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Trillion dollar coin idea officially dead
CaptHenway
Posts: 34,216 ✭✭✭✭✭
Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
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...you said it!!!
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Who first came up with hair brained scheme? A reporter? >>
Close. Columnist Paul Krugman floated this idea. At least he is getting his share of the credit. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Practice makes perfect & nobody is perfect. So, practice being nobody.
<< <i>
<< <i>Who first came up with hair brained scheme? A reporter? >>
Close. Columnist Paul Krugman floated this idea. At least he is getting his share of the credit. MJ >>
Actually, the trillion dollar coin idea was first proposed in July 2010 by Brad DeLong, a professor of Economics and chair of the Political Economy major at the University of California at Berkeley, that was later popularized by the media (including Krugman) during the debt ceiling debate in July 2011.
The name is LEE!
<< <i>Uhhhm........isn't it "officially dead" when the President, who has the authority to issue an Executive Order, say's its "officially dead" or that he will NOT consider the action? >>
Not always. Sometimes he says one thing and does the opposite.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Who first came up with hair brained scheme? A reporter? >>
Close. Columnist Paul Krugman floated this idea. At least he is getting his share of the credit. MJ >>
We talked about this here many years ago. I don't believe the idea was new then either.
Perhaps they're beginning to get the idea that you can't cheat mother nature.
The real blame should lie on the Congressmen who think that playing politics with the credit of the US will win them reelection. Any Congressperson who advocates using the credit of the US as a bargaining chip should not get your vote in 2014.
I am happy that "the coin option" was rejected, but very saddened at the root cause of the need to think of it is self inflicted and preventable with sound judgment by our Congressmen.
<< <i>If you make a commitment, you pay what you owe. Congress controls the purse strings (money allocation) and Congress (and only Congress) is to blame for the situation to come this rediculous situation where a Trillion Dollar coin is even thinkable as an option of fiscal responsibility.
The real blame should lie on the Congressmen who think that playing politics with the credit of the US will win them reelection. Any Congressperson who advocates using the credit of the US as a bargaining chip should not get your vote in 2014.
I am happy that "the coin option" was rejected, but very saddened at the root cause of the need to think of it is self inflicted and preventable with sound judgment by our Congressmen. >>
So, the preident has no responsibility for these massive debts even though the president has to sign these spending bills into law? Or, did that only apply when Bush was president?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
This is why this whole idea of the coin in the U.S. Coin Forum is "thin ice" to be skating on, in my humble opinion.
Practice makes perfect & nobody is perfect. So, practice being nobody.
Not to derail the thread from the OP (Trillion Dollar coin), but Bush has been given credit/blame for the massive spending he instituted, but Congress could have said "NO" and helped keep spending in check. Deficits and the debt were still big in 2001 and 2003. Even though we call them "Bush's tax cuts" and "Bush's wars", Congress authorized the spending. I would blame Congress there too. Now, they need to make sure we pay those commitments.
Glad it died a proper death although it's life was much too long.
We send these representatives to represent us - if you need a scapegoat, look in the mirror.
You know Dan Carr is gonna get in on this.
Empty Nest Collection
I knew it would happen.
<< <i>So, the president has no responsibility for these massive debts even though the president has to sign these spending bills into law? Or, did that only apply when Bush was president?
Not to derail the thread from the OP (Trillion Dollar coin), but Bush has been given credit/blame for the massive spending he instituted, but Congress could have said "NO" and helped keep spending in check. Deficits and the debt were still big in 2001 and 2003. Even though we call them "Bush's tax cuts" and "Bush's wars", Congress authorized the spending. I would blame Congress there too. Now, they need to make sure we pay those commitments. >>
"We The People" elect both the President and the Congress, so the buck (or dollar coin) stops with us.