollar bailout from the Treasury in 2008-09. How about shutting the fuck up, BofA?


 - If the Treasury is going to issue money (currency) there is no need for banks ... of COURSE the banks are upset! Currency issue is what modern monetary theory (MMT) is all about. The US has ceded the issuance of most of our 'money' to a cartel of criminals.


 - Once the Treasury issues currency the banks will go on strike/stop lending. Hmmm ... this presents an opportunity but the need is to strike hard at the governments' (all of them) 'special friends'. Congress is a sock-puppet of the banking sector so there will be  ... confusion.


 - There is no possibility of inflation. The private sector lends by noting the name of the borrower and the amount borrowed on a spreadsheet. This is a 'ledger loan'.


 - The borrower is forced to repay with circulating money ... he cannot make a 'ledger repayment'! Circulating money must be in circulation ... borrowed by someone else or by the original borrower from a second lender. The problem is when credit is constrained (like now), the borrower fails and so do the lender(s).


 - The private sector lender 'creates money' (prints money) by way of this ledger loan. Treasury 'creates' repayment by way of a ledger issue. The issue cancels out the original loan, there is no increase in the money/credit supply.


 - The US is on the hook for $600+ TRILLION in booked or hedged debt. All that would have to be retired before there is an excess of 'money supply'. Borrowing more to repay debts is foolish when the debt load is so large.


 - Two years ago I was pounding the table for the Greek government to simply issue euros to service and retire maturing debts. There is no reason why the US Treasury cannot do the same thing. Like Abe Lincoln, the Treasury can use issue to pay its army ... if the bankers don't like it they can go to jail!


 - The inflation claim is false, instead the public must look to the thieving banks. The country must free itself from them.


 - It's this or default. This and a restructuring could have taken place in Fall, 2008. The opportunity was squandered ... too bad.






Tue, 01/08/2013 - 21:03 | 3134659 ultraticum
ultraticum's picture

Isn't it a conflict of interest for a TBTF bank to be opining on a form of currency creation that might threaten the current system whereby money bears interest payable to a private banking cartel (which BofA is partial owner of) upon its very creation?

Not saying I like the Platinum coin idea either, but if I were BofA I'd want to preserve the status quo at all costs too.  Full disclosure by the bankster of that conflict of interest would be much appreciated.  Just sayin.

Tue, 01/08/2013 - 21:05 | 3134663 Hedgetard55
Hedgetard55's picture


It cuts the banksters out of the game.

Tue, 01/08/2013 - 23:13 | 3134998 treasurefish
treasurefish's picture

Yeah, it's cancellation of the debt note when the treasury mints currency, right?

Tue, 01/08/2013 - 21:05 | 3134662 Dr. Sandi
Dr. Sandi's picture


First and foremost, it may not be legal.

I'm laughing my ass off on that one. B of fucking A fretting over whether something is legal?

Kind of like Satan saying, 'God might not like this.'

Tue, 01/08/2013 - 21:31 | 3134737 Mactheknife
Mactheknife's picture's outright fraud...BOA wants to make sure they keep the corner on that market.

Tue, 01/08/2013 - 21:37 | 3134754 secret_sam
secret_sam's picture

I really like that part too. 

They're just concerned because "may not be legal" is really the domain of the big securitizers--they don't want the Treasury competing with them on that kinda shit.

Obviously the best profile to place on the obverse would be Linda Green's.

Tue, 01/08/2013 - 21:05 | 3134665 Cabreado
Cabreado's picture

Inertia is an underestimated thing, and always impressive...

and it provides time for the jesters to entertain,

while the thieves steal away.

Tue, 01/08/2013 - 21:08 | 3134674 Banjo
Banjo's picture

I would suggest three preserved tulips each in commemorative box stamped with 


1 trillion, 10 trillion and 1 quadrillion

Tue, 01/08/2013 - 21:08 | 3134675 Meremortal
Meremortal's picture

Hell just mint 17 of them and pay all the debt.


Hand them out like candy, everybody's rich!


Then taxt the shit out of everybody.


