On the Platinum Coin Trick
I really didn't want to write about this. When we first heard about it a year ago, everybody laughed. When it came up again last week, there were snickers, contemptuous really of the idea that the government of the United States would have to pull a trillion dollar coin out of its ass to keep paying its bills.
Well, nobody's laughing anymore. "Serious thinkers" on both the right and the left are seriously thinking about whether the platinum coin trick is something the government can or should do to avoid a debt default if we blow through the debt ceiling. There are actually three questions tied up in the platinum coin trick. Is it constitutional? Is it legal? Is it a good idea? Actually, there's a fourth question, and we'll start there: Is it even necessary?The answer to this fourth question, of course, is "no, it is not necessary, at least, not in the short term." If we hit the debt ceiling, it will require that Treasury start prioritizing its payments. Normally, Treasury would have to pay our creditors first, in order to keep our national credit rating from dropping, and pay for federal spending out of what remains. Hitting the debt ceiling would mean that some federal spending would have to be curtailed since there wouldn't be enough money left after making our debt payments. We're not in a normal situation, though, because the Democrats in the White House claim that they would rather continue spending money than make principle and interest payments on what the U.S. owes.
There are some things Treasury can do to make funds stretch, but none of that is a long-term solution. The long-term solution is to reduce spending and, given current spending obligations, the medium-term solution is to raise the debt ceiling. That's why the GOP leadership is demanding spending cuts in an amount equal to or greater than the amount Obama and the Democrats want to raise the debt ceiling. Which brings us back to the platinum coin trick. As I wrote above, some "serious thinkers" don't like the concept of a debt ceiling. They thing it's silly and they'd like to avoid it forever. Since they know Congress won't repeal the debt ceiling, and even Obama has rejected the pathetically errant idea that he can simply ignore it, the platinum coin trick is one way of putting off dealing with it. By minting a $1 trillion coin and depositing it with the Fed, the government would be credited with enough money to put off a collision with the debt ceiling for another year. Before I get into constitutionality or legality, though, here's what we're talking about. 31 U.S.C. § 5112(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.So, is the platinum coin constitutional? Some interesting folks have suggested that it is not, including John Carney in two posts here and here. His argument is that Congress cannot delegate to the Secretary of the Treasury the authority to mint platinum coins without some "intelligible principle" to guide the Secretary's discretion. In fact, Congress has placed some constraints on the Secretary's authority to issue platinum coins, including whether or not they must be legal tender (they must), whether or not they are numismatic items (they are not), and how the Secretary must account for the difference between the amount the nominal value of a coin minted from platinum exceeds the cost of the metal used to mint it (in short: creative accounting). Congress has also set on the Secretary a guiding principle for the minting of all coins: "The Secretary of the Treasury . . . shall mint and issue coins . . . in amounts the Secretary decides are necessary to meet the needs of the United States." Note the word "shall" in the preceding mandate. Congress has also set on the Secretary some discretionary authority, namely he may borrow on the credit of the United States, but not more than the debt ceiling. And he is obligated to transfer to federal agency sub-accounts amounts appropriated by Congress in its occasional appropriations bills. Carney thinks this isn't enough of an "intelligible principle" to guide the Secretary's discretion when it comes to the platinum coin. I am here to tell you that if it went to the Supreme Court, the justices would say this was more than enough (with Justice Thomas dissenting). The Supreme Court has upheld broad grants of generalized authority to executive agencies for sixty years now and this is no different. See, for example, the FDA, the IRS, and HHS. Is the platinum coin legal? Several folks on the left have taken the lead claiming that the platinum coin trick is illegal. Kevin Drum over at Mother Jones and Tom Maguire at Just One Minute are in that camp, but this argument takes two flavors. Drum argues that the platinum coin trick is illegal because it's not what Congress intended by the platinum coin statute. I'm not sure where Drum has been living all these years, though, because what Congress intends and what the laws actually accomplish do not generally have much to do with each other. Certainly there is no legal requirement that laws accomplish Congress' purpose in passing them. Look no further than the so-called Affordable Care Act. Legally, if statutory text is unambiguous on its face, there is no reason to look outside the text -- at either the context or at congressional intent -- to determine its meaning. In short, if the text is clear, we already know its meaning. It is irrelevant what one, two, or even a hundred legislators intended when they passed something if the text is clear. In the case of the platinum coin statute, the language is simple and direct. There is no ambiguity and it therefore doesn't matter a lick what Congress thought it was doing when it passed the law. Maguire raises a different objection. He says the platinum coin must be a "bullion" coin and claims that the value of a bullion platinum coin can only equal the market value of platinum at the time of minting plus the costs of manufacture and distribution. He is wrong about this. Congress very specifically stated in the statute that bullion gold and silver coins must be valued at the market value of the metal plus costs. That is extensively prescribed by statute. Congress placed no similar restriction on the value of a bullion platinum coin and, in fact, Congress dropped from the proposed statute such a provision when it considered it in 1995. In short, unlike for gold and silver bullion coins, Congress left the value of a bullion platinum coin up to the Secretary. (A side note for numismatists: a separate section of the statute requires that "[t]he bullion coins minted under this Act shall be issued in both proof and uncirculated qualities." Again note the obligatory "shall." I read that as meaning Treasury would have to issue proof and uncirculated versions of the $1 trillion coin. What they would be valued at, I have no idea and the statute provides little guidance on that.) Is the platinum coin a good idea? The final question is probably the easiest: no, it's not a good idea. Some economists, Paul Krugman foremost among them, insist it will not lead to debilitating inflation because QE 1, 2, and 3 didn't lead to bad inflation. That's not so much a guiding economic principle, but an admission that they're not sure what's happening, but it hasn't been that bad yet. But there's more to consider than just inflation. Pulling a platinum coin out of thin air is likely to lead to a credit rating downgrade whether we continue to pay our creditors or not because it signals a serious problem with U.S. government finances. It also sets a terrible precedent. And, of course, the very point of the platinum coin trick is to push our day of reckoning further into the future when we're going to be less likely to deal successfully with our spending problem. Megan McArdle had a particularly noteworthy rant about the merits of the platinum coin trick yesterday. I encourage you to read it. In short, the platinum coin trick an unnecessary idea and a bad one, but it is not, as some have argued, unconstitutional or illegal.
Comments
Posted by: ALL_IS_LOST at January 10, 2013 11:24 AM (T/L2Z)
Posted by: CDR M at January 10, 2013 11:24 AM (cqZXM)
This "coin" is another shiny object to scare people about the evol nasty wepublicans who are willing to put people out on the street, take food from the mouths of babes and close the EPA that will result in instant nasty dirty smoggy air.
But getting spending under control is a MUST and this shiny coin is a symbol of the Democrat mantra of "not having enough to spend and pay bills."
Posted by: Deli LLama at January 10, 2013 11:24 AM (lGu1O)
Posted by: gigg at January 10, 2013 11:25 AM (41VCE)
Haironfire.gif
Posted by: Zakn at January 10, 2013 11:26 AM (zyaZ1)
Posted by: Zakn at January 10, 2013 11:27 AM (zyaZ1)
http://tinyurl.com/3ob2yw
Posted by: Billy Bob, pseudo intellectual at January 10, 2013 11:27 AM (tWFaN)
Posted by: toby928© for TB at January 10, 2013 11:28 AM (evdj2)
Posted by: Sherry McEvil, Wilde Wrepublican Wench at January 10, 2013 11:28 AM (W77/H)
Posted by: Billy Bob, pseudo intellectual at January 10, 2013 11:28 AM (tWFaN)
Posted by: toby928© for TB at January 10, 2013 11:30 AM (evdj2)
Posted by: DarrenODaly at January 10, 2013 11:30 AM (EqXTp)
Posted by: jim at January 10, 2013 11:31 AM (VwhRo)
Why not produce17 coins?
Pay off the debt and have some change left to by
some votes.
Better yet 139 so it covers unfunded liabilities.
Posted by: YIKES! at January 10, 2013 11:31 AM (mETGQ)
Posted by: toby928© for TB at January 10, 2013 11:32 AM (evdj2)
If the coin was stolen from the FED, what would happen?
I don't mean that some thief is a trillion dollars richer based on a two thousand dollar coin.Im asking what would happen being this coin is floating around out there out of the governments hands and yet they spent a trillion dollars based on it.
What are the possible ramifications.
Posted by: Drider at January 10, 2013 11:32 AM (HaJD9)
it is not, as some have argued, unconstitutional or illegal"
I was thinking the same thing, GM. In my humble opinion, the reason why these coins won't work is because no one will be able to use them purchase anything (as no one will be able to afford them), and so no one with therefore value them. This is the whole key in the value of a currency.
