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Now That The Trollin' Dollar Coin Is Back...

Tyler Durden's picture




 

Ten days ago, knowing full well what was coming, we asked a simple rhetorical questions.

A week later, assorted tabloids specializing in kittens and slideshows have made the people happy once more.

However, for the benefit of everyone who may have forgotten that this absolutely idiotic idea is nothing new, and was tried the last time the US was on the verge of default, which under Obama is happening with an annual periodicity, here is a reminder of what both the Fed and the Treasury have to say on this particular topic.

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.

Of course, this will not prevent this particular idea from once again trolling up and clogging the NSA's servers (on those days in which they haven't short circuited) as is to be expected in any truly self-respecting banana republic.

 

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Tue, 10/08/2013 - 15:38 | 4035102 THX 1178
THX 1178's picture

<---- We're fucked

<---- We're totally and unapologetically fucked

Tue, 10/08/2013 - 15:42 | 4035120 Pool Shark
Pool Shark's picture

 

 

Forget the Trolling Dollar,

I prefer the Trolling Saruman:

http://www.youtube.com/watch?v=KaqC5FnvAEc

 

Tue, 10/08/2013 - 15:43 | 4035129 DoChenRollingBearing
DoChenRollingBearing's picture

.gov wants platinum for coins?  I have some that I will sell for just $1,000,000 each.

Tue, 10/08/2013 - 15:48 | 4035148 Enslavethechild...
EnslavethechildrenforBen's picture

If the Criminals at the Fed wont accept money from the Treasury, how about we confiscate their presses and just print Dollars? Tell me the cock suckers won't accept Dollars...

Tue, 10/08/2013 - 15:57 | 4035205 highandwired
highandwired's picture

Speaking of criminals, did you hear how this guy talks about criminal cops:  http://www.youtube.com/watch?v=GXBLDL0GoEA

Tue, 10/08/2013 - 16:32 | 4035391 icanhasbailout
icanhasbailout's picture

Moscow Cat Theater - your point is invalid.

http://www.youtube.com/watch?v=HlKYtLlvRlU

Tue, 10/08/2013 - 16:59 | 4035554 Stackers
Stackers's picture

The $1 Quadrillioon Rhodium Coin

Tue, 10/08/2013 - 21:01 | 4036485 steelrules
steelrules's picture

Highandwired

Maybe this is why Rob Furlong is in trouble up in Edmonton, for pissing on fellow cop.

Maybe he couldn't stand the psychopaths he had to work with on the force.

http://en.wikipedia.org/wiki/Rob_Furlong

Tue, 10/08/2013 - 17:10 | 4035591 Kirk2NCC1701
Kirk2NCC1701's picture

Now do you see why I said* I liked Platinum better than Gold?  PLATINUM, Bitchez!  ;-)

* Mon, 10/07/2013 - 23:33 | 4032981

Tue, 10/08/2013 - 15:44 | 4035131 TruthInSunshine
TruthInSunshine's picture

<---Because Obama...

<---Not because Obama...

Tue, 10/08/2013 - 16:24 | 4035340 dick cheneys ghost
dick cheneys ghost's picture

Because Bernake

Because Blankfein

Tue, 10/08/2013 - 16:32 | 4035402 Uncle Remus
Uncle Remus's picture

But wait! There's more...

Tue, 10/08/2013 - 17:48 | 4035738 max2205
max2205's picture

I'll take two and a loaf of bread please

Tue, 10/08/2013 - 15:38 | 4035107 EscapeKey
EscapeKey's picture

I recently bought some chocolate 'gold' coins. I value them each at $1,000.

Any takers, or should I just assume that the Federal Reserve (and Paul Krugman) will be the only potentials?

Tue, 10/08/2013 - 15:44 | 4035135 superflex
superflex's picture

Does that chocolate gold coin have a broken window?

Tue, 10/08/2013 - 15:41 | 4035110 alphamentalist
alphamentalist's picture

i could get behind this if obama's face were minted on the coin, ensuring he would own this chapter of his legacy.

Tue, 10/08/2013 - 16:14 | 4035297 krispkritter
krispkritter's picture

I just want a relica commemorative coin with his face on it.  I'll have it surgically implanted in the crack of my ass so I'll have something to smile about every time I wipe my ass for the rest of my life...

Tue, 10/08/2013 - 15:41 | 4035113 Billy Sol Estes
Billy Sol Estes's picture

Of course they couldn't take it. At current spot prices a Trillion dollar platinum coin would be about the size of a football field.