Tue, 01/08/2013 - 23:40 | 3135046 Beam Me Up Scotty
Beam Me Up Scotty's picture

Just mint 100 of them.  Why would you need to have any taxes?  We shouldn't need to pay anymore to fund government, they can just mint coins when they need the money.

Of course, they only want to mint enough money so "they" can spend whatever they want.  They wouldn't want the plebes having any access to extra cash or freedom.  Taxation is just another form of slavery.

Wed, 01/09/2013 - 06:22 | 3135682 NidStyles
NidStyles's picture

Yeah that will turn out well....

Tue, 01/08/2013 - 21:10 | 3134677 Dre4dwolf
Dre4dwolf's picture

Why not mint a 16 Trillion Dollar coin, use it to pay off the Federal Reserve, then make it illegal the next day for anyone to accept such coin as currency....? ;P that sounds like a great idea to me.

There are no laws, thats what executive orders are for.... sure it might be his last executive order before the banksters get rid of him...but it would work... for a while till the bankers makeup some other stupid scheme to take over again.

Tue, 01/08/2013 - 21:11 | 3134683 Dr. Sandi
Dr. Sandi's picture

That's the plan.

I like it. We can blow it all up good.

Real good.

Tue, 01/08/2013 - 21:10 | 3134681 R Man J
R Man J's picture

On the reverse side of the coin : Paulson on hs knees begging congress for tarp.

Tue, 01/08/2013 - 21:14 | 3134693 unrulian
unrulian's picture


Tue, 01/08/2013 - 21:30 | 3134716 Rob Jones
Rob Jones's picture

Don't be too quick to ridicule the $1 trillion platinum coin! It is true that it is just a gimmick that wouldn't really solve any real problems.

But it could be just the thing to give a huge boost to PM prices. If you want gold and silver to soar, you should write letters to Obama, your congressmen, and your local newspaper urging the administration to coin the coin. Tell your neighbors you think it is a great idea. (Be careful to keep a straight face when doing this.) I think that just discussing it would fuel lots of PM sales.

Tue, 01/08/2013 - 23:41 | 3135053 Beam Me Up Scotty
Beam Me Up Scotty's picture

I don't want PM prices to soar.................yet.

Tue, 01/08/2013 - 21:28 | 3134724 Republicae
Republicae's picture

Of course, all of these "suggestions" point to the fact that they don't have a clue and the whole shebang has really fallen apart. 

Tue, 01/08/2013 - 21:29 | 3134729 foxmuldar
foxmuldar's picture

How long till the Franklin Mind is printing 100% pure platinum coated coins that we can all buy for the low price of $29.95. Limit of five to a customer. haha. Now there's a scheme thats been going on for years and the suckers keep buying those pieces of crap. And for sure Obama's head would have to be on the coin with the words underneath "Hope and Change".

Tue, 01/08/2013 - 21:32 | 3134730 Titus Flavius C...
Titus Flavius Caesar Vespasianus Augustus's picture

Yeah, hey - I still don't get it.  I mean, when the ZH editor{s} and most posters call anything in terms of economics a farce, I'd tend to defer.

But I look at this from more of a legal and legal powers perspective.  I know I'm sort of repeating myself, but I forget where and don't recall anyone sort of explaining why I am missing something.

We all know what the dollar is and the nature of the central banking scheme.  Not arguing any of that, not arguing for Keynesianism, and I'm not in bed with either party.  My concern is the so called issuing power.  I believe the FRA was an unconstututional delegation of a power at most, and arguably not even a Constitutional power {as to fiat paper - the courts made it so}.

Putting aside the general fuckery of how Congress and government works, just in theory, the way I look at is that there is no check at all on the fed's issuing power.  The basic idea of why the Tr-coin idea is silly to people seems, to me at least, to neglect the fact that there was not any real purchase at all - there was no bargained for, legitimate exchange of assets/services. The Fed gave the government paper {or some electronic 000s}.

What they got is a promise for the government to "pay back" that paper, plus a vig, derived from tax revenues, derived from labor and extant capital.

