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SERIOUSLY??! A one trillion dollar platinum coin?? C'mon
tincup
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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
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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.
Why stop at one? Could print hundreds, thousands or more and then we'd all be rich! /s
"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.
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?
Knowledge is the enemy of fear
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
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...
If it is like the 2021 Palladium proof there will be a 50% mark up.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 35 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
There is no legal mandate that the 1 oz platinum be $100
(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
Stack on! And I alvvays assumed platinum was just overpriced gutter??? Bring on the golden quadrillions!!!
The whole worlds off its rocker, buy Gold™.
Platinum is rarer than gold
Not much deserving the gutter
I hear wedding rings are made of platinum in japan
It will be made of unatainum.
I wonder if it will sell out in 5 seconds like other recent limited edition mint offerings.
Worry is the interest you pay on a debt you may not owe.
Could you post a link to the article?
Perhaps you could change your user name to tinfoilhat?
In honor of the memory of Cpl. Michael E. Thompson
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
Give me a break, that's not news, that's clickbait gossip.
In honor of the memory of Cpl. Michael E. Thompson
Smoke and mirrors in the world of high finance..... Cheers, RickO
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.
I read the link, calling it a "news article" is being awfully kind.
In honor of the memory of Cpl. Michael E. Thompson
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.
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.
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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.