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SERIOUSLY??! A one trillion dollar platinum coin?? C'mon

tincuptincup Posts: 4,724 ✭✭✭✭✭

Somehow I can't help but think there is something really wrong with the scenario. But looks like the government is considering doing so, so they can bypass the debt ceiling limit that is coming up in a few days.

----- kj

Comments

  • PerryHallPerryHall Posts: 45,209 ✭✭✭✭✭

    Wouldn't it be easier to just print a trillion dollar bill like Zimbabwe did?

    Worry is the interest you pay on a debt you may not owe.

  • PokermandudePokermandude Posts: 2,709 ✭✭✭

    @PerryHall said:
    Wouldn't it be easier to just print a trillion dollar bill like Zimbabwe did?

    Why stop at one? Could print hundreds, thousands or more and then we'd all be rich! /s

    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    "Why stop at one? Could print hundreds, thousands or more and then we'd all be rich! "

    I think that is what feels so wrong about it. You open that pandora's box... make the money all the time and any time you want... bypassing the supposedly Congressional oversight and approval... well, our system may be finished. might as well be Zimbabwe money.

    ----- kj
  • cohodkcohodk Posts: 18,512 ✭✭✭✭✭
    edited October 5, 2021 2:46PM

    If a 1 ounce silver ASE has a $1 face value and one ounce gold AGE has a $50 face value, then how much might a platinum coin weigh with a $1 Trillion face value?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    The federal reserve reigns over the federal reserve note.

    To obtain one, one must pledge an equal amount of collateral.

    The there’s the most important part: the treasury is not part of the federal reserve system

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • LukeMarshallLukeMarshall Posts: 1,883 ✭✭✭✭✭
    edited October 5, 2021 4:09PM

    @cohodk said:
    If a 1 ounce silver ASE has a $1 face value and one ounce gold AGE has a $50 face value, then how much might a platinum coin weigh with a $1 Trillion face value?

    A platinum Eagle has a hundred dollar face value and weights 1 Troy oz.

    One trillion divided by 100 is Ten Billion (ounces)

    A ton of metal is 29,166.66 Troy oz repeating.

    Ten billion divided by 29,166 is 342,857+

    So if we apply face value and weight of an platinum American eagle , and multiply it out a One trillion Dollar platinum coin would weigh three hundred forty two (thousand) tons (+)

    (Forgot a word)

    It's all about what the people want...

  • pcgscacgoldpcgscacgold Posts: 2,602 ✭✭✭✭✭

    If it is like the 2021 Palladium proof there will be a 50% mark up.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    There is no legal mandate that the 1 oz platinum be $100

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    (k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

    https://www.law.cornell.edu/uscode/text/31/5112

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • blitzdudeblitzdude Posts: 5,303 ✭✭✭✭✭

    Stack on! And I alvvays assumed platinum was just overpriced gutter??? Bring on the golden quadrillions!!!

    The whole worlds off its rocker, buy Gold™.

  • MsMorrisineMsMorrisine Posts: 32,045 ✭✭✭✭✭

    Platinum is rarer than gold

    Not much deserving the gutter

    I hear wedding rings are made of platinum in japan

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • rte592rte592 Posts: 1,387 ✭✭✭✭✭

    It will be made of unatainum.

  • PerryHallPerryHall Posts: 45,209 ✭✭✭✭✭

    I wonder if it will sell out in 5 seconds like other recent limited edition mint offerings. :D

    Worry is the interest you pay on a debt you may not owe.

  • TPGSTPGS Posts: 207 ✭✭✭

    @tincup said:
    Somehow I can't help but think there is something really wrong with the scenario. But looks like the government is considering doing so, so they can bypass the debt ceiling limit that is coming up in a few days.

    Could you post a link to the article?

  • TomBTomB Posts: 20,614 ✭✭✭✭✭

    @tincup said:
    Somehow I can't help but think there is something really wrong with the scenario. But looks like the government is considering doing so, so they can bypass the debt ceiling limit that is coming up in a few days.

    Perhaps you could change your user name to tinfoilhat?

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    @TPGS said:

    @tincup said:
    Somehow I can't help but think there is something really wrong with the scenario. But looks like the government is considering doing so, so they can bypass the debt ceiling limit that is coming up in a few days.

    Could you post a link to the article?

    Looks like my original link disappeared. I think this was the article:

    https://axios.com/the-coin-that-could-avert-a-federal-debt-default-f4d7e1ab-25d9-4add-8059-5493c47ac341.html

    ----- kj
  • TomBTomB Posts: 20,614 ✭✭✭✭✭

    Give me a break, that's not news, that's clickbait gossip.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Smoke and mirrors in the world of high finance..... Cheers, RickO

  • tincuptincup Posts: 4,724 ✭✭✭✭✭

    @TomB said:

    @tincup said:
    Somehow I can't help but think there is something really wrong with the scenario. But looks like the government is considering doing so, so they can bypass the debt ceiling limit that is coming up in a few days.

    Perhaps you could change your user name to tinfoilhat?

    Ummm.... thanks for the thoughtful and very helpful suggestion Tom. The actual news article itself states the reason it is being considered is because of an attempt to bypass the debt ceiling limit... ....not a reason to be tossing out names or aspersions at the one relaying the news or giving an opinion on it.

    It's up to each individual whether to stay informed with what is taking place in the news... or to ignore it. To each their own.

    ----- kj
  • TomBTomB Posts: 20,614 ✭✭✭✭✭

    I read the link, calling it a "news article" is being awfully kind.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • tincuptincup Posts: 4,724 ✭✭✭✭✭
    edited October 6, 2021 6:04AM

    @TomB said:
    Give me a break, that's not news, that's clickbait gossip.

    Clickbait? Perhaps.

    And perhaps, as you stated, "calling it a "news article" is being awfully kind" may be the interpretation of some. Everyone is entitled to their own opinions. I sadly admit that I did not clear the news through any 'clickbait review board' before posting. If it is 'clickbait' as you say, then it is pretty widespread; as there are multiple sources out there. Though unlikely the coin would actually be minted, there is little doubt in my mind that it has actually been discussed as the articles reference.

    As a good friend of mine was fond of saying, if you don't like what's playing on the tv and it gets you upset... just change the channel.

    All you had to do was to state it looked like 'clickbait' to you. There was no need to throw out insinuating comments.

    ----- kj
  • DrBusterDrBuster Posts: 5,300 ✭✭✭✭✭

    Local ATL news was talking about this this morning. Nothingburger. And didn't we have this same discussion at one point during Obama times??

  • bigjpstbigjpst Posts: 3,030 ✭✭✭✭✭

    @DrBuster said:
    Local ATL news was talking about this this morning. Nothingburger. And didn't we have this same discussion at one point during Obama times??

    I was thinking the same thing. Sounds like a retread of an old ridiculous idea. Congress doesn't want to do this. They would much rather blame each other for some debt limit concoction to score political points. Probably mostly think tank people and talking heads arm chair quarterbacking the economy.

  • Like this post from yesterday:
    https://forums.collectors.com/discussion/1064461/trillion-dollar-coin

    Closed discussion due to political overtones.
    While the case could be made that it wasn't the original intent, just take a look at the progression of the thread.

This discussion has been closed.