The currency is already out there.  It's already led to the creation of new checkbook money.  What is the bad idea about giving the fed system government issued fiat - so that we don't have to have a big chunk of our taxes going to pay them for doing precisely nothing?

In other words - wouldn't letting our government give back fiat for fiat {they'd have to take it} mean that 1] we aren't being robbed of our labor and capital for the exchange of treasuries the Fed "bought" with no exchanged value, and 2] instantly remove the mount of fed fiat in existence since the debt would be extinguished by a different fiat?


Again, I get that the consensus here is this is bad idea jeans - but where am I going wrong in how I'm thinking of it? I'm only talking about using it to repay assets owned by the Fed - not a scheme where we simply do it to get more fiat dollars from them.

Tue, 01/08/2013 - 21:50 | 3134788 secret_sam
secret_sam's picture


Well...the vast majority of the "money" out there isn't "currency" issued by the Fed.  It's debt created by our banking system.

The "profits" earned by the Fed go to the Treasury anyway.

NO "proposed solution" which reduces "total debt outstanding" (no matter what party holds the debt) can ever be considered, because "total debt outstanding" is the flip-side of global money supply, and when global money supply goes into contraction, the system can no longer function--everything has to be unwound. 

Given that it can't be unwound TODAY without sinking every currency and every financial institution, the "magic coin" would just be the last snowflake before the deflationary avalanche.

What problem do you think it's intended to solve?  (You do realize the opinion piece from Krugman is just a joke, right?)

Tue, 01/08/2013 - 23:49 | 3135072 Beam Me Up Scotty
Beam Me Up Scotty's picture

It wouldnt be deflationary, IMO.  It would be hugely inflationary.  The political elite have an infinite list of spending desires.  Trust me, they would mint another coin not long after the first.  The time between minting coins would get shorter and shorter.  Why pay taxes then, if you can just mint the money?  It wouldn't be long before a whole monster box of trillion dollar platinum coins were at the Fed.  How would that be deflationary?  Spending will spiral out of control so fast, just how do you think there will be a lid on it?  That would be inflationary.

Wed, 01/09/2013 - 00:08 | 3135107 secret_sam
secret_sam's picture

          The political elite have an infinite list of spending desires.

This premise is incorrect.

"The political elite" has a list of spending desires set almost entirely through campaign finance.  It is a TINY number of people who are meaningfully involved in the manipulation of US politicians' behavior at this point in history.

THUS, the list of "spending desires" is set directly in accordance with the interests of the "persons" who pay (in every meaningful sense) for the election of certain individual politicians.

"Spending desires" is a short list.  Things like Medicare/Medicaid and SNAP and EITC are all reasonably high on the list because the corporations (sorry, "persons") who pay for the elections see almost all of that money as revenue.

If the so-called "middle-class" could compete with the folks who own the USA, the national political landscape would be COMPLETELY different.

Wed, 01/09/2013 - 06:28 | 3135684 NidStyles
NidStyles's picture

All person's have infinite wants that drive their actions. If they didn't there would never be demand for their services.

Tue, 01/08/2013 - 21:30 | 3134731 Stockmonger
Stockmonger's picture

Alfred E. Newman should be the face.

Tue, 01/08/2013 - 21:39 | 3134759 chump666
chump666's picture

Pathetic and pitiful.

Tue, 01/08/2013 - 21:42 | 3134766 Catullus
Catullus's picture

If I were a primary dealer, I'd shout down this idea before know nothing political cheerleaders catch on. They could use this to blackmail banks. Once they pull the "let me just print money and spend it" bullshit, there's no reason for a treasury auction. There's also no reason for taxes, but don't tell Krugman that. The Cheney "Reagan taught us that deficits don't matter" and "liquidity trap" arguments are the exact same. His head may explode if he realizes a republican agrees with him.

Here's how it should read BoA: "keep this shit up, Washington, and it'll be your only option left. Don't call our bluff on this, just fucking figure out your end."

Tue, 01/08/2013 - 21:47 | 3134782 q99x2
q99x2's picture

The Kurgman fairy gets into the treasury and he'll be banging them out left and right.

