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Insane “Trillion Dollar Platinum Bullion Coin” Option Ruled Out By U.S. Treasury To Avert New Debt Crisis
The silly and somewhat insane uber Keynesian “Trillion Dollar Platinum Coin” appears to be now firmly off the table.
The US Congress has once again ruled out the possibility of issuing a “trillion dollar platinum coin” floated as a possible solution to the looming US Debt Crisis.
Pressure is mounting as Treasury Secretary Jack Lew said earlier this week that Congress would need to raise the nation’s borrowing cap by November 3 to avoid a potential default.
“If Congress fails to raise the nation’s debt ceiling by that date, the US could risk a first-ever default on its obligations”.
Brett LoGiurato, writing in UK Business Insider, points out that as a resolution to the US debt ceiling is still unclear, “speculation has popped up once again about two popular theorized “work-arounds” — the 14th Amendment and the “trillion-dollar platinum coin.”
Read more in “Treasury again rules out the ‘trillion-dollar coin’ option to avert the debt ceiling”
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Today’s Gold Prices: USD 1174.40 , EUR 1035.08 and GBP 759.88 per ounce.
Yesterday’s Gold Prices: USD 1173.70 , EUR 1032.87 and GBP 747.86 per ounce.
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Gold in GBP – 1 Month
Gold fell yesterday by $6.30 closing at $1146.60 but was up by 0.61% overall for the week. Silver lost $0.05 to close at €15.08, down 0.46% for the week. Euro gold fell to about €1023, platinum lost $7 to $945.
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If the $1T coin doesn't currently exist I'd cover bets that the die for such a coin does exist and a quick pressing would produce the coin. There's really no difference between creating a coin for an amount of currency and authorizing treasury to sell pieces of electronic paper with various amounts declared on them.
The raising the debt ceiling is a ritual sham used to provide the drug dealer (Fed) the excuse to blame the drug addict (govt) when the SHTF at the end of their Ponzi scheme.
Money of any kind, fiat or specie, gets value because a critical mass of trading people have confidence it has value, that is all that is required, a numerical critical mass of confidence holders. Krugmans thinking is to create a gold type surrogate in the 1T platinum, a sort of specie/fiat hybrid, to con the sheeple that their FRN fiat is backed by some tangible specie. I have every confidence that zio wizards can pull off the marketing feat required to convince goyim intellectuals the 1T platinum is in fact specie with that value. They separated the overstretched dollar from gold without a squeak in the early 70's, surely they can reattach it to bullshit.
NICE IDEA, but short a few zeros. The reason it will never happen is due to the fact that the more than one players that have this country so levered that they run it, 'de facto', well, the couldn't have one as there would be only one and if there where more than one, it would be counterfeited (obviously out of N. Korea).....
Now for some 'constructive' thinking... stop issuing pennies and nickles. collect taxes in only tenths of a dollar and round up from 4. Stop the presses on the $1 and $5 bill and release the horde of Susan B's and those golden dollars. Male a RF $10 coin and a $5 coin that is also a radioactive battery. That should get a hyperinflation mindset going.
There is no doubt that the debt ceiling will be raised. More debt has to be created to pay off existing debt. This is how the system that we have works, if more debt is not created the whole system collapses, the only time they will not raise the debt ceiling is the time that they want it to collapse.
This whole thing is theatre!
But then again the ___ chimp likes free golf so much he may collapse the system and bring in Marshal law and become the Kenyan Dictator for more free golf.
Plan B: False flag, declare martial law, monetize the debt with electronic funds, make all denominations over $20 illegal for the workers, no problem.
);-( The only way out is hyperinflation, not deflation with serfdom.. Got to eat it just like the rest of the world (Argentina, Brazil, etc.)
We mint the coin, pay off the Fed with it, and then watch them try to find somebody to give them change somewhere when they try to spend it..
whats not to love... the problem is of course no matter how much money the government is allowed to print or spend it will always spend more. that's the nut shell we have to crack.
Just buy a couple of 100 Trillion Zimbabwe bills and we should be good for at least the next 20 years...Do I get a Noble Prize for my idea?...
I'll take two please.
Just carve it on a walnut shell. Good for all debt it takes to kill you.