Tue, 10/08/2013 - 16:07 | 4035260 slyhill
slyhill's picture

At current spot prices, how much is a zinc penny worth?

Tue, 10/08/2013 - 15:42 | 4035121 jcaz
jcaz's picture

BitCoin, Mk II- the full jazz odyssey.....

Tue, 10/08/2013 - 15:43 | 4035134 SpykerSpeed
SpykerSpeed's picture

Bitcoin is back up to the 120's again.  Governments can't kill that fucker (or confiscate the Bitcoins that are encrypted).

Gold and silver had a good run, but ultimately the bankers figured out how to supplant them with paper money and remove "backing" without causing much of a public outcry.  Bitcoin is the real future of money.  It's time we try something new rather than repeating the mistakes of our ancestors.

Tue, 10/08/2013 - 15:54 | 4035178 nickt1y
nickt1y's picture

Where is your stinking bitcoin when the grid goes down?

Tue, 10/08/2013 - 15:57 | 4035190 CH1
CH1's picture

Where is your stinking bitcoin when the grid goes down?

Waiting five minutes for my generator to crank up.

Attacking something you don't understand is not smooth.

Tue, 10/08/2013 - 16:00 | 4035221 oddjob
oddjob's picture

..and assuming you will have unfettered access to the internet is what?

Tue, 10/08/2013 - 16:16 | 4035303 SpykerSpeed
SpykerSpeed's picture

What if the government outlaws the sale and ownership of gold, like they've done in the past?  Then what, gold bug?  :)

I think most Americans wouldn't mind.  Most Americans don't own gold.  But in order to stop Bitcoin, governments would have to shut down the entire Internet.  People wouldn't be too pleased with that.

Tue, 10/08/2013 - 16:24 | 4035343 malikai
malikai's picture

When the grid goes down, I'm not worried about my BTC.

I'm worried first and foremost about the 145 Fukushimas about to happen..

 

Tue, 10/08/2013 - 16:10 | 4035277 superflex
superflex's picture

Your generator powers the grid?

Tell me, where do I buy such a generator?

 

Tue, 10/08/2013 - 16:16 | 4035308 SpykerSpeed
SpykerSpeed's picture

Tell me, what do I do when the government sends troops to my door to confiscate my gold?  What do I do when the TSA and border patrol are taking gold from people who are leaving the country?

Tue, 10/08/2013 - 16:36 | 4035421 Uncle Remus
Uncle Remus's picture

Buy more ammo?

Tue, 10/08/2013 - 16:53 | 4035511 markovchainey
markovchainey's picture

Give them your lead first?

Tue, 10/08/2013 - 17:28 | 4035650 Uncle Remus
Uncle Remus's picture

And if you're going to leave the country, consider one of those guys that lead people up from Mexico. I'm sure they'd welcome the opportunity to not have to dead-head back.

Tue, 10/08/2013 - 19:11 | 4036045 dark pools of soros
dark pools of soros's picture

dude don't even bother, most of the people you are arguing with are still connecting via AOL dialup

Tue, 10/08/2013 - 20:33 | 4036420 SpykerSpeed
SpykerSpeed's picture

LOL  Yes.

Tue, 10/08/2013 - 23:28 | 4036921 Balanced Integer
Balanced Integer's picture

Tell them to look at the bottom of my favorite fishing hole. Those damn boating accidents, man...

Tue, 10/08/2013 - 16:15 | 4035288 AGuy
AGuy's picture

"Waiting five minutes for my generator to crank up."

Pointless unless you have an internet, and a working infrastructue. I doubt you find a single local merchant that will allow you to buy something using Bit-coin or dollars if the dollar dies.

 

Tue, 10/08/2013 - 16:18 | 4035314 SpykerSpeed
SpykerSpeed's picture

Same with gold.  Most merchants would laugh in your face if you tried to buy something with a gold coin.  They wouldn't have a way to know it's real.

Tue, 10/08/2013 - 16:39 | 4035435 Uncle Remus
Uncle Remus's picture

Yes, not recognizing real money (from the US Treasury) over counterfeit fiat (FRN) has long been a problem. Right up there with humans that can't make change.

Tue, 10/08/2013 - 17:10 | 4035595 SpykerSpeed
SpykerSpeed's picture

Bitcoin, by comparison, is impossible to counterfeit.  And making change with Bitcoin is done automatically since its purely digital.