Tue, 01/08/2013 - 21:52 | 3134795 Tydown4fun
Tydown4fun's picture

NEUMAN, not Newman.

Tue, 01/08/2013 - 23:50 | 3135076 Beam Me Up Scotty
Beam Me Up Scotty's picture

Isn't Newman the guy on Seinfeld?

Tue, 01/08/2013 - 22:14 | 3134864 tradewithdave
tradewithdave's picture

Best we can tell George Soros was the first to float the accrual of coin seigniorage concept.

Tue, 01/08/2013 - 22:19 | 3134872 knukles
knukles's picture

Anoter raving far left wing NWO facist.

Tue, 01/08/2013 - 22:20 | 3134870 knukles
knukles's picture

It can be argued upon the basis of debt of a single class that a relief upon one without all is a modification of terms and conditions not uniformly approved across the issue, parri passu, represents an event of default

Tue, 01/08/2013 - 23:12 | 3134993 traderjoe
traderjoe's picture

But isn't that a good thing, the default part?

Tue, 01/08/2013 - 22:21 | 3134884 edb5s
edb5s's picture

From the first paragraph: "Finally, it risks being the first step down a slippery slope of debt monetization."

FIRST step??

Tue, 01/08/2013 - 23:06 | 3134979 WallowaMountainMan
WallowaMountainMan's picture

i gotta say they're working from the wrong end. it's easy to trim to the right of the decimal point. nobody but charities and the poor care about the 'change'. who cares about them? right?

now, all we gots to do is trim the ones. sure that hurts a bit. even i kinda like them. and they're useful for tips. but, still...

that leaves 5's as the old pennies. sure the algos have to reprogram, but that's a simple math problem.

we shouldn't have to get rid of 5's for quite some time. maybe not before i turn over in my grave.... or as i am fond of tweeting: raimglmbtd.


Tue, 01/08/2013 - 23:08 | 3134981 WallowaMountainMan
WallowaMountainMan's picture

ok, here it is:

rolling around in my grave, laughing my bones to dust.

Wed, 01/09/2013 - 00:10 | 3135112 secret_sam
secret_sam's picture

There's some kind of asymptotic graph ya can model for that.

Wed, 01/09/2013 - 00:00 | 3135095 keesooi
keesooi's picture

The trillion dollar platinum coin is soooo 2012.

ZHers, behold:  Presented with no comments, "moral obligation coupons", none other than our favorite socialist shill economist and blogger extraordinaire Paul Krugman.

Read it and weep, my friends.  We are as fucked as fucked can be.

Wed, 01/09/2013 - 09:11 | 3135781 Anasteus
Anasteus's picture

I've just read the article. That guy must be constantly kidding. I simply can't believe he's getting serious about what he's talking about; sort of comedian.

Nevertheless, by introducing the MOCs (moral obligation coupons) he evolved the idea of debt issuance to utter perfection. By 'obligating' the Fed to accept MOCs issued by the Treasury having no legal obligation to pay anything at all, the age-old government dream would finally come true. The government would be given unlimited amount of money with no obligation to pay off anything whatsoever. The term 'debt' would simply disappear.

On the other hand, particularly with regard to the Fed and the Treasury, the relation between the bodies would just be fairly balanced out. In case of rejecting the repayment back to the Fed both the Treasury's 'promise' and the Fed's 'money' were just created out of thin air.

Seems like the central planners are out of ideas.

Wed, 01/09/2013 - 00:44 | 3135215 working class dog
working class dog's picture

If Bank of America is against ANYTHING I AM FOR IT. I wonder if the debt just vanished would the banksters not get usury interest anymore, in other words the Abe Lincoln green back cut out the central banks and Lincoln was assasinated.

Kennedy did something similar he too was assasinated. A few other presidents in history either attempted assasination or were killed all were against the central bank, except Regan.

I wonder if this stupid idea is the way to fight the stupid idea of a central bank just say'n.....

