I don't think it would stand up to challenges. It is a terrible idea that even if accepted politically would not be accepted by the market as a whole (Wall St.).
It would make much more sense to argue that the constitution does not allow defaults, keep making payments, and fight it in the courts. The coin idea comes across as devious. The constitutional argument has some substance.
Along with a trillion dollar coin comes the trillion dollars that congress can spend (or pay bills with). It's no different than printing a trillion new dollar bills except it saves money on paper and ink. The tree huggers should love it.
Keep an open mind, or get financially repressed -Zoltan Pozsar
@derryb said:
Along with a trillion dollar coin comes the trillion dollars that congress can spend (or pay bills with). It's no different than printing a trillion new dollar bills except it saves money on paper and ink. The tree huggers should love it.
Who needs trees when we got binary digits? No need for ink or paper just a click here and a click there. Welcome to life in the 21st century. RGDS!
@Higashiyama said: @ms71: individually they’d reach conclusions, but no two would agree; I guess that’s the point!
Yup. There'd be a different conclusion for each of the thousands of economists. And what could the individual possibly draw from that?
Actually one could draw a lot from that. Just as folk draw conclusions from the millions of differing opinions of the general populace
Yup, Each individual is able to select from the available opinions one which allows him to get from his own unwarranted assumption to his own foregone conclusion; and then to preach it as "fact".
How would this be different from Zimbabwe bucks, except that the coin would be platinum? Would this make a Platinum Eagle more valuable, or would it just make dollars worth less?
Q: Are You Printing Money? Bernanke: Not Literally
"One phone call from the Treasury to the Federal Reserve could reprice the Treasury’s gold from $42.22 per ounce (historic cost) to a market level of $2,000 per ounce. That would pull $550 billion of new spending power out of thin air without issuing any debt. This was done by the Eisenhower administration in the 1950s under similar circumstances."
Wonder what this would do to market price? got gold?
Keep an open mind, or get financially repressed -Zoltan Pozsar
VanHalen
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I fail to see how a trillion dollar coin would prevent any kind of catastrophe from occurring.
I knew it would happen.
I don't think it would stand up to challenges. It is a terrible idea that even if accepted politically would not be accepted by the market as a whole (Wall St.).
It would make much more sense to argue that the constitution does not allow defaults, keep making payments, and fight it in the courts. The coin idea comes across as devious. The constitutional argument has some substance.
Along with a trillion dollar coin comes the trillion dollars that congress can spend (or pay bills with). It's no different than printing a trillion new dollar bills except it saves money on paper and ink. The tree huggers should love it.
Keep an open mind, or get financially repressed -Zoltan Pozsar
An act of desperation if it takes place.
Who needs trees when we got binary digits? No need for ink or paper just a click here and a click there. Welcome to life in the 21st century. RGDS!
The whole worlds off its rocker, buy Gold™.
Just another gimmick... not likely to fool most of the citizenry... and virtually none of the world economists. Cheers, RickO
"If all the economists in the world were laid end to end, they wouldn't reach a conclusion".
Quote that appeared first in 1932 but has never been definitively attributed. But then, that figures doesn't it.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
@ms71: individually they’d reach conclusions, but no two would agree; I guess that’s the point!
Yup. There'd be a different conclusion for each of the thousands of economists. And what could the individual possibly draw from that?
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Economists don't even agree with their own conclusions; Harry Truman "Get me a one handed economist"
On the other hand
Actually one could draw a lot from that. Just as folk draw conclusions from the millions of differing opinions of the general populace
Knowledge is the enemy of fear
Yup, Each individual is able to select from the available opinions one which allows him to get from his own unwarranted assumption to his own foregone conclusion; and then to preach it as "fact".
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Yea, a trillion dollar would work only if it weighed 1,000,000,000 ounces.
That's one big coin to slab.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
How would this be different from Zimbabwe bucks, except that the coin would be platinum? Would this make a Platinum Eagle more valuable, or would it just make dollars worth less?
I knew it would happen.
Quick Fix via Jim Rickards:
"One phone call from the Treasury to the Federal Reserve could reprice the Treasury’s gold from $42.22 per ounce (historic cost) to a market level of $2,000 per ounce. That would pull $550 billion of new spending power out of thin air without issuing any debt. This was done by the Eisenhower administration in the 1950s under similar circumstances."
Wonder what this would do to market price? got gold?
Keep an open mind, or get financially repressed -Zoltan Pozsar