Look, I'd love to support gold and silver money.  But we already tried that.  And it failed.  Governments still got what they wanted.

Tue, 10/08/2013 - 16:55 | 4035524 markovchainey
markovchainey's picture

Most merchants, yes.  The manager of the Indian supermarket up the block will sell me all kinds of things and say "Thank you!  Come again!" and mean it.

Tue, 10/08/2013 - 16:13 | 4035287 SpykerSpeed
SpykerSpeed's picture

On my hard disk, and the hard disks of millions of people in other countries where "the grid" isn't down.

Bitcoin is redundant.  Unlike gold, which is easily confiscated.

Tue, 10/08/2013 - 16:27 | 4035359 dick cheneys ghost
dick cheneys ghost's picture

bitcoin is INVISABLE................

fixed for ya

Tue, 10/08/2013 - 15:43 | 4035125 SpykerSpeed
SpykerSpeed's picture

A trillion dollar coin would simply "free up" a trillion dollars that would have otherwise gone to paying the interest on the debt.  That newly freed up money would flood the economy and cause inflation.

I swear I think MMT'ers are retarded.

Tue, 10/08/2013 - 15:48 | 4035153 machineh
machineh's picture

They are 'progressive.'

This is a message from the Dept. of Redundancy Dept.

Tue, 10/08/2013 - 15:48 | 4035156 TruthInSunshine
TruthInSunshine's picture

Paul Krugman, who endorses attacking Mars & has won a Nobel Prize for some research he did many years ago regarding comparative trade, said that the nest thing for USSA is much higher inflation during a period of real wage declines & extraordinarily high rates of unemployment and underemployment (with robots & machines replacing more human workers with each passing month).

Tue, 10/08/2013 - 15:54 | 4035182 Manthong
Manthong's picture

.. just for the record..  it was a Nobel "AWARD"..  a boondoggle the Nobel turds contrived to expand their influence. 

Tue, 10/08/2013 - 16:09 | 4035253 Ghordius
Ghordius's picture

TruthInSunshine, this is not true. Nobel Laureate Dr. Professor Paul Krugman does not endorse attacking Mars

what he thinks is that IF Mars attacks the US and destroys nearly every single window, door, roof, machine and anything of value THEN the US would experience the greatest economic boom ever witnessed, IF neo-Keynesians recipies are used

a big difference. concentrate, man. Dr. Krugman also said that the EUR is doomed

Tue, 10/08/2013 - 16:40 | 4035416 TruthInSunshine
TruthInSunshine's picture

Technically, you're right.

I looked back at the interview Krugman did and he actually stated he supported a 77 trillion (with a "T") USD "When Mars Attacks" stimulative defense/force field/Uranus Dome/Plasma Minefield/Phaser Gattling Gun/Space Goo program.

So, Krugs was endorsing DEFENDING earth from a vicious, sudden & relentless attack by Mars.

Tue, 10/08/2013 - 16:41 | 4035444 Uncle Remus
Uncle Remus's picture

No, I think he was advocating opportunistic pillaging of public monies, profiting from Schadenfreude as it were.

Tue, 10/08/2013 - 16:57 | 4035541 Ghordius
Ghordius's picture

close your eyes and think of England. ehm. I mean jobs. definitely lots of jobs. don't ever forget to promise jobs

Tue, 10/08/2013 - 17:26 | 4035631 Uncle Remus
Uncle Remus's picture

I happened to catch a Max Keiser clip with Stacey (my local vet hospital that has a receptionist that very much resembles Stacey) wherein they spoke of using the Royal Trust ( I think they called it a trust) as a sovreign wealth fund, since England has none and a lot less gold. Of course, a view out the window behind Max of London and some odd steel and glass thing was in the shot.

Tue, 10/08/2013 - 16:56 | 4035517 Ghordius
Ghordius's picture

of course. you see, the best outcome starts with US windows being broken. if other people's windows get broken you get into a lot of hassle in befriending them afterwards, so that you can "assist" them in repairing their windows

not as efficient

I'm trying to make some humour here, but I witnessed once a discussion he had with students on the Marshall Plan which nearly made me cry

until he started to pontificate about the EUR, then I could laugh again

Tue, 10/08/2013 - 17:52 | 4035742 max2205
max2205's picture

Must pay moar SNAP AND THE DoD

Tue, 10/08/2013 - 15:42 | 4035132 hmmmstrange
hmmmstrange's picture

Screw the trillion dollar coin, let's just start minting the quadrillion dollar coin.