Wed, 01/09/2013 - 01:30 | 3135327 magne13
magne13's picture

Debt does not matter, interest payments do matter for anyone that actually thinks that we will repay debt should: read the FED and the Treasury are one and is the largest pyramid ponzi scheme that exists.  The FED pays all its interest earned from treasuries and agencies less operating costs back to the TREASURY, last year nearly $80Bln in savings to the Treasury.

Secondly any entity that can go from $5TRN in debt to $16 TRN in debt and simoultaneously lower its debt from an average of 5.5% down to 2.5% should tell you that modern finance is no longer a guage of true risk.  See since 71 the global economies have stolen future growth on an exponential pace and the time has long passed where future growth is no longer availabe in current exchange rate formats.  2008 is the precursor of the collapse that will occur as real money (newly created electronic money) is the beginning of the stealth inflation that devalues everyone's earning and savings potential.  Valuations will plummet and deflation in asset prices will revert to actual affordability not with hyper induced credit.  See the average human knows nothing and the those in control prey on that,  however the internet has changed all that and as Gordon Gekko said "the rarest commodity I know is INFORMATION," is virtually at your fingertips.  We are like Japan and we are 5yrs into it like Japan and as the stock market becomes the new bond market where buy backs and dividends are key, money will be syphoned out to zero interest rate accounts and thus the negative feedback loop strips out overextended valuations and then the plummet begins.  All this talk that a few FED governors want to end QE early is all nonsense and they are bluffing.  Read any ZIRP paper and you will see that we all have been fed the Lotus Flower.  Thanks mister Bernanke you are succeeding at your job, provide its boss with the lowest possible costs accept your boss has a boss and thats the American people, thankfully we aren't taking it and defaulting left and right, which will only accelerate.

Wed, 01/09/2013 - 03:49 | 3135543 devo
devo's picture

Isn't this tantamount to the govt repricing platinum at 1tril per ounce?

Wed, 01/09/2013 - 04:39 | 3135595 elwu
elwu's picture

At the current platinum price level, the coin would just have to weigh 625.000.000 ounces to be worth a trillion USD.

Of course, there is not so much platinum in the wor4ld, and if, its prce per ounce would be much, much lower... :)

Wed, 01/09/2013 - 05:12 | 3135638 Clint Liquor
Clint Liquor's picture

"Finally, it risks being the first step down a slippery slope of debt  monetization."

WE went from QE3 to QE infinity and Bank of America is worried about the 'first step'? Maybe someone should show these Neanderfucks the FED's balance sheet.

Wed, 01/09/2013 - 08:01 | 3135760 Element
Element's picture



"... Finally, it risks being the first step down a slippery slope of debt  monetization. ..."



Wed, 01/09/2013 - 08:32 | 3135792 MillionDollarBoner_
MillionDollarBoner_'s picture

"In the limit, the Fed could sell a trillion dollars worth of bonds — that should squelch any inflationary impetus and remove any hint of outright debt monetization, according to supporters."


So the FED holds onto the coin and sells the bonds into the market. The coin and the bonds still exist, don't they? So the inflationary impact remains.

Or is I crayzeee?

Wed, 01/09/2013 - 09:08 | 3135847 The Wolf
The Wolf's picture

Precious metal coins are so passe... just find a dry white flaky old dog turd and deposit that...

Wed, 01/09/2013 - 09:22 | 3135894 Downtoolong
Downtoolong's picture

The only thing I like about the $trillion coin, tuna, turd, autographed photo of Obama and Bernanke…..whatever, is that it makes the fraud of money creation in our current financial system so much simpler and easier for everyone to see. In fact, the two methods (existing vs. proposed) of funny money creation and theft by government and Wall Street are a lot more alike than they are different.

Wed, 01/09/2013 - 10:58 | 3136269 wora
wora's picture

Lost a hell of lot of respect for Zero Hedge on this article.

Cheerleading BofA ffs...


First, its legality is open to question. - Fuck you, who cares!

Second, it would worsen the coming battle over spending cuts. - Fucking kidding me with this shit?

Moreover, it would further deepen the distrust between the two political parties. - WTF?

Finally, it risks being the first step down a slippery slope of debt  monetization. - That was fucking QE1 you asshats.