Posted by: Mr_Write at January 10, 2013 11:32 AM (CLkAH)
Posted by: jim at January 10, 2013 11:33 AM (VwhRo)
Posted by: Ammo Dump at January 10, 2013 11:33 AM (YYyqq)
platinum is considered a valuable metal right? what is different in using this to back our tendered than gold?
which i've read we do not have enough of any case to back the dollars that have been produced already?
Posted by: ette- at January 10, 2013 11:33 AM (nqBYe)
Posted by: sum(random) at January 10, 2013 11:34 AM (71nnc)
Posted by: CDR M
---
http://bit.ly/WSH15D
I think yes.
Posted by: sTevo at January 10, 2013 11:34 AM (v4kT7)
4000 to 1 won to US dollar that will be more than enough to purchase all
of the US debt and assets.
I own you, roundeye imperiarist dogs. I OWN YOU!!!!
Posted by: Kim Jong Un at January 10, 2013 11:34 AM (FITsd)
Posted by: red sweater at January 10, 2013 11:35 AM (CUi62)
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 11:35 AM (GBXon)
THE DOLLAR NO LONGER A STANDARD
Wrap your head around all the ripples that emanate from that. That's not a pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized
Posted by: @PurpAv at January 10, 2013 11:35 AM (BNacf)
Posted by: eleven at January 10, 2013 11:36 AM (KXm42)
If I steal the coin, am I the richest man on earth?
Posted by: DarrenODaly at January 10, 2013 11:30 AM (EqXTp)
Yes, but no vending machine on Earth can make the proper change.
Posted by: Cicero (@cicero) at January 10, 2013 11:36 AM (FITsd)
platinum coin and, in fact, Congress dropped from the proposed statute
such a provision when it considered it in 1995. In short, unlike for
gold and silver bullion coins, Congress left the value of a bullion
platinum coin up to the Secretary.
Time to amend that to make platinum coins illegal if they are minted in excess of their metal value.
Posted by: EC at January 10, 2013 11:36 AM (GQ8sn)
Posted by: Wonkish Rogue at January 10, 2013 11:36 AM (1kPLg)
Posted by: ette- at January 10, 2013 11:37 AM (nqBYe)
Posted by: Ammo Dump at January 10, 2013 11:37 AM (YYyqq)
I just came to the realization that I'm going to end up living out the rest of my days wondering if tomorrow will bring about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into one horrifyingreality show in which I play the starring role.
God help us all.
Posted by: Jaws at January 10, 2013 11:38 AM (4I3Uo)
statute requires that "[t]he bullion coins minted under this Act shall
be issued in both proof and uncirculated qualities." Again note the
obligatory "shall." I read that as meaning Treasury would have to issue
proof and uncirculated versions of the $1 trillion coin. What they would
be valued at, I have no idea and the statute provides little guidance
on that.)
Nice point, but meaningless if no one has standing to have the courts force Treasury to issue both versions. Who would have standing Gabe?
Posted by: John P. Squibob at January 10, 2013 11:38 AM (kqqGm)
Posted by: Dent Arthur Dent at January 10, 2013 11:39 AM (CUi62)
FIFY
Posted by: rickb223 at January 10, 2013 11:39 AM (GFM2b)
Posted by: L, elle at January 10, 2013 11:40 AM (0PiQ4)
Minting $Trillion coins whose worth is one Billionth the value of metal
would show the ridiculousness that the current monetary situation is.
Who would have faith in our currency knowing that the Gov't can pull
such crap from it's collective ass?
Posted by: jim at January 10, 2013 11:31 AM (VwhRo)
It is for this reason that I like the idea. It ought to constitute an "Emperor has no Clothes" moment for the nation.
Posted by: DiogenesLamp at January 10, 2013 11:40 AM (bb5+k)
Declare the coin worth an exabuck (10^18 dollars), and then the government won't need tax revenue to fund itself for hundreds of thousands of years! No more taxes! STIMULUS! MOAR STIMULUS!
Posted by: Cobalt Shiva at January 10, 2013 11:41 AM (OY/SZ)
obligatory "shall." I read that as meaning Treasury would have to issue
proof and uncirculated versions of the $1 trillion coin. What they would
be valued at, I have no idea and the statute provides little guidance
on that.)
missed that.
Posted by: ette- at January 10, 2013 11:41 AM (nqBYe)
Posted by: DanInMN at January 10, 2013 11:41 AM (XqeyF)
no longer be the reserve currency of the world before year end.
You think it would take that long?
Posted by: John P. Squibob at January 10, 2013 11:41 AM (kqqGm)
Posted by: john b at January 10, 2013 11:41 AM (Jx060)
No need to steal it. Counterfeit it.
Posted by: rickb223 at January 10, 2013 11:42 AM (GFM2b)
Posted by: Max Entropy at January 10, 2013 11:42 AM (L55Uk)
The Fed is a Ponzi scheme. Ron Paul was at least right about that.
Posted by: Billy Bob, pseudo intellectual at January 10, 2013 11:42 AM (tWFaN)
Posted by: Waterhouse at January 10, 2013 11:42 AM (ryAWr)
Posted by: rickb223 at January 10, 2013 11:42 AM (GFM2b)
Well whoever spends it gets arrested.
We know there'd only be one of them.
Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 11:42 AM (FsUAO)
Posted by: YIKES! at January 10, 2013 11:43 AM (mETGQ)
Posted by: Dent Arthur Dent at January 10, 2013 11:43 AM (CUi62)
26The point is, if they do this, then is an admission of abject failure and a screaming warning siren to the rest of the world that the US govt intends to enter a Wiemar era where the dollar can no longer be considered the world's "benchmark" currency.
THE DOLLAR NO LONGER A STANDARD
Wrap your head around all the ripples that emanate from that. That's not a pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized
---------
^This.^
This is what no one seems to be talking about, PurpAv.
And even without this 'Platinum Coin' nonsense...the prospect of this is looming.
Question is, what would replace the US Dollar as the world's benchmark currency?
Posted by: wheatie at January 10, 2013 11:43 AM (fH4X9)
Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 11:43 AM (hLRSq)
up living out the rest of my days wondering if tomorrow will bring
about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into
one horrifyingreality show in which I play the starring role.
God help us all.
Posted by: Jaws at January 10, 2013 11:38 AM (4I3Uo)
uh hmm, the wondering is killing me. Losing all faith is a plus to this administration i suspect. But it is happening non the less. the bastards
Posted by: ette- at January 10, 2013 11:43 AM (nqBYe)
Posted by: Bevel Lemelisk at January 10, 2013 11:43 AM (Ezq3m)
Posted by: Nevergiveup at January 10, 2013 11:44 AM (9Bj8R)
Posted by: Vic at January 10, 2013 11:44 AM (53z96)
No need to steal it. Counterfeit it.
Posted by: rickb223 at January 10, 2013 11:42 AM (GFM2b) I think they could check the serial number (0001) and see if it is real.
Posted by: jwest at January 10, 2013 11:44 AM (ZDsRL)
Posted by: Sean Bannion at January 10, 2013 11:44 AM (1SE1j)
Posted by: rickb223 at January 10, 2013 11:44 AM (GFM2b)
Posted by: phoenixgirl at January 10, 2013 11:44 AM (GVxQo)
up living out the rest of my days wondering if tomorrow will bring
about 1984, Mad Max, Idiocracy, and Schindler's List all rolled up into
one horrifyingreality show in which I play the starring role.
God help us all.
Posted by: Jaws at January 10, 2013 11:38 AM (4I3Uo)
That's a pretty good summation of what I see coming as well.
One Coin to bring them all, and in the darkness bind them.
Posted by: DiogenesLamp at January 10, 2013 11:45 AM (bb5+k)
Wouldn't it only take care of like 70% of this year's deficit?
Too bad nothing can erase Washington's mental deficit.
Posted by: red sweater at January 10, 2013 11:45 AM (CUi62)
Tell me were not fu*ked and it isn't going to burn spectacularly.
(we reached 10 trillion digits for pi last year)
Posted by: RWC at January 10, 2013 11:45 AM (fWAjv)
continue spending money than make principle and interest payments on
what the U.S. owes
We all know the Dems have no principles but is the principal being paid down or are they interest payments only?
Posted by: Robin Banks at January 10, 2013 11:45 AM (EjsOc)
Posted by: phoenixgirl at January 10, 2013 11:45 AM (GVxQo)
Posted by: Vic at January 10, 2013 11:45 AM (53z96)
Posted by: Pentangle at January 10, 2013 11:46 AM (D4PP9)
Posted by: Anna Puma (+SmuD) at January 10, 2013 11:46 AM (KnIgz)
Posted by: jwest at January 10, 2013 11:47 AM (ZDsRL)
Posted by: Bevel Lemelisk at January 10, 2013 11:47 AM (Ezq3m)
Posted by: Vic at January 10, 2013 11:47 AM (53z96)
Posted by: MrCaniac at January 10, 2013 11:48 AM (Zd/NW)
I still can't believe this SCOAMF POS was re-elected.