Tue, 10/08/2013 - 15:45 | 4035133 Devotional
Devotional's picture

why not just hand in 18 of those coins and voila, gone is the debt ... right?

Tue, 10/08/2013 - 16:17 | 4035316 AGuy
AGuy's picture

"why not just hand in 18 of those coins and voila, gone is the debt ... right?"

better to mint half-million of them. After the first 18 are used, the rest will be spend in rapid succession as they dollar dies and the fed gov't tries to build a death star in vain attempt to hold the empire together.

 

Tue, 10/08/2013 - 17:51 | 4035745 max2205
max2205's picture

Mail one to china and call it even

Tue, 10/08/2013 - 16:21 | 4035335 NRGIsFree
NRGIsFree's picture

18 coins? No No No.. just one 18 Trillion dollar coin.

Tue, 10/08/2013 - 17:06 | 4035577 markovchainey
markovchainey's picture

That's efficiency!  You must be German :-)

Tue, 10/08/2013 - 15:46 | 4035137 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

If you see catalytic converter company whose primary client is GM take a closer look at their financials if the FED and other 'in the club' types like Buffett and Soros are also invested then the trillion dollar platinum coin is coming up next. It would be probably the only way to turn it back into capitol.

Tue, 10/08/2013 - 15:47 | 4035145 giggler321
giggler321's picture

They didn't say they wouldn't mint a silver coin just platinum.  Truth is in the detail no doubt.

Tue, 10/08/2013 - 15:52 | 4035157 Shizzmoney
Shizzmoney's picture

Unless the "coin" is a Federal Reserve Note......they will not accept it in their "bank".

Remember, the Petro-Dollar is the Federal Reserve Note.  The whole "Unites States Dollar" thing on the actual bills are just there for show. 

The Fed, nor its funny money, IMO.....doesn't represent, nor will it ever represent, the TRUE faith and credit of the United States (just the banana republic that is governs by the lot of assholes in there now).  After the Fed goes busto (and it will), the US Dollar will still exist (the "US" might be different, however).

I actually wanted them to mint the coin just to shut all of you assholes up.  ANd make it in Tungsten while you are at it, for full "fraud" effect.

In the end, it doesn't fucking matter: we are fucked anyways and the people we put in charge are quite possibly the dumbest people in the history of forever.

Tue, 10/08/2013 - 16:03 | 4035241 vulcanraven
vulcanraven's picture

Not dumb, just willing and complicit in the scam.

Useful idiots, if you will.

Tue, 10/08/2013 - 15:52 | 4035165 Dr. Gonzo
Dr. Gonzo's picture

Question: I have a 1997 U.S. Platinum Eagle. Will this also be worth a trillion dollars if they decide to go that route? The U.S. mint hasn't produced platinum coins since the Lehman collapse in 2008 so I suppose I would be willing to sell mine to Obama for 500 billion dollars our Treasury Dept. doesn't have any more platinum... due to the U.S. insolvancy.

500 billion would be my rock bottom though. I really don't trust paper money from the U.S. and it's not like I'm in a big hurry to sell it. 

Tue, 10/08/2013 - 15:51 | 4035171 Angel Face
Angel Face's picture

Congress decides what is legal tender.  Who gives a rip if the Federal Reserve accepts it?

Tue, 10/08/2013 - 15:52 | 4035177 Save_America1st
Save_America1st's picture

Oh yeah?  Well howz about the trollin' dollar voice!  Crank up the Edward Khil baby, yeah!

http://trololololololololololo.com/

Tue, 10/08/2013 - 15:58 | 4035209 Urban Redneck
Urban Redneck's picture

Forget the coin, the Treasury does not need to BORROW dollars, just order whoever created Barry's birth certificate to create a deed to the Brooklyn Bridge and then send Jack Lew over to Ben's drive-in window and SWAP it for dollars with a wink a nod to make it up later, it's not like the FED doesn't have the latitude in what it accepts as collateral for cash, or what it allows said collateral to be valued at, or like they aren't already just swapping one piece of fraudulent .gov promise for another...

If they actually wanted to avoid a default there are myriad realistic options that the private sector is using EVERY day to help governments all over the world get mo' cash and hide debt.

Tue, 10/08/2013 - 16:01 | 4035214 jrpuffnstuff
jrpuffnstuff's picture

Do it, just do it.  I wanna see the coin........