Listen, if you're gonna post an article and say "that ought to put this issue to rest", as to suggest it is self-evident in its logic, then there better be at least 1 logical fucking statement of explanation.  Yet there wasn't a single detailed explanation of the effects of the "trillion dollar coin" idea.  The fact this bullshit came from BofA makes me reconsider the coin as plausable.  The fact this bullshit was trumpeted by ZH makes me sick.

Thu, 01/10/2013 - 12:44 | 3136763 cranky-old-geezer
cranky-old-geezer's picture



This "trillion dollar coin" idea needs to be viewed in its proper context, and irrelevant arguments need to be ignored, they only cloud the issue.

Proper context is monetary.  It's purely a monetary matter.

1) Said "coin" isn't worth a trillion dollars.  Even with Fed's farcical fudge-to-fantasy-forever fraudulent accounting, booking assets at whatever value Fed gives them irrespective of true market value (like billions of dollars of par value MBS on their balance sheet actually worth pennies on the dollar), there's no way Fed could justify paying the US Treasury a trillion (freshly printed) FRNs for this "coin". 

2) US Treasury can set face value.   Yes, Treasury CAN set the face value at a trillion dollars.  Or ten trillion.  Or a hundred trillion. Whatever they want.  Why not a hundred trillion? Pay off all the debt and have 83 trillion left over to spend.

3) US Treasury no longer issues the nation's currency.  Fed does.  This "coin" would have to be purchased by the Fed for whatever THEY think it's worth.  Treasury can say it's worth a hundred trillion dollars.  It doesn't matter.  Nobody cares what Treasury says it's worth.  Fed would decide what THEY think it's worth, pay that many FRNs for it.

4) Monetizing outright bullshit.  Paying a trillion dollars (FRNs) for this stupid coin would be the pinnacle of monetizing bullshit.  Printing FRNs and handing 'em out for complete utter bullshit.

5) If Fed paid a trillion FRNs for it, Fed would be the laughing stock of the planet.  Their credibility would vanish overnight, confidence in the US dollar (FRN) would vanish overnight, it would trigger instant loss of reserve status for USD, and it gets worse from there. 

6) Violent outrage from China and Japan.  China and Japan, each holding a trillion dollars of US govt debt, would be outraged that a single stupid coin is worth the same as all the Treasury debt they hold. They would start dumping that Treasury debt, setting off a firestorm of Treasury debt dumping around the world. 

7) Violent outrage from OPEC.  They would immediately stop accepting US dollars for oil, and start dumping US govt debt they hold.

8) US dollar collapse.  It would set off a worldwide collapse of the US dollar.  Everybody would suddenly realize Fed is a big fucking joke and US dollar (FRN) is a big fucking joke.

9) So no, the Fed wouldn't pay anywhere near a trillion dollars (FRNs) for that stupid "coin" and be laughed right out of the monetary world.

10) Fed would pay market value for it, NOT its bullshit so-called "face value".   Fed would pay more like a couple thousand for it, close to the market value of platinum in the coin, completely ignoring Geithner's bullshit fantasy trillion dollar "face value".

11) US Treasury has gone just fucking insane.  Even broaching the idea of a "trillion dollar coin" shows how people at the US Treasury have lost their damn minds, gone totally fucking LOONEY TUNES.  Ditto for Krugman and anyone else supporting this crazy insane idea.

12) Fed wants slow currency debasement, not instant currency collapse.  Fed is quite content slowly debasing the US dollar (FRN) to nothing.  They damn sure don't want instant debasement to nothing, overnight currency collapse, which giving a trillion dollars for this stupid "coin" would set off.

That's it.  There is no other relevant argument for or against.  It doesn't matter how much US govt debt this "coin" would pay down, nor how much US govt debt there really is, it's just not relevant. 


Wed, 01/09/2013 - 23:29 | 3139579 aminorex
aminorex's picture

Bunch of whiners.  Can't see anything yourself, so you curse the light.  A $200tn coin is 200x better than a 1tn coin.  Monetizing debt forces Congress to take responsibility.  Best thing that could happen.

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