L.I.F.B.
Posted by: RoxyDoxy at January 10, 2013 11:49 AM (de5gG)
Posted by: Palerider at January 10, 2013 11:49 AM (5CusZ)
borrow any more to make up the difference, you need to sell some assets
to get rid of your debt.
Posted by: jwest at January 10, 2013 11:47 AM (ZDsRL)
Or kill off your debtors. I often think this was the plan all along.
Posted by: DiogenesLamp at January 10, 2013 11:49 AM (bb5+k)
Posted by: The Prophet Jeremiah Wright at January 10, 2013 11:49 AM (0PiQ4)
A good counterfeit would also have 0001 on it. So who has the real one? LOL
Posted by: rickb223 at January 10, 2013 11:50 AM (GFM2b)
Posted by: cajun carrot at January 10, 2013 11:50 AM (UZQM8)
Posted by: Charlie Gibson at January 10, 2013 11:50 AM (FcR7P)
Posted by: toby928© for TB at January 10, 2013 11:50 AM (evdj2)
Posted by: rickb223 at January 10, 2013 11:50 AM (GFM2b)
Again, if it was stolen, whatever, they'd just not accept the coin... They'd print a new one and de-certify the last one.
Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 11:51 AM (FsUAO)
Posted by: ette- at January 10, 2013 11:51 AM (nqBYe)
52 The trillion dollar coin takes care of this year's deficit. Now then - what about next year's deficit? What trick will be necessary for that?
Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 11:43 AM (hLRSq)
A colorized version of the same coin?
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:51 AM (Jcd0S)
"Or kill off your debtors. I often think this was the plan all along. "
This would be the first option if your debtors wern't also your customers.
Got to think ahead in this game.
Posted by: jwest at January 10, 2013 11:51 AM (ZDsRL)
Posted by: Zakn at January 10, 2013 11:27 AM (zyaZ1) This, I'm pushing for assets like gun ammo booze food and if I can some metals if I still have anything left after I'm done.
Posted by: cajun carrot at January 10, 2013 11:52 AM (UZQM8)
don't know if its a few years or a few decades down the road) If a new
Republic is formed rather than tyranny springing up I hope they
implement what our founders tried to do with *own property to vote* in
some fashion so that only the people that fund government get to vote.
This FSA BS of "give me more cake and circuses or I won't vote for you"
kills governments/societies every time.
Posted by: Palerider at January 10, 2013 11:49 AM (5CusZ)
Like I said. Repeal the last three words of the 24th amendment.
Posted by: DiogenesLamp at January 10, 2013 11:52 AM (bb5+k)
Posted by: toby928© for TB at January 10, 2013 11:52 AM (evdj2)
Posted by: RWC at January 10, 2013 11:52 AM (fWAjv)
Posted by: SpongeBob Saget at January 10, 2013 11:52 AM (epxV4)
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:51 AM (Jcd0S)
having a renowned artiste' do the graphics?
Posted by: ette- at January 10, 2013 11:52 AM (nqBYe)
"Mr President, can you give us a date certain when the United States will begin to pay the principle on our debt, or will we rack up more debt into the distant future? And if we are not going to pay off any of the principle, how large do you think the debt can grow before it sinks the US economy and you will have to take vacations that cost less than 20 million, while millions of Americans don't know if they will have a roof over their heads next year?"
Posted by: Jehu at January 10, 2013 11:53 AM (cSD32)
http://en.wikipedia.org/wiki/Emperor_Norton
Posted by: Anna Puma (+SmuD) at January 10, 2013 11:53 AM (KnIgz)
When did our governing "betters" decide that life was nothing more than a series of kindergarten recess-level pranks?
I mean, hell, I convinced my brother to try to eat a "real cookie" made of dried clay once, but that was years ago...
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:53 AM (Jcd0S)
HEY MORONS!
THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.
YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.
Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm)
But in Zimbabwe, everyone pays their fair share!
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 11:53 AM (Cnqmv)
Posted by: wte9 at January 10, 2013 11:54 AM (ZL7LA)
Platinum is valuable because it many industrial, scientific, and medical uses.
For example, it is used it chemotherapy (cisplatin), your car's catalytic converter, a catalyst for industrial applications, etc.
Posted by: EC at January 10, 2013 11:54 AM (GQ8sn)
Posted by: Mama AJ at January 10, 2013 11:54 AM (SUKHu)
Hmmm
Well, time for HIGH SPEED CAT FLIPPING VIDEO now with physics!
http://tinyurl.com/9flsqug
Posted by: RWC at January 10, 2013 11:54 AM (fWAjv)
Lead, brass, & copper. 2013's new precious metals.
Posted by: rickb223 at January 10, 2013 11:55 AM (GFM2b)
They just make another and surreptitiously slip it in the shoebox. A thief could only melt it down into scrap platinum.
No fence on earth would touch it, and if you went public with the theft, the govt would simply claim you were pimping a forgery since the "real one" is still safely in the shoebox.
Might as well make it out of recycled tuna can steel and spray paint it silver and save a few grand.
Posted by: @PurpAv at January 10, 2013 11:55 AM (BNacf)
Posted by: EC at January 10, 2013 11:54 AM (GQ8sn)
Had to ask cause we all know these a-holes didn't think about the consequences.
Posted by: cajun carrot at January 10, 2013 11:55 AM (UZQM8)
Posted by: L, elle at January 10, 2013 11:40 AM (0PiQ4)
We'll end up with "The Road."
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 11:55 AM (l86i3)
Posted by: An Observation at January 10, 2013 11:55 AM (ylhEn)
idea and then ridicule it mercilessly once it's put into effect. There's
really not that much else that so perfectly encapsulates the absurdity
of liberal governance. Give them what they want then hang them with it.
Posted by: wte9 at January 10, 2013 11:54 AM (ZL7LA)
Mrs H and have discussed this many times and come to the same conclusion, namely, that a minority party that never speaks out on the many serious issues facing the country is basically happy with the status quo. And by speak out, I mean on the Capitol steps EVERY FRICKING DAY!
I am not holding my breath waiting for a real opposition response from the Repubs on anything.
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 11:56 AM (Cnqmv)
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:56 AM (Jcd0S)
Posted by: EC at January 10, 2013 11:56 AM (GQ8sn)
HEY MORONS!
THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.
YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.
Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm)
First rule of AOSHQ: Never ever google anything hat a Moron tells you to Google.
Posted by: HoboJerky, now with 74% more DOOM! at January 10, 2013 11:56 AM (FsUAO)
THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.
YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.
People do like to converse. That's why there's message boards.
Posted by: eleven at January 10, 2013 11:57 AM (KXm42)
Ha-ha! You stole MINUS one trillion dollars!
Posted by: Nelson Muntz at January 10, 2013 11:57 AM (FcR7P)
Delegation doctrine, motherfuckers, do you speak it?
For the record, I agree with Gabe that the Supremes would uphold this as sufficient. That doesn't mean such a ruling should be correct.
I would like to see enforcement of the delegation doctrine (which should be the non-delegation doctrine why do people reverse terms like this it's just to upset me I know it is look chemtrails!) even more than a resumption of sanity to the Commerce Clause.
Sigh. That's it, I'm going to eat brownies for my nutritious lunch today. I figure the least I can do for the Horde is make sure there's enough flesh on my bones to feed the Horde compound for a year or so.
Posted by: alexthechick - SMOD. Seriously, Sheldon/Penny to the end. at January 10, 2013 11:57 AM (VtjlW)
"What is platinum used for besides jewelry? What applications does it have?"
RWC had it at #88. Catalysts for a number of fairly important processes. Interesting applications of its salts in hydrocarbon transformations, but these aren't industrial yet. Expensive as hell, but if your process is efficient enough, you use a pinch to make a whole lot of product (or clean up a lot of exhaust).
Posted by: JPS at January 10, 2013 11:58 AM (QhzoI)
which i've read we do not have enough of any case to back the dollars that have been produced already?"
Platinum is used to get around Constitutional and legal distinctions regarding "coining" vs "tendering", and legal rules regarding platinum vs. gold or silver.
Posted by: JohnJ at January 10, 2013 11:58 AM (Tt6ky)
Posted by: Anna Puma (+SmuD) at January 10, 2013 11:58 AM (KnIgz)
Http://conservativeradical.com
Posted by: Matt at January 10, 2013 11:58 AM (clC8d)
Lord knows what obscene uses for platinum [you] people would find.
Posted by: Mama AJ at January 10, 2013 11:58 AM (SUKHu)
Sorry. Had to do it.
Posted by: rickb223 at January 10, 2013 11:58 AM (GFM2b)
I mean we're talking a trillion dollars here, give the people their money's worth.