Tue, 10/08/2013 - 16:00 | 4035220 SgtShaftoe
SgtShaftoe's picture

Think bigger.  Think atomic number 94.  Plutonium coins.  At 10 Trillion a piece they are priceless, even though they're not really a coin, more of a ball.  Obama can display one next to his peace prize. 

Tue, 10/08/2013 - 16:01 | 4035227 A Lunatic
A Lunatic's picture

However a blood of little children coin might be acceptable.........

Tue, 10/08/2013 - 16:04 | 4035246 NOTaREALmerican
NOTaREALmerican's picture

Dis is Merica damn it,   use liquid paper for that coin.

Tue, 10/08/2013 - 16:11 | 4035274 IndyPat
IndyPat's picture

Bartender! Double purple drank-shaken, side of bathsalts, if you please.

Tue, 10/08/2013 - 16:26 | 4035356 NRGIsFree
NRGIsFree's picture

Money is worth exactly what the two parties exchanging it think it is. It is the power of consciousness these satanic magicians have had a grip on. That is why you can't just create a trillion dollar coin. In a global economy the rest of the world will say no deal.

Tue, 10/08/2013 - 16:29 | 4035384 Son of Captain Nemo
Son of Captain Nemo's picture

Time for some "Thunderclap"!

http://www.youtube.com/watch?v=ZNK5jVkv0vM

Tue, 10/08/2013 - 16:36 | 4035425 Son of Captain Nemo
Son of Captain Nemo's picture

By the way for anyone watching the video above please forgive me for the selection especially at the end of it with the red circle drawn around "Satans asshole".  But as you can see by the date alot has happened to us even since 2010 when this was uploaded.

Tue, 10/08/2013 - 23:45 | 4036961 Balanced Integer
Balanced Integer's picture

Okay, I'll admit it. I wasn't going to click this link until your whole "Satan's Asshole" shpeel. Because of that, I just had to see.

Just wanted to let you know that I laughed my as off. Have an upvote.

Tue, 10/08/2013 - 18:08 | 4035788 malek
malek's picture

Waiting for Pauli Krugman, pointing out that this is small minds' thinking - we need at least a quadrillion dollar coin!

Tue, 10/08/2013 - 18:22 | 4035845 KingFiat
KingFiat's picture

It doesn't have to be a platinum coin.

If it is only a one trillion dollar coin, copper might be better. Otherwise people might begin to hoard these coins in the coming hyperinflation.

 

Tue, 10/08/2013 - 18:49 | 4035956 jonjon831983
jonjon831983's picture

To mess with people's heads, make 3 trillion dollar coins.

One for China...

One for Japan...

and with the third coin, tell the rest of the creditors no change, so they'll have to fight to divy up that last coin.

Tue, 10/08/2013 - 20:28 | 4036407 unununium
unununium's picture

Tell me again why Treasury printing $1T to redeem bonds is ridiculous, but Fed printing $85B/month to redeem bondholders is prudent?

Ah yes.  In the first case, taxpayers are relieved of a burden.  In the second case, Treasury OWES THE FED after the transaction.

Tue, 10/08/2013 - 20:35 | 4036424 firestarter_916
firestarter_916's picture

If you don't believe this govt will do ANYTHING you don't understand this govt. Anything and EVERYTHING will be on the table with a Chicago crime master running this country.

Fri, 10/11/2013 - 00:28 | 4043966 EndTheIllusion
EndTheIllusion's picture

It is actually too bad that the media has portrayed the idea of a $trillion coin in such sarcastic light. If you really think about it, if we did do that, the government would be taking back its constitutional right to coin money. So instead of paying interest on our entire money supply that is borrowed from private banks, the government could print it itself and save all the interest charges. These interest payements are approx $350 billion annually. Can you imagine what we could do with that kind of money? Rebuild our infrastructure, lower taxes, fund higher education, scientific research, lower the deficit, and other things that would naturally stimulate the economy. 

Now you can bet that the Wall St types will pull out all their big guns to ridicule this idea, since the government printing its own interest free money is essentially is a stake  in the vampire's heart. So all the small minds will parrot the propaganda they heard on the media about this being such a silly idea and it probably will not happen. So we will continue paying this debt until the overhang becomes so big, it will simply collapse under its own weight (it is probably pretty close to that point now).

For those who really want to open their minds, read the book "Web of Debt", by Ellen Brown. You will never look at money, banks, and government the same way after you are done reading this.

Disclosure: I receive no payments for this book endorsement, nor do I profit from its sale in any way. 

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