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  Topic: The Trillion-Dollar Platinum Coin
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The Trillion-Dollar Platinum Coin
Commentary, by John Steele Gordon

Original Article

Posted By:pineledger, 1/10/2013 6:57:06 AM

There is a new idea racing through the chattering classes for how President Obama could avoid the debt ceiling. (Snip)Of course, there is one small problem: Platinum is currently selling for about $1,590 a troy ounce. So a $1 trillion coin would weigh 26,221 “troy tons,” which might present a bit of a transportation problem getting from the mint to the Federal Reserve. There is also the problem that nowhere near that much platinum has ever been mined since the metal first came to the attention of chemists in the 1740s.

Comments:
So the trillion dollar coin would be "on paper" only.

Same old same old.

      


Post Reply  

Reply 1 - Posted by: GreatGreyhounds, 1/10/2013 7:04:21 AM     (No. 9108395)

Then why not make 300 Million of them, and give one to every American Citizen!

We would all be in the top %2 of earners and then the IRS could tax us at the new tax rates, and our deficit would just disappear!

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Reply 2 - Posted by: Liberal like Jefferson, 1/10/2013 7:12:16 AM     (No. 9108409)

Darn. I was waiting to see who would be tapped to return the Dems Magic Coin from whence it came and throw it into Mount Doom.

.....my precious.....

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: MOBeef4u, 1/10/2013 7:39:52 AM     (No. 9108437)

If we could just wake up the LIVs to the reality of how much 1 trillion, let alone 16+ trillion, is...I know, probably a lost cause.

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Reply 4 - Posted by: Grace Veritas, 1/10/2013 7:41:00 AM     (No. 9108441)

Stamp out a few trillion dollar coins.

Send them to the Chicoms to settle our debt with them.

Problem solved.

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Reply 5 - Posted by: Spidey, 1/10/2013 7:44:41 AM     (No. 9108446)

This coin scheme has nothing to due with the debt ceiling but the simple fact that Obama simply can´t borrow the money any more to feed all the left wing money gulpers.

Is a foreign government actuality going to accept this funny money as a debt payment? I don´t think so. I can´t put a coin in a bank and make credit card payments off it.

We´re only at the tip of the iceberg on money shortage,Obamacare will finish us off.

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Reply 6 - Posted by: john56, 1/10/2013 7:51:43 AM     (No. 9108460)

I guess if Dear Leader(US) could get a couple of his bundlers to sell about two dozen of these, we´re outta debt.

Reminds me of the old Depression era joke. A guy is selling applies from a cart in the city with a sign: "Apples $5." You´d normally pay 5 cents for an apple at the time.

When somebody tells the guy that he´s not going to sell many apples for five bucks, he replies, "Well, I only gotta sell one."

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Reply 7 - Posted by: Hoosier, 1/10/2013 8:31:53 AM     (No. 9108507)

I´m hoping to find one in the sofa.

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Reply 8 - Posted by: tehtriggerman, 1/10/2013 8:55:54 AM     (No. 9108546)

If they can print this amount why are we enslaved paying taxes?

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Reply 9 - Posted by: uno_thatguy, 1/10/2013 9:22:43 AM     (No. 9108603)

I have in my possession two $50 Trillion dollar bills from Zimbabwe. (Yep, they´re real money.) I´d be willing to sell both of them to hussein the Insane for a mere $1 million US. Sounds like a good deal to me!

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Reply 10 - Posted by: jimK1, 1/10/2013 10:11:43 AM     (No. 9108719)

Hang on to those, they may be worth more than our money in short order.

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Reply 11 - Posted by: evansj42, 1/10/2013 10:16:29 AM     (No. 9108731)

The fact that someone even came up with this dain bramaged idea is frightening. As soon as the coin hit circulation our money supply is instantly worthless; We´ll be instant millionaires and billionaires but everything will cost in the hundreds of trillions and quadrillions. But, maybe that is the goal: destroy America´s financial standing and then maybe we´ll be ready for that old one world government thingy (i.e. Agenda 21).

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Reply 12 - Posted by: blunderbuss, 1/10/2013 12:38:16 PM     (No. 9109115)

Yet another hint of the bad old Weimer German republic runaway inflation.

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B-G1


 
Reply 13 - Posted by: bona fides, 1/10/2013 2:08:53 PM     (No. 9109285)

We´re on par with thousand-year old so-called primitives (from Wikipedia):

The perceived value of a specific stone is based not only on its size and craftsmanship but also on the history of the stone. If many people—or no one at all—died when the specific stone was transported, or a famous sailor brought it in, the value of the rai stone increases.

Rai stones were and still are used in rare, important social transactions such as marriage, inheritance, political deals, sign of an alliance, ransom of the battle dead or, rarely, in exchange for food. Many of them are placed in front of meetinghouses or along pathways. The physical location of the stone may not matter—though the ownership of a particular stone changes, the stone itself is rarely moved due to its weight and risk of damage. The names of previous owners are passed down to the new one. In one instance, a rai being transported by canoe was accidentally dropped and sank to the sea floor. Although it was never seen again, everyone agreed that the rai must still be there, so it continued to be transacted as genuine currency. What is important is that ownership of the rai is clear to everyone, not that the rai is physically transferred or even physically accessible to either party in the transfer.

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