Posted by: Jinx the Cat at January 10, 2013 11:58 AM (l3vZN)
how much will it cost to make the coin?.....
How big will it be? Current price of platinum is $1632/oz. That's going to be a really really big coin.
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 11:58 AM (yiIja)
It puts the caps in the bucket or it gets the stompyboot.
Posted by: alexthechick - SMOD. Seriously, Sheldon/Penny to the end. at January 10, 2013 11:59 AM (VtjlW)
the same conclusion, namely, that a minority party that never speaks
out on the many serious issues facing the country
( is basically happy
with the status quo.)
And by speak out, I mean on the Capitol steps EVERY
FRICKING DAY!
I am not holding my breath waiting for a real opposition response from the Repubs on anything.
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 11:56 AM (Cnqmv)
or complicit.
Posted by: ette- at January 10, 2013 11:59 AM (nqBYe)
It's so wonderfully absurd and symbolic, it reveals what the Obama crowd is all about.
Put Obama's face on the thing.
Posted by: AmishDude at January 10, 2013 11:59 AM (xSegX)
Posted by: polynikes at January 10, 2013 11:59 AM (m2CN7)
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 11:59 AM (GBXon)
I know! Let's mint a palladium coin worth 6.023 x 10^23 dollars and call it "The Mole"!
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 11:59 AM (Jcd0S)
Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 11:59 AM (wbeNt)
There are quite a few hostile nation-states who would want the thing. This is like stealing a Legion's Eagles. You won't get a trillion, but you'll get some money.
I'm sure Putin would love to have it on his desk.
Posted by: Bevel Lemelisk at January 10, 2013 11:59 AM (IyKYr)
prior notice he'd actually be struck. No discovery of any tests conducted or
reports prepared. And as the court is aware, the defense is
entitled to advance notice of any lunacy, particularly
to those who will give scientific evidence, so that we can properly
prepare for disembowelment, as well as to give the defense an
opportunity to have the reports reviewed by a sane expert,
who might then be in a position to contradict the veracity of the
conclusions.
Mr. Malor?
Yes, sir?
That is a lucid, intelligent, well thought-out objection.
Thank you.
Overruled.
Posted by: BCochran1981 at January 10, 2013 12:00 PM (da5Wo)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:00 PM (KnIgz)
"Mr President, according to my calculations if we continue to spend at the same rate and accure more debt, then by 2028, which is about the time your daughters may be married and getting punished with babies, then the interest on the debt will be over three trillion dollars a year, far more than the income of the US, even with more borrowing. How will your predecesor manage such an impossible burden? Will the US even survive, can it survive such fiscal madness?"
Posted by: Jehu at January 10, 2013 12:00 PM (cSD32)
Platinum is used to get around Constitutional
and legal distinctions regarding "coining" vs "tendering", and legal
rules regarding platinum vs. gold or silver.
Posted by: JohnJ at January 10, 2013 11:58 AM (Tt6ky)
Thank you, JohnJ.
Posted by: ette- at January 10, 2013 12:00 PM (nqBYe)
Without realizing that the fiction works only because other people are willing to accept the fiction. One person accepting the fiction is a crazy man trying to pay for booze with monopoly money.
We maintain the fiction only if we maintain the fiction. We start acting as if money has no worth (even though, of course, it doesn’t) then the rest of the world will treat us like a boozer with monopoly money.
Posted by: Stephen Price Blair at January 10, 2013 12:00 PM (QF8uk)
I think I totally misunderstood your question. I believe we don't have enough precious metals of any type to back the amount of money we have in circulation. But why back our money when we can just pass a law mandating its value, right?
Next, we should pass a law making it illegal to get too cold. Then maybe we can pass a law making the earth flat.
Posted by: JohnJ at January 10, 2013 12:00 PM (Tt6ky)
I'm sure Putin would love to have it on his desk.
Posted by: Bevel Lemelisk at January 10, 2013 11:59 AM (IyKYr)
Next to Obamas head cased in lexan.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:00 PM (l86i3)
THERE'S THESE THINGS CALLED GOOGLE, BING, WIKIPEDIA, ETC.
YOU SHOULD USE THEM INSTEAD OF ASKING IT HERE.
Posted by: John P. Squibob at January 10, 2013 11:53 AM (kqqGm)
What are those?
Posted by: RWC at January 10, 2013 12:00 PM (fWAjv)
...about the same level of reality, no?
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:01 PM (GBXon)
I like the idea of the platinum coin.
It's so wonderfully absurd and symbolic, it reveals what the Obama crowd is all about.
Put Obama's face on the thing.
Posted by: AmishDude at January 10, 2013 11:59 AM (xSegX)
And Mooch's fat ass on the reverse, with the motto, "Kiss It, You Raaaaacist Peasants!"
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 12:01 PM (Jcd0S)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:01 PM (KnIgz)
Posted by: Mama AJ at January 10, 2013 12:01 PM (SUKHu)
Posted by: polynikes at January 10, 2013 12:01 PM (m2CN7)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:01 PM (KnIgz)
Hmm, good point.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:02 PM (l86i3)
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:02 PM (Cnqmv)
Posted by: CharlieBrown'sDildo at January 10, 2013 12:02 PM (GsoHv)
Posted by: Nighthawk at January 10, 2013 12:02 PM (RSqz2)
I think you mean successor, but why would I have a successor?
Posted by: Barack Obama at January 10, 2013 12:03 PM (FcR7P)
Posted by: Jinx the Cat at January 10, 2013 12:03 PM (l3vZN)
Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:03 PM (KnIgz)
And more platinum by value than has been mined in human history.
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:03 PM (GBXon)
Posted by: Mama AJ at January 10, 2013 12:03 PM (SUKHu)
SNL fodder for months.
Posted by: Captain Obvious of the SS Tired But Always Applicable Trope at January 10, 2013 12:03 PM (BrQrN)
Look around.
It's pretty fucking obvious that
Posted by: CharlieBrown'sDildo at January 10, 2013 12:03 PM (GsoHv)
This is a completely stupid idea- economically, financially, morally- it is reckless and ridiculous and yet
And yet
They will continue to push this idea in one form or another over and over again through hacks through the MFM through Hollywood
until the tsunami of stupid builds high enough that the public demands the inflationary demise of the US.
Honestly, Obama's first and second terms can simply be boiled down to looting present and future generations to give their cronies enough money to survive and thrive during the economic collapse they're creating.
Awesome.
Posted by: naturalfake at January 10, 2013 12:03 PM (UgFxe)
Posted by: Waterhouse at January 10, 2013 12:03 PM (ryAWr)
Posted by: eleven at January 10, 2013 12:03 PM (KXm42)
Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)
We'll have to borrow the money to buy it from China.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:03 PM (l86i3)
Posted by: RWC at January 10, 2013 12:04 PM (fWAjv)
To stick to the conversation I ask here first, I'll google later after Ace puts up a movie review.
I'm curious about beyond inflation because putting a price on a certain sized platinum coin will have repercussions beyond thunder dome.
Posted by: cajun carrot at January 10, 2013 12:04 PM (UZQM8)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:05 PM (KnIgz)
The only way forward is the following:
Reduce the debt ceiling by 1 trillion dollars.
Spending will have to be reduced by default.
You lower the debt ceiling by 250 million dollars every year after that forcing more spending reductions and belt tightening.
The US has more than enough money to operate the government and meet it's mandatory spending and debt servicing.
The President and the Donks will cry but so what let them.
THE SOLVENCY OF THE U.S. IS A HILL TO DIE ON!
Posted by: General Woundwort at January 10, 2013 12:05 PM (RrD4h)
Posted by: Waldo Truth at January 10, 2013 12:05 PM (ymJbM)
The good news is all the drug lords sitting on warehouses full of baled dollars are gonna find out they might as well just burn it for fuel.
Posted by: @PurpAv at January 10, 2013 12:05 PM (BNacf)
Posted by: EC at January 10, 2013 12:05 PM (GQ8sn)
Posted by: Jinx the Cat at January 10, 2013 12:05 PM (l3vZN)
Posted by: YIKES! at January 10, 2013 12:06 PM (mETGQ)
Posted by: eleven at January 10, 2013 12:06 PM (KXm42)
So if we need more platinum mined , will the EPA and assorted green groups allow it?
Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)
------------
We don't have very much platinum here in the US.
Most of it is in Africa....like 80% of the known deposits.
Posted by: wheatie at January 10, 2013 12:06 PM (fH4X9)
Posted by: Uncle Milty at January 10, 2013 12:06 PM (YsFN3)
Maybe Khrushchev's translation was flawed (like the Reset button was) and he really said "One day we will Barry you!"
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:06 PM (Cnqmv)
We're 4 years down that path already.