I like it. I'll then be worth 2 trillion dollars.
Like the old ad campaign from Lays, if they print one, they will print more. When they run out of fiscal magical hat tricks they will turn to this.
A trillion dollar platinum bullion coin? That's funny. All along I thought platinum was worth $1,100 to $1,200 an ounce or so. So now they are trying to counterfeit with metal instead of paper? Now that's creative!
No more insane than what they are already doing. They can't co-exist much longer. Someone has to take the blame, someone must take the fall. All the best pyshcos. Sleep well.
15 horses 1 donkey - you gonna get schooled, motherfucker.
Jesus H Christ on a crutch - DIGITAL CURRENCY ???????
Don't keep pimping this tired old whore of an idea everywhere, and don't EVEN think of tying it to Zero Hedge.
Haven't you learned a fucking thing while being here ??????
Sorry dude - a Zero Hedge coin will be minted in physical gold or silver.
Only the Krugmans, Bernankes, and their masters believe in digital dog vomit rainbow skittle shitting unicorn fairy dust rama lama ding dong Klingon cocksucer from Uranus mystery meat digital currency.
Mint the coin out of plastic if you want. The way I understand it is the coin is denominated by fiat or Sovereighn authority.
The banksters don't want anything to do with this as it is NOT the reset they are looking for.
Draining you of an ounce of plastic is not what they have in store for human kind.
The current monetary pardigm to create currency is to create a debt that bears interest, and then create currency equal to the debt's face value.
This does nothing for the interest. To service the interest, they have to issue a new debt, that carries its own interest, to back the creation of more currency to allow payment of the first set of interest from the first debt.
It is simple double-entry book-keeping.
Of course... the Debt is only worth the face value because the government says it is.
And the dollar based upon it is only worth the face value because the government says it is.
In the $TRILLION Coin course of action, they book a platinum coin that the government declares to be worth $1 Trillion into their assets column of the Fed's balance sheet.
Then they issue an additional $1 Trillion of currency, which is an entry in the liability column of the Fed's balance sheet, that is worth $1 Trillion because the coin is, and the coin is because the government says so.
The reason it was ruled out, I understand, is because the Heads of the Fed banks objected to the viability of a platinum coin having a value far in excess of market values for platinum. It just wasn't believable.
So, with paper or electronic dollars, and credit, a government declaration is enough proof of value.
But with a physical commodity...according to bankers... it isn't.
It seems to me there is a discrepancy in the perceived value of a government declaration.
WELL, MAYBE THE PAPER VALUE OF THE COIN IS A TRILLION BERNANKE BUX....................
But, I don't give a fuck about that.
Weight times spot price per ounce is all it will ever really be worth.
Who are these dumb fucks trying to kid, apart from themselves ?
Yes...
but by saying so they're underscoring the same dynamic is true of the paper version.
Why is this idea insane, when they have created trillions out of thin air and stuck us with the bill in the first place?
They won't default.
It's just too damn convenient to keep lying, deceiving, screwing the public over and creating money out of nothing.
The interesting thing about the single coin is it shows off exactly what money as coins in your pocket to the average joe, he may not understand the markets in bonds, stocks and equities but he sure as hell can see that 1 coin as complete farce
They need more than one anyway. And the only people that would buy them would be the Fed.
Why not just have Jack Lew rub his dingle-dangle on a used tissue and sell it to the Fed for several trillions?
For all intents and purposes that's what they do now, anyhow.
Control-P
DEFAULT .. DEFAULT .. DEFAULT ..
Do it NOW!
It is time ..
Oy vey, keeping the gubmint going would be a shoah!. protect israel from isis/putin, give more money to israel, give more weapons for free to israel, and pledge absolute allegiance to israel like it says in (the old testament), and maybe the economy will get fixed, goyim.
ps--talking about jews is antisemitism.
No, talking against TRUE Semites is -- anti-Semitism ..
https://www.scribd.com/doc/123652605/Genome-Evolution-of-Jewish-Populati...
They should make two very large coins. Store one in the White House and one in the Capital Building.
I suggest plutonium.
