Treasury, Fed kill idea of $1 trillion platinum coins to avert debt crisis
Onedollarnohollar
Posts: 2,035 ✭✭✭✭
So now what are we going to do? It seemed like such a good idea too! Mint one coin worth a trillion dollars, walk it over to the treasury department, deposit it and PRESTO we got ourselves a balanced budget!
Maybe we should mint a few extra just in case though. I think they're open to suggestions. Maybe if the Langbords turn in the rest of their stash that the Fed doesn't know about?
Maybe we should mint a few extra just in case though. I think they're open to suggestions. Maybe if the Langbords turn in the rest of their stash that the Fed doesn't know about?
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Of course everybody new that the Federal Reserve Bank ( a private bank with but 1 customer) wouldn't agree to this.
So, what else is new?
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The name is LEE!
Would be kind of interesting from a history perspective years down the road.
<< <i>Should Daniel make a 2013 $1 trillion platinum coin?
Would be kind of interesting from a history perspective years down the road. >>
Yes, a great theme for a Hard Times token
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......
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>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. 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......
<< <i>
<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. MJ >>
The circulating clad coins are authorized by congress. If the mint struck a clad trillion dollar coin it would not be legal.
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
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<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. MJ >>
The circulating clad coins are authorized by congress. If the mint struck a clad trillion dollar coin it would not be legal. >>
Never under estimate desperation. 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......
<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
I think he is wrong. The mint sells "collector coins" at premiums over their metal content. What about the Carson City Morgan Dollars that were sold? They were
sold at big premiums. There would have been a way to do the $trillion coin.
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<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. MJ >>
The circulating clad coins are authorized by congress. If the mint struck a clad trillion dollar coin it would not be legal. >>
Never under estimate desperation. MJ >>
Executive order?
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>
<< <i>
<< <i>
<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. MJ >>
The circulating clad coins are authorized by congress. If the mint struck a clad trillion dollar coin it would not be legal. >>
Never under estimate desperation. MJ >>
Executive order?
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......
<< <i>clad trillion dollar coin ...
Wouldn't be legal unless congress authorized 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
``https://ebay.us/m/KxolR5
``https://ebay.us/m/KxolR5
<< <i>Should Daniel make a 2013 $1 trillion platinum coin?
Would be kind of interesting from a history perspective years down the road. >>
Daniel is not authorized, by law, to make "money" on behalf of the United States of America.
The US Treasury, on the other hand, is.
The name is LEE!
<< <i>
<< <i>
<< <i>Former US Mint Director Moy was interviewed concerning this issue. He said this coin would have to contain a trillion dollars worth of platinum to comply with the law that is being cited for this hairbrained scheme. >>
Thank goodness all of our current coinage is worth their weight in value. MJ >>
The circulating clad coins are authorized by congress. If the mint struck a clad trillion dollar coin it would not be legal. >>
Perhaps a review of the existing law is needed before any further discussion. I'm gonna see if I can find it.
The name is LEE!
31 USC - 5112(k)
"(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."
No denomination is specified as in the previous sections and as such, Congress has already authorized the Secretary of the Treasury to mint a platinum bullion coin in whatever denomination s/he wants.
In short, Congressional approval is not needed. Until, that is, Congress amends this particual part of the US Code.
The name is LEE!