Posted by: @PurpAv at January 10, 2013 12:06 PM (BNacf)
Why? Because of some silly assed law? Bwahahahahaha!
Posted by: rickb223 at January 10, 2013 12:06 PM (GFM2b)
Let's pay foreign aid that way, too. Oh, Egypt, you want $2 billion from us? Sure here are two $1 billion dollar coins. Knock yourself out.
You want mone from us UN? No problem, have a few of these nifty coins.
Posted by: Marmo at January 10, 2013 12:07 PM (QW+AD)
Weren't miners on strike at the platinum mines being mowed down with machine guns last summer? Think Barry had anything to do with this?
Posted by: Waldo Truth at January 10, 2013 12:07 PM (ymJbM)
Posted by: Mama AJ at January 10, 2013 12:03 PM (SUKHu)
GOOOOOGLE?
Is that something like Lycos or AskJeeves?
Posted by: RWC at January 10, 2013 12:07 PM (fWAjv)
Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 12:07 PM (wbeNt)
And more platinum by value than has been mined in human history.
Ah, but you haven't taken into account Fractional Reserve Mining.
Posted by: Entropy at January 10, 2013 12:07 PM (TULs6)
Posted by: ette- at January 10, 2013 12:07 PM (nqBYe)
I think it's funny you did the math on that.
Posted by: eleven at January 10, 2013 12:06 PM (KXm42)
Only on AoS!
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:08 PM (Cnqmv)
Posted by: Roy at January 10, 2013 12:08 PM (VndSC)
1) nobody on the right is seriously considering this. If a person is seriously considering this, you can conclude that they are not really on the right.
2) nobody on the left is a serious thinker. Not when it comes to solving our problems.
Posted by: Truman North at January 10, 2013 12:08 PM (Tyae+)
Couldn't it just be a scrumptious coin made of chocolate and wrapped in platinum foil instead?
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 12:08 PM (Jcd0S)
machine guns last summer? Think Barry had anything to do with this?
Posted by: Waldo Truth at January 10, 2013 12:07 PM (ymJbM)
It's called shorting the market.
Posted by: George Soros at January 10, 2013 12:08 PM (mETGQ)
Posted by: t-bird at January 10, 2013 12:09 PM (FcR7P)
Look at what I have in my wallet! It's a 10^12 dollar bill!
Posted by: EC at January 10, 2013 12:09 PM (GQ8sn)
It is an important irreplaceable catalyst in some reactions that are obviously too technical for the timbre of the discussion.
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:09 PM (0q2P7)
So, Kilauea would be our Mt. Doom stand-in, then?
...oh hell, I'm too lazy to denounce myself.
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:09 PM (GBXon)
Posted by: ette- at January 10, 2013 12:03 PM (nqBYe)
You dream general, there goals are one in the same.
Posted by: cajun carrot at January 10, 2013 12:09 PM (UZQM8)
Posted by: Hrothgar - LIB or SMOD
Oh, very nice.
Posted by: Lurking Canuck at January 10, 2013 12:10 PM (BrQrN)
Most of it is in Africa....like 80% of the known deposits.
Posted by: wheatie at January 10, 2013 12:06 PM (fH4X9)
that might make it more convenient . just wondering if the left will still shrilly scream about the raping of the erf.
Posted by: ette- at January 10, 2013 12:10 PM (nqBYe)
Hmm, I just looked up the gold price: $1676/oz.
Platinum = $1632/oz.
The other conversion factor is that they are measured in Troy ounces, not English ounces. One Troy pound only has 12 Troy ounces, making them weigh more than English ounces.
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 12:11 PM (yiIja)
Posted by: ette- at January 10, 2013 12:11 PM (nqBYe)
Posted by: zmdavid at January 10, 2013 12:11 PM (AH6ig)
You're missing the whole point of this MacGuffin...
(I know you're really not, BTW)
Posted by: Krebs v Carnot: Epic Battle of the Cycling Stars at January 10, 2013 12:11 PM (Jcd0S)
Each penny will now, per my decree, be worth $1 billion!
Posted by: Lord Barry at January 10, 2013 12:11 PM (FcR7P)
Seems to me, this coin would be easily counterfeited, now I just have to find someone to take it....hmmmm....I know! Krugman!
Or I could by a pack of gum at Wal-Mart.....here is your change sir....999 Billion 999 Million 999 thousand 999 dollars and 69 cents.
Posted by: Guy Mohawk at January 10, 2013 12:11 PM (p/cQy)
Posted by: Mitch at January 10, 2013 12:12 PM (vge4w)
Posted by: @PurpAv at January 10, 2013 12:12 PM (BNacf)
Posted by: ejo at January 10, 2013 12:12 PM (GXvSO)
Platinum = $1632/oz.
The other conversion factor is that they are measured in Troy ounces, not English ounces. One Troy pound only has 12 Troy ounces, making them weigh more than English ounces.
BURN THE MATH WITCH!
Posted by: rickb223 at January 10, 2013 12:12 PM (GFM2b)
So, you could mint this coin from a cube of platinum that is 30.5 feet per side to make it real.
We're gonna need a bigger press.
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 12:12 PM (yiIja)
First, as with the danger of factions, we should be clearly seeing that when it comes to the dangers of a national debt, that many of the Founders were right and our-ever-so-modern-day-intellectuals, who thought the Founders paranoid, are wrong.
Second--spending precious metal wealth on consumption (including military) really helped Spain in the long run, didn't it? Of course, before you can do that you actually have to have a Polosi, and for some strange reason I'm somewhat doubtful of the United States getting one anytime soon.
Posted by: T. at January 10, 2013 12:12 PM (qFVoe)
that might make it more convenient . just wondering if the left will still shrilly scream about the raping of the erf.
The coin itself doesn't need to be $1 trillion in weight. It can be any size. It's just going to be stamped at $1 trillion in value.
For example, a 1oz coin is worth around $1600-$1700 dollars, but will be stamped by the mint as "One Trillion US Dollars".
Posted by: EC at January 10, 2013 12:12 PM (GQ8sn)
Posted by: Mike Hunt at January 10, 2013 12:13 PM (G6kli)
Posted by: ALL_IS_LOST at January 10, 2013 12:13 PM (T/L2Z)
A story being circulated about 4 years ago was that some Obama-wonks were discussing some proposed changes in minimum mileage on cars with the Big 3. Someone told them wonks that some of the things they proposed could not be done due to the Laws of Physics. The wonk's response was that since they controlled Congress they'd get them to change the law.
Posted by: John P. Squibob at January 10, 2013 12:13 PM (kqqGm)
>>>Look at what I have in my wallet! It's a 10^12 dollar bill!
The 100,000 dollar bill was last printed in 1935. I could definitely see a comeback. Ironically apropos they are not green they are red, and they feature a portrait of Woodrow Wilson.
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:13 PM (0q2P7)
Posted by: Ammo Dump at January 10, 2013 11:37 AM (YYyqq)::::
There's nothing wrong with my tone, asshole. You watch YOUR fucking tone.
Posted by: Empire of Jeff at January 10, 2013 12:13 PM (A+odv)
Posted by: Mr. Moo Moo at January 10, 2013 12:13 PM (HDgX3)
why don't they use paladium or somethi n g like that which is even more valuable than platinum?
No it's not.
Paladium is actually one of the cheapest PGM (platinum group metals).
Posted by: Entropy at January 10, 2013 12:14 PM (TULs6)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:14 PM (KnIgz)
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:08 PM (Cnqmv)
What's more funny is I did the math wrong. I think I left off a zero.
Posted by: polynikes at January 10, 2013 12:14 PM (m2CN7)
Posted by: Empire of Jeff at January 10, 2013 12:13 PM (A+odv)
I look for my adjustments in Bass, treble, balance and fade.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:14 PM (l86i3)
Posted by: T. at January 10, 2013 12:14 PM (qFVoe)
Fine.
Saul Alinsky.
Posted by: AmishDude at January 10, 2013 12:15 PM (xSegX)
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:15 PM (GBXon)
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:06 PM (Cnqmv)
That happened in 1960, Barry was born the next year. Maybe Barry Sr. was a commie agent for Nikky. Go to the US, find yourself a commie whore, knock her up and then you can skip town if you like. We'll raise the bastard as a perfect commie to destroy America
Posted by: TheQuietMan at January 10, 2013 12:15 PM (1Jaio)
Posted by: Joe Biden at January 10, 2013 12:15 PM (DrC22)
Oops, I had calculated with English ounces. One second...
Ok, then it's a cube 33.5 feet on a side, weighing 50.6 million pounds.
Posted by: t-bird at January 10, 2013 12:16 PM (FcR7P)
33
More like the most recent Simpsons episode. You know Tom Waits as the Prepper.