Yeah, place a big long tube between the WH and CB, insert powerful rockets with pretty 1kg "trillion dollar" Pu coins in each end of the tube, then launch the rockets simultaneously towards the center of the tube.
Yes, that should solve the federal debt problem.
Good idea, courtesy onan and krugman!
-----
PS: Just ask Paul Krugman. He will explain why this is an excellent approach, because it is an application of his beloved "broken window phenomenon" (every disaster is good for the economy).
As far back as I can remember I’ve always heard….
““If Congress fails to raise the nation’s debt ceiling by that date, the US could risk a first-ever default on its obligations”.”
I was in New York during the shutdown of ’97 and couldn’t visit the Statue of Liberty.
you mean the Whore of Babylon?
Hitting the debt limit would throw the banks, Wall Street, and the entire world economy into chaos. Congress knows who butters its bread; the debt limit will be raised, no problem.
Surely the $1t coin would have Obama's face on the heads and Kim Kardashian's ass on the tails?
And the $2t coin would have Kim's bust on the front, and Obama flipping us the bird on the back.
Except for our birth and death with the endless fraud between the two, nothing is real.
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Why wouldn't they make the coin out of gold?
Platinum… Barbarous relic.
•?•
V-V
No limits on the denomination of platinum coins, unlike gold and silver (and paper... for now).
More FUD, the US gov't survived with out a raised debt cap in the past. It simply shutdown the gov't and deferred some payments.
The question is, will Barry seize this opportunity to enact emergency powers, and dismiss Congress, cancel elections and turn the gov't into a dictatorship.
FWIW: I really, really hate living in interesting times.
I am numb.
Wouldn't the coin have to be the size of a football field to be valued at $1T at today's spot?
No, the treasury can strike coins of any denomination with any metal. See nickels (5c value but 6.5c to create)
I've always wondered why coin denominations are disparate. 5 cents on a nickel, 10 cents on a tiny dime, 25 cents on a 5 oz silver coin, 5 dollars on a tiny gold coin, ...it's not the size, content, or make of the metal. it's simply what the gubmint says it is. the different denominations psychologically condition the sheeple to accept what the gubmint says it is, while attaching a small amoutn of value. over time, the gubmint fiat grows, while the value diminishes, like the 1/x, where x approaches infinity. of course, gubmint can't grow to infinity, but it will try.
"Wouldn't the coin have to be the size of a football field to be valued at $1T at today's spot?"
Nope, It would be easier to just devalue the dollar to $1T per ounce. That would solve the strong dollar problem, for exporters, and also cure many other problems: unfunded liabilities, unemployement, etc /sarc
Rules probably prohibit producing coins in quantities of less than 1000.
Billion dollar coins will have to do.
If they don't raise the debt limit it will be because they've eliminated the debt limit.
Since it's the most irresponsible thing they could do, they'll do it.
Why do they give a holy fuck about the 14th amendment, when they piss and shit all over the 1st, 2nd, 3rd, 4th and 5th?
Don't forget the 10th amendment, the courts have really destroyed that one......
I thought we did away with that pesky ol document around 1913. Aren't we now under the Regulatory state?
Mate, we don't have amendments in Australia. But a trillion dollar coin, now I know our Mint would love to get in on that action...
But we can create our own trillion dollar coin. Zero Hedge Coin 0 is in the works, being designed. Find more at http://zhc0.com and vote. Vote no to can the project. Vote yes if you think a trillion dollar fan coin is a good idea. We can give it away to members and try get it listed on an exchange, so it can be traded for alternative digital crypto currencies. Maybe even bitcoin. Hmm, I am going to dream of a trillion Zero Hedge coins circulating, liquid, exchangable.
See rebuttal avec le truthieness a la Zero Hedge above..............
Silvergeddon, this was due, but it is also for you...
http://zhc0.com/a-bio-of-a-different-sort/
I own silver. I have a 5 kilo bar of 999 jewlery silver, with plans to produce coins. Not for sale, for a personal 'bag of silver'. Not for Zero Hedge. No, I want silver pirate doubloon replicas. And you'll have to slap me because I am going to keep posting until the Zero Hedge CryptoCoin has been produced. Only a couple of weeks, I think. Thanks to the ZH fans who voted yes.