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Topic: The U.S. Mint’s Former Top
Cop on How to Guard a
Trillion-Dollar Platinum Coin |
The U.S. Mint’s Former Top
Cop on How to Guard a
Trillion-Dollar Platinum Coin
New York Magazine, by Dan Amira
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Original Article
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Posted By:StormCnter, 1/10/2013 6:09:43 AM
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| As America´s opinion-shaping elite continue debating the debt-ceiling end-around of minting a trillion-dollar platinum coin, we´ve begun to wonder about the logistics of protecting an object of such unprecedented value. Where would we store it? How would we prevent it from being stolen by Mr. Burns? For answers, we called up former Chief of the U.S. Mint Police Bill Daddio (yes, Daddio is his real name), who, for 27 years, until he retired in 2007, was "responsible for directing all protection programs and law enforcement functions for all the U.S. Mints facilities
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Reply 1 - Posted by:
Spidey, 1/10/2013 6:51:13 AM (No. 9108369)
Not much security is going on at the mint these days anyway. How could a truckload of newly minted $100 bills be stolen in broad daylight and we haven´t heard a word about it. My guess is they were quickly distributed as walking around money to get out the vote for Obama.
There was a time a stolen truck of money would have an army of investigators tracking it down,not in this case which was probaby an inside job.
The trillion dollar coin thing can´t happen.The money generated by it,in theory would generate massive inflation but since it´ll go o low info voters to buy lotto tickets,it can´t cause consumer inflation.
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Reply 2 - Posted by:
bkt23, 1/10/2013 6:59:37 AM (No. 9108385)
Why is this even being talked about? At current market prices, there isn´t $1 trillion dollars worth of platinum that has been mined. In fact, there´s about $8 billion dollars worth of platinum above-ground total.
So a single ounce platinum coin marked "$1 trillion buckaroos" is just fiat money; the same as printed paper money. In other words, it isn´t worth what it says it´s worth.
BUT! If the brain-donors in government were to mint such a coin, it would have intrinsic value - the platinum itself - and if the government were to say that one ounce of platinum is worth $1 trillion, that would devalue the dollar faster than any hyperinflation could.
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Reply 3 - Posted by:
pineledger, 1/10/2013 7:01:24 AM (No. 9108390)
Read the commonsense article from Commentary, just posted.
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Reply 4 - Posted by:
PChristopher, 1/10/2013 7:16:51 AM (No. 9108415)
What is all this BS about a platinum coin lately?
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Reply 5 - Posted by:
OhMy, 1/10/2013 8:23:06 AM (No. 9108493)
Sure just steal the Trillion Dollar coin. Can you imagine the stir a Starbucks when you drop it on the counter to buy a cup of coffee. How will they make change to you? How will you keep the change secure?
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Reply 6 - Posted by:
tc rider, 1/10/2013 8:46:46 AM (No. 9108530)
My guess is that Obama will just keep it in his pocket, or on a chain around his neck with his Nobel prize.
Imagine the convenience of going to his favorite hamburger joint, when he goes to pay the bill, "got change for a trillion? No? Oh well, I´ll pay you next time.".
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Reply 7 - Posted by:
bobgray2, 1/10/2013 8:48:40 AM (No. 9108531)
It really doesn´t matter what is stamped on the platinum coin, it is still going to be worth no more than the market value of platinum. As of now, about $1600/oz. The very act of minting such a coin renders the clause "full faith and credit" as meaningless. It also renders all other US currency as worthless.
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Reply 8 - Posted by:
mickturn, 1/10/2013 8:58:20 AM (No. 9108554)
The dumb arses will lose most of them...conveniently into their cronies pockets.
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Reply 9 - Posted by:
mickturn, 1/10/2013 8:59:41 AM (No. 9108557)
I would love to see the Saudi´s and Chicom´s faces when we send them a few and say, thanks for the loan, here´s the payoff. Have a NICE day!
Also, pay off the Fed with them, they pretend to loan us money and we can pretend to pay them back.
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Reply 10 - Posted by:
terry_tr6, 1/10/2013 9:28:21 AM (No. 9108613)
considering that the coin would weigh upwards of 26,000 tons, to find the perps we would just need to keep tabs on chiropractors for people complaining of back pain
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Reply 11 - Posted by:
rmsimms, 1/10/2013 1:42:25 PM (No. 9109242)
You would need no more security to guard it than you would for an ounce of platinum. It´s the only one in existence...where would the thief cash it in?
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