Posted by: Mike Hunt at January 10, 2013 12:13 PM (G6kli)
_________
I know right. Those preppers are so stupid. It's not like a natural disaster, say a hurricane, could wipe out civilization in major city like say New Orleans or Staten Island leaving millions of people without food, water and creating total chaos.
What a bunch of right wing nutjobs!
Posted by: Mr. Moo Moo at January 10, 2013 12:16 PM (HDgX3)
Dear China
http://tinyurl.com/apbymvf
Posted by: RWC at January 10, 2013 12:16 PM (fWAjv)
Apparently few people have read it , or understand it.
The brightest, best educated, most articulate elite, our betters, those more superior to us merely ordinary people should read this book. It is obvious that few have.
Posted by: Skandia Recluse at January 10, 2013 12:16 PM (aGpJN)
Posted by: EC at January 10, 2013 12:16 PM (GQ8sn)
"Mr President, do you actually have a plan to address America's debt crisis? And if so is it similar to the budgets submitted by your Dem-controlled senate in the past 3 years?"
Posted by: Jehu at January 10, 2013 12:16 PM (cSD32)
some of the things they proposed could not be done due to the Laws of Physics. The wonk's response was that since they controlled Congress they'd get them to change the law.
We need a BRAWNDO standard. BRAWNDO has what bankers crave.
Posted by: Entropy at January 10, 2013 12:17 PM (TULs6)
What is platinum used for besides jewelry? What applications does it have?
You have a car with a catalytic converter? You are driving around with some platinum.
Posted by: Billy Bob, pseudo intellectual at January 10, 2013 12:17 PM (tWFaN)
Barky just happens to have a logo that would fit perfectly on a coin.
They could call it the "O".
Posted by: wheatie at January 10, 2013 12:17 PM (fH4X9)
There's enough platinum in catalytic converters that thieves are rolling under cars with a sawzall and stealing them in parking lots and on the street.
I think the scrapyards are paying about $300 per
Posted by: @PurpAv at January 10, 2013 12:18 PM (BNacf)
Posted by: Uncle Milty at January 10, 2013 12:18 PM (YsFN3)
Posted by: Entropy at January 10, 2013 12:18 PM (TULs6)
We are already there. Look who's VP. He fits the doc's diagnosis perfectly! He talks like a tard and his shit's all fucked up.
Posted by: EC at January 10, 2013 12:18 PM (GQ8sn)
Now now, you have been singing a little flat lately. Maybe if you were more energetic. . .
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:18 PM (0q2P7)
Posted by: Empire of Jeff at January 10, 2013 12:18 PM (A+odv)
Nobody says the Swiss are dumb.
I think its a subject that would deserve a post.
Posted by: sexypig at January 10, 2013 12:19 PM (dZQh7)
Posted by: Walmart at January 10, 2013 12:19 PM (FcR7P)
Posted by: Entropy at January 10, 2013 12:19 PM (TULs6)
Posted by: Mr. Moo Moo at January 10, 2013 12:19 PM (HDgX3)
I was in Poland when $20 bucks would get you over a million zlotys. Americans were greeting each other with, I'm a millionaire! I'm sure the Poles did not find it amusing.
Posted by: Waldo Truth at January 10, 2013 12:19 PM (ymJbM)
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:18 PM (0q2P7)
Booze weakens the muscles in the diaphram causes a flat tone.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:19 PM (l86i3)
There's enough platinum in catalytic converters
that thieves are rolling under cars with a sawzall and stealing them in
parking lots and on the street.
I think the scrapyards are paying about $300 per
Posted by: @PurpAv at January 10, 2013 12:18 PM (BNacf)
well it's a great business opportunity .
wish i had no scruples! or could run fatser.
Posted by: ette- at January 10, 2013 12:20 PM (nqBYe)
It is also legal for me tow own a piano.
It is legal for me to to push my piano off a cliff on my own property and watch it be destroyed.
It is NOT legal for me to push the piano off my cliff with the intention of it landing on someone's head to kill them.
It is not legal for the gov to mint a $1T coin to exceed the debt limit.
Posted by: Vic at January 10, 2013 12:20 PM (53z96)
Posted by: ette- at January 10, 2013 12:20 PM (nqBYe)
Hey that sound catchy...might be usable for some type of protest.
Hey hey
Ho Ho
The mint and print has got to go
Posted by: Mr. Moo Moo at January 10, 2013 12:20 PM (HDgX3)
Has anybody sarcastically said yet why not just mint 17 obamacoins and pay off the debt?
Which is also the answer to why it won't work.
1. The coin idea is to keep spending, not pay off debt, silly.
2. If you did mint 17 and pay off debt, it is no difference to just declaring national bankruptcy if you think about it. (or printing $17 trillion). End result is the debt gets paid with useless dollars.
Posted by: Guy Mohawk at January 10, 2013 12:20 PM (p/cQy)
It's the next greatest thing next to electronic voting.Ironclad and fool proof.
As far as the value of the units, who cares.By not carrying we can spend as much or as little as we like.
Posted by: Drider at January 10, 2013 12:21 PM (HaJD9)
---------
And then next thing you know there'll be a little sign pasted at my local McDonalds telling me that, due the sudden large influx of counterfeit North Korean $1 trillion coins, they are no longer accepting change.
Posted by: Citizen Anachronda at January 10, 2013 12:21 PM (IrbU4)
They have gerrymandered the inflation numbers so that what would have been horrible inflation (at least 8%) in the past... is now less than half that...
And if you use the Chained CPI the Repubs want? It distorts inflation numbers even more....
There HAS been significant inflation for those of us who live in the Real World... They just do not want to admit it as it prooves that their MisReading of Keynes theory is wrong...
(and for the record, anytime you have inflation rates higher than the interest rates you can get on savings... as the Fed has ENGINEERED.. you have a very very bad economic model... as savings become a net negative).
Posted by: Romeo13 at January 10, 2013 12:21 PM (lZBBB)
Posted by: Ian S. at January 10, 2013 12:21 PM (B/VB5)
Posted by: RWC at January 10, 2013 12:21 PM (fWAjv)
Posted by: President Obama at January 10, 2013 12:21 PM (DrC22)
The argument that it is intrinsically worth 1 billionth of its face value is moot.
Posted by: Al at January 10, 2013 12:21 PM (V70Uh)
Barky Obumblefuck can print a $1 trillion dollar coin, but if I add ",000" after the ones on a dollar bill, they wouldn't be amused.
Posted by: Marmo at January 10, 2013 12:21 PM (QW+AD)
Posted by: Margarita DeVille at January 10, 2013 12:21 PM (C8mVl)
Mint the coin in Black Democratium. It's priceless! The gov't would have an infinite amount of money to draw upon. Pay off all debts! No more debt ceiling! Instant, eternal solvency!
Posted by: BCochran1981 at January 10, 2013 12:22 PM (da5Wo)
Posted by: zmdavid at January 10, 2013 12:22 PM (AH6ig)
Posted by: Chief Justice John Roberts at January 10, 2013 12:22 PM (HPRku)
You gotta get over this quaint notion of legality Vic. The Rubicon has been crossed. Legal is whatever Obama says it is.
Posted by: @PurpAv at January 10, 2013 12:23 PM (BNacf)
Posted by: Bullwinkle at January 10, 2013 12:23 PM (9Bj8R)
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:23 PM (GBXon)
It is not legal for the gov to mint a $1T coin to exceed the debt limit.
Posted by: Vic at January 10, 2013 12:20 PM (53z96)
What about pushing it on their Grandkids and Great Grandkids?
Posted by: RWC at January 10, 2013 12:23 PM (fWAjv)
Reminds me of articles I saw last year, “catalytic converter thefts on the rise.” They drop under the vehicle, snip it out, walk away with it.
Supposedly. The problem with news stories is that they come from the same people who think a trillion dollar coin is a good idea.
Posted by: Stephen Price Blair at January 10, 2013 12:23 PM (QF8uk)
At least the good news is when inflation hist 50% a week, my mortgage will be paid off in 2 weeks.
Posted by: Mr. Moo Moo at January 10, 2013 12:23 PM (HDgX3)
Posted by: Waldo Truth at January 10, 2013 12:19 PM (ymJbM)
Howard Stern would do a take off bit called Who Wants To Be ATurkish Millionare. Where a million turkishlira was equal to about 20 bucks.
Posted by: polynikes at January 10, 2013 12:23 PM (m2CN7)
Posted by: edj at January 10, 2013 12:24 PM (+QKfp)
Posted by: Fourth Virginia at January 10, 2013 12:24 PM (wbmaj)
Posted by: wheatie at January 10, 2013 11:43 AM (fH4X9)
Uh...bullets?
Posted by: Skandia Recluse at January 10, 2013 12:24 PM (aGpJN)
Posted by: Mr. Moo Moo at January 10, 2013 12:24 PM (HDgX3)
Posted by: t-bird at January 10, 2013 12:24 PM (FcR7P)
Your dead on right.And nobody, elected leaders or otherwise are even lifting a finger to stop him.
