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Minting a trillion dollar platinum coin

Started by Cain, January 11, 2013, 04:04:54 PM

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Cain

January 11, 2013, 04:04:54 PM
Is anyone else following this idiocy?

I thought about putting it in the financial fuckery thread, but decided it was stupid enough to warrant its own discussion.

LMNO

#1
January 11, 2013, 04:10:37 PM
I think it would be amazing, and a perfect example of the social fiction of money.

On the other hand, Ezra Klein makes a good case for not going for the easy fix:

QuoteThat problem is not the debt ceiling, per se, though it manifests itself most dangerously through the debt ceiling. It's a Republican Party that has grown extreme enough to persuade itself that stratagems like threatening default are reasonable. It's that our two-party political system breaks down when one of the two parties comes unmoored. Minting the coin doesn't so much solve that problem as surrender to it.

The Good Reverend Roger

#2
January 11, 2013, 04:17:10 PM
Quote from: Cain on January 11, 2013, 04:04:54 PM
Is anyone else following this idiocy?

No.  What the fuck?
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Cain

#3
January 11, 2013, 04:17:14 PM
Ezra Klein is a dweeb, but I actually agree with him here, if not for the reasons he gives.

Allowing this to go ahead just enshrines the power of the executive over the legislative, and increases the likelihood of the Man On A Horse scenario for the USA.

Of course, that scenario is probably inevitable in the long-term, but ideally it should be avoided where possible...

Cain

#4
January 11, 2013, 04:18:50 PM
Quote from: The Good Reverend Roger on January 11, 2013, 04:17:10 PM
Quote from: Cain on January 11, 2013, 04:04:54 PM
Is anyone else following this idiocy?

No.  What the fuck?

Basically, Obama supporters and the White House have suggested that, if the Republicans don't play ball on the debt ceiling vote, they'll get the Treasury to mint a trillion dollar platinum coin.

See http://www.dailykos.com/story/2013/01/08/1177211/-Co-author-of-platinum-coin-law-weighs-in-on-trillion-dollar-coin# for details.

The Good Reverend Roger

#5
January 11, 2013, 04:26:17 PM
Quote from: Cain on January 11, 2013, 04:18:50 PM
Quote from: The Good Reverend Roger on January 11, 2013, 04:17:10 PM
Quote from: Cain on January 11, 2013, 04:04:54 PM
Is anyone else following this idiocy?

No.  What the fuck?

Basically, Obama supporters and the White House have suggested that, if the Republicans don't play ball on the debt ceiling vote, they'll get the Treasury to mint a trillion dollar platinum coin.

See http://www.dailykos.com/story/2013/01/08/1177211/-Co-author-of-platinum-coin-law-weighs-in-on-trillion-dollar-coin# for details.

:lulz:

Blocked, but the idea is hilarious.  I love this century.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Faust

#6
January 11, 2013, 04:34:17 PM
The only way to beat the republicans is to out crazy them.
Wouldn't want to lose that coin down the back of the couch.
Sleepless nights at the chateau

The Good Reverend Roger

#7
January 11, 2013, 04:37:50 PM
Quote from: Faust on January 11, 2013, 04:34:17 PM
The only way to beat the republicans is to out crazy them.
Wouldn't want to lose that coin down the back of the couch.

Alongside the forklift you'd need to move it.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Mesozoic Mister Nigel

#8
January 11, 2013, 04:39:54 PM
Wow, OK.  :lulz:

Oh, America.
"I'm guessing it was January 2007, a meeting in Bethesda, we got a bag of bees and just started smashing them on the desk," Charles Wick said. "It was very complicated."

The Good Reverend Roger

#9
January 11, 2013, 04:41:26 PM
Oh, wait.  That would weigh more than 1500 tons.  Forklift aint gonna do it.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

LMNO

#10
January 11, 2013, 04:45:00 PM
The coin, or the couch?

Because the coin would simply be about the size of a poker chip, and simply say $1,000,000,000,000 on it.

The Good Reverend Roger

#11
January 11, 2013, 04:45:36 PM
Quote from: LMNO, PhD (life continues) on January 11, 2013, 04:45:00 PM
The coin, or the couch?

Because the coin would simply be about the size of a poker chip, and simply say $1,000,000,000,000 on it.

That's not nearly as cool.

They need to involve me in decisions like this.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Faust

#12
January 11, 2013, 04:47:55 PM
Using up 1500 tons of platinum would also have the effect of setting back manufacturing and and healthcare for about a thousand years.

We don't have an awful lot of platinum.
Sleepless nights at the chateau

Cain

#13
January 11, 2013, 04:52:21 PM
Using up the entire world's platinum supply is worth it to beat the Republicans at their own metallic currency nuttery.

I'm hoping 20 years from now we'll have lunatic Democrats demanding all coins be issued in platinum, and websites with names like Platinumismoney.com cropping up.

LMNO

#14
January 11, 2013, 04:53:06 PM
Why wait 20 years?  We can start setting up those websites right now.
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