Posted by: Drider at January 10, 2013 12:25 PM (HaJD9)
Posted by: Guy Mohawk at January 10, 2013 12:20 PM (p/cQy)
The end result of all Obamanomics is useless dollars, forcing all savings to evaporate and leaving government issued food stamps and EBT cards as the only viable non-barter means of exchange.
The barter exchange people will be using bitcoin, ammo, weapons, food, useful skills, and hard currency!
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:25 PM (Cnqmv)
Posted by: Anna Puma (+SmuD) at January 10, 2013 12:25 PM (KnIgz)
Posted by: @PurpAv at January 10, 2013 12:23 PM (BNacf)
Yes he does a LOT of illegal shit. But that doesn't make it legal. It just means that congress has no balls.
Posted by: Vic at January 10, 2013 12:25 PM (53z96)
i feel so bad for their future.
only consolation is maybe they being younger will have the strength to live through it.
Posted by: ette- at January 10, 2013 12:25 PM (nqBYe)
Two posts in a row on the complete and total absurdity of the idea of violating every know law of economics, all brought on by Leftardismness.
I can't believe we're even discussing this. What I really can't believe is that there are idiots in Washington who are floating this insane idea. In a perfect world, the guys in white coats would be rounding these people up with nets and putting them somewhere where they would pose no threat to normal people.
I'm becoming tired and could really use a drink.
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 12:25 PM (yiIja)
Nuka-Cola caps.
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:25 PM (GBXon)
Posted by: Gerry at January 10, 2013 12:26 PM (2sEUb)
Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 12:26 PM (wbeNt)
>>>Howard Stern would do a take off bit called Who Wants To Be ATurkish
Millionare. Where a million turkishlira was equal to about 20 bucks.
Oh I remember visiting Italy before the EU. The smallest printed bill was 1000 Lire. Worth a little less than a dollar.
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:26 PM (0q2P7)
Posted by: wth at January 10, 2013 12:26 PM (wAQA5)
I'm sure Putin would love to have it on his desk.
Posted by: Bevel Lemelisk at January 10, 2013 11:59 AM (IyKYr)
Next to Obamas head cased in lexan.
Why would Putin liquidate his best agent?
Posted by: Armando putting on his tin foil hat at January 10, 2013 12:27 PM (5iuEW)
Posted by: Chief Justice Roberts at January 10, 2013 12:27 PM (B/VB5)
people up with nets and putting them somewhere where they would pose no
threat to normal people.
So that's why they did away with the insane asylums in the 1970s.
Posted by: HeatherRadish™ (BAN ALL THE THINGS!) at January 10, 2013 12:27 PM (ZKzrr)
It's the next greatest thing next to electronic voting.Ironclad and fool proof.
As far as the value of the units, who cares.By not carrying we can spend as much or as little as we like.
Hey good idea, or you could also have the option of the chip in your forehead, that way you could exactly fulfill the prophecy in the book of Revelation on how the antichrist controls the world economy, things are shaping up nicely.
Posted by: Jehu at January 10, 2013 12:27 PM (cSD32)
Posted by: wth at January 10, 2013 12:28 PM (wAQA5)
Posted by: Vic at January 10, 2013 12:25 PM (53z96)
_____________
I saw Newt on TV last night, first time I've watched cable news in forever but I was flipping around and always like to hear what he says. He made the point that whatever the president does via executive order can be stopped by congress simply by not funding the action. Obama wants to print the coin? OK. Congress won't authorize any money to do so. Not the $1T needed, but the money to actually print the coin, design the coin, pay the worker bees at the mint who would do it, etc. And this goes for gun control as well. Obama can implement all the shit he wants. That costs money to execute. And that money can only be authorized by congress. No authorization = his executive orders can't be executed.
Posted by: Mr. Moo Moo at January 10, 2013 12:28 PM (HDgX3)
Ahem.
http://nyti.ms/13lj3FC
But remember. If you are buying gold as a fallback option. You arr de prepper wingnutz.
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:28 PM (0q2P7)
I think the world thought what I thought....
"well he ran a good campaign and fooled just enough war weary GOP to win...."
Jugears 2-The Boning says we probably knew what the fuck we were doing in '08 and deserve everything that is coming.
Posted by: sven10077 at January 10, 2013 12:29 PM (LRFds)
I wonder how much the Pawn Stars would give me for one?
Posted by: wth at January 10, 2013 12:28 PM (wAQA5)
_____________
Look I know it's a $1T coin. But I have to store it, I have to make a profit and quite frankly there's a limited market for it. I'll give you like $1200 for it. Cash on the spot today. Final offer.
Posted by: Mr. Moo Moo at January 10, 2013 12:29 PM (HDgX3)
Posted by: Hrothgar - LIB or SMOD (for the Children) at January 10, 2013 12:29 PM (Cnqmv)
Posted by: Al at January 10, 2013 12:29 PM (V70Uh)
Posted by: Nevergiveup at January 10, 2013 12:30 PM (9Bj8R)
Posted by: Jehu at January 10, 2013 12:30 PM (cSD32)
Someone said it yesterday. Unobtainium.
Think how much we could spur the economy searching for it. Ripple effect throughout the whole economy. Search parties, mining, cooks to feed the miners, hookers for the miners.
Posted by: rickb223 at January 10, 2013 12:30 PM (GFM2b)
and if someone refuses to adopt the new state religion you just cut off their ability to get free shit....
BRILLIANT!
Posted by: sven10077 at January 10, 2013 12:30 PM (LRFds)
In this case, to be legal, you actually have to mint a physical coin no matter the size.
(For electronic money, they do have to create debt)
Posted by: Guy Mohawk at January 10, 2013 12:31 PM (p/cQy)
Posted by: Nevergiveup at January 10, 2013 12:31 PM (9Bj8R)
I'm not endangering my invitation to Nancy Pelosi's inauguration party, in which Keith Olbermann and Debbie Wasserman-Schultz will reenact the orgy scene from "Eyes Wide Shut".
Wait, there's going to be an orgy and nobody told me?
Thanks for the heads up, John! I'll be there with bells on!
Posted by: Helen Thomas at January 10, 2013 12:31 PM (5iuEW)
Posted by: Mr. Moo Moo at January 10, 2013 12:31 PM (HDgX3)
Well the demand for it is low, and it sure takes up a lot of floor space. They'd have to work really hard to find a buyer... 100 bucks?
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:31 PM (0q2P7)
Posted by: Marmo at January 10, 2013 12:31 PM (QW+AD)
Posted by: Fourth Virginia at January 10, 2013 12:24 PM (wbmaj)
pssst...
http://tinyurl.com/asaxphp
Posted by: RWC at January 10, 2013 12:31 PM (fWAjv)
Just got a message from the EPA. Sounds like laughter.
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:31 PM (GBXon)
Posted by: sven10077 at January 10, 2013 12:32 PM (LRFds)
Interesting, it's come down a lot in the last couple of years then.
It has actually, I don't know why. Right now platinum is about $1600 and even with gold. It usually is more expensive than gold, acouple years back platinum was about $2200 when gold was $1200 and paladium was $600. Now paladium is $700, gold is $1600, platinum is $1600, and the other PGMs like Rhodium that were running $3200 are down to just $1000.
Dunno why.
Posted by: Entropy at January 10, 2013 12:32 PM (TULs6)
Yeah people don't look behind the curtain hard enough....
EPA tried to outlaw agriculture to "stop global warming" in Jugears 1-the rise of SCOAMF....
I am wondering what other "coin tricks" Juggsy has?
Posted by: sven10077 at January 10, 2013 12:33 PM (LRFds)
TUCSON, Ariz. (AP) — The Tucson Unified School District Governing Board is reversing itself by voting to drop an objection to providing so-called “culturally relevant” courses for core credit beginning next school year.
The courses would focus on experiences, culture and history of Mexican-Americans and African-Americans.
The governing board had objected to offering the courses as part of anti-desegregation plan.
However, the board reversed its position in a 3-2 vote Tuesday as two newly elected board members supported the change.
The district previously eliminated Mexican-American Studies courses after state officials ruled that the courses’ content violated a law against curriculum that engendered racial or ethnic disharmony.
Posted by: Nevergiveup at January 10, 2013 12:34 PM (9Bj8R)
Mint the coin in Black Democratium. It's priceless!
Someone said it yesterday. Unobtainium.
I already told you people, Electrolytium. It's got what bankers crave!
Posted by: Entropy at January 10, 2013 12:34 PM (TULs6)
Posted by: Al at January 10, 2013 12:34 PM (V70Uh)
Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:35 PM (qwK3S)
Make sure you get Rick or Chumley. Cory will screw you.
Posted by: rickb223 at January 10, 2013 12:35 PM (GFM2b)
Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:36 PM (qwK3S)
Fucking idiots on the hill.
Posted by: sven10077 at January 10, 2013 12:36 PM (LRFds)
I bet Obama and Ayers are all sweaty over the opportunity to destroy the reserve currency status of the dollar.
Posted by: Jean at January 10, 2013 12:36 PM (49lPc)
implanted in their hands to record transactions where units are the
currency instead of the dollar.<<<<<
its called the iphone. or that little square thing they advertize now.
Posted by: Guy Mohawk at January 10, 2013 12:36 PM (p/cQy)
Posted by: Emperor of Icecream at January 10, 2013 12:37 PM (ZMzpb)
Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:35 PM (qwK3S)
No. They are all sick deranged bastards
Posted by: Nevergiveup at January 10, 2013 12:37 PM (9Bj8R)
Posted by: Jehu at January 10, 2013 12:37 PM (cSD32)
BRILLIANT!
------------------------------------------------------------------
Don't be ridiculous sven.Any whiff of religion other than the one where we must not offend their sensibilities will be banned and as such, yes, they would be cut off from free shit.
Posted by: Drider at January 10, 2013 12:37 PM (HaJD9)
Posted by: Polliwog the 'Ette, still a Hobbit at January 10, 2013 12:38 PM (wbeNt)
284
I
saw Newt on TV last night, first time I've watched cable news in
forever but I was flipping around and always like to hear what he says.
He made the point that whatever the president does via executive order
can be stopped by congress simply by not funding the action. Obama wants
to print the coin? OK. Congress won't authorize any money to do so. Not
the $1T needed, but the money to actually print the coin, design the
coin, pay the worker bees at the mint who would do it, etc. And this
goes for gun control as well. Obama can implement all the shit he wants.
That costs money to execute. And that money can only be authorized by
congress. No authorization = his executive orders can't be executed.
Posted by: Mr. Moo Moo at January 10, 2013 12:28 PM (HDgX3)
Posted by: MSM at January 10, 2013 12:39 PM (cv5Iw)
Wouldn't that involve smelting Hank Johnson or something first?
Posted by: Ian S. at January 10, 2013 12:39 PM (B/VB5)
The main industrial use for platinum is catalytic converters. The current price of platinum indicates the global auto industry is still not booming.
Also medical implants, high end electronics, various types of sensors and it acts as a catalyst in certain chemical reactions. It's not just car stuff.
Posted by: Entropy at January 10, 2013 12:40 PM (TULs6)
The Chinese have manipulated their currency for years. We complain, nothing happens. The Chinese still hold most our debt, right? Doe that have anything to do with this?
Apologies if that has already been explained
Posted by: Thunderb at January 10, 2013 12:40 PM (Dnbau)
They can't read, write or do math but at least they'll have “culturally relevant” courses. And in 4 years when they can't find a job and have massive debts they will be able to blame whitey for all of it
Posted by: TheQuietMan at January 10, 2013 12:40 PM (1Jaio)
Are you doing the Obama Years withOUT psychotropic drugs? Dude, that's hard-core!
Posted by: t-bird at January 10, 2013 12:40 PM (FcR7P)
Posted by: Al at January 10, 2013 12:40 PM (V70Uh)
Posted by: Gerry at January 10, 2013 12:41 PM (2sEUb)
Another year? HAHAHA isn't that cute... they'll blow through a trillion in 8-9 months TOPS. And if they get away with this they'll ramp up spending and it'll be more like 6.
Haven't we learned by now, they always spend more than they make; and if you give them more, they spend a LOT more than you gave them.
Posted by: gekkobear at January 10, 2013 12:41 PM (gAH5l)
Posted by: Jehu at January 10, 2013 12:41 PM (cSD32)
Mint the coin in Black Democratium. It's priceless!
-----------------
Wouldn't that involve smelting Hank Johnson or something first?
Posted by: Ian S. at January 10, 2013 12:39 PM (B/VB5)
Feature, not a bug.
Posted by: BCochran1981 at January 10, 2013 12:41 PM (da5Wo)
Posted by: The Imperial Senate at January 10, 2013 12:42 PM (FcR7P)
The question is, does this bring down the IQ of anyone who has heard of the platinum coin idea?
Is this the action of a well governed state? no, no it isn't
Is this a harebrained scheme a kindergartner could think up? my, yes.
Should this action wake everyone the hell up to who is running our country? FUCK YEAH
I told my dear 'ol dad about this yesterday, and he thought I was joking. He thought it was something smartass conservatives were using to make fun of Obama. He didn't think *I* was serious
If people out there here about this, and realize its for real, this could start a panic. no shit. This is something someone in a bunker thinks up before they blow their head off
Posted by: Just the Facts at January 10, 2013 12:42 PM (2U+qM)
Posted by: Jean at January 10, 2013 12:42 PM (49lPc)
Posted by: the circus is in town -- permanently at January 10, 2013 12:42 PM (LpQbZ)
Posted by: Thunderb at January 10, 2013 12:40 PM (Dnbau)
The Chinese only have about 1 coin's worth of our debt. They quit buying a couple of years ago.
Posted by: zmdavid at January 10, 2013 12:43 PM (AH6ig)
Posted by: Entropy at January 10, 2013 12:43 PM (TULs6)
I had the idea a few days ago that the USA just might get away with this shit.
One of the Kennedy assassination conspiracy theories revolves around the fact that he had a huge quantity of fiat United States Notes (i.e. not Federal reserve notes) printed up and intended to put them into circulation.
If Obama does this, I think there are forces in the world who would make sure he never collects a retirement.
Posted by: @PurpAv at January 10, 2013 12:43 PM (BNacf)
No, but it does reserve that power to the states.
Posted by: Jean at January 10, 2013 12:44 PM (49lPc)
Posted by: Jehu at January 10, 2013 12:46 PM (cSD32)
Posted by: Bullwinkle Obama at January 10, 2013 12:46 PM (BAS5M)
Republicans need to be ready, and the House needs to draft something that prioritizes payments like SS, MediCare, the military, etc so we don't look like we want to bounce checks to grandma or grandpa can get his medication because MEdicare is shut down.
They also need to unite on what they want to get in exchange for the debt ceiling, but it needs to be real entitlement reform like raising the age of eligibility, no more can kicking (even though that's what I expect will happen)
Posted by: McAdams at January 10, 2013 12:46 PM (1oZjF)
That would be something.
Posted by: HeatherRadish™ (BAN ALL THE THINGS!) at January 10, 2013 12:46 PM (ZKzrr)
The U.S. government's top international creditor continued to add to its holdings, albeit modestly, according to the July Treasury International Capital report, which measures the flow of funds into and out of U.S. securities, including Treasuries, agency-backed securities, corporate debt and stocks, as well as banking capital flows.
In July, Chinese investors increased their holdings by $2.6 billion to $1.15 trillion.
But China cut its overall purchases of U.S. securities this year, paring back its total holdings by $2.3 billion since January. And over the past 12 months, China's purchases have declined by $165 billion.
from CNN money
the Chinese hold debt securities, they hold our debt
Posted by: Thunderb at January 10, 2013 12:46 PM (Dnbau)
Posted by: Entropy at January 10, 2013 12:47 PM (TULs6)
Krugman and Obama's other economic advisers have been pimping inflation since the beginning of his first term:
For Chinese New Year, Krugman Serves Dim Sum
http://tinyurl.com/y8ppnkk
Yes, this links to a 2010 post on my crap blog.
Posted by: naturalfake at January 10, 2013 12:47 PM (UgFxe)
Posted by: Thunderb at January 10, 2013 12:47 PM (Dnbau)
That falls in the Win - Win column, doesn't it?
Posted by: rickb223 at January 10, 2013 12:48 PM (GFM2b)
I think you're starting to get the picture here, by Jove!
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:48 PM (GBXon)
Posted by: Thunderb at January 10, 2013 12:46 PM (Dnbau)
Yes, China holds the most of our foreign debt (that number is decreasing as the Chinese sell out and the Japanese buy in). However, foreign debt is not the majority of our debt. Most of our debt is held domestically, and these days, most of our debt is actually held by the government which now lends to itself.
Posted by: Entropy at January 10, 2013 12:49 PM (TULs6)
Obama doesn't give a shit about the rest of the Democrats. They're too stupid to even realize that he's hijacking their party and intends to replace them with the Obama party.
Posted by: @PurpAv at January 10, 2013 12:49 PM (BNacf)
336
"I had the idea a few days ago that the USA just might get away with this shit."
Of course the USA could get away with this shit. We're the world's biggest market, the financial epicenter and the most powerful miltary. We can do whatever the fuck we want and the rest of the world just has to accept it.
It's good to be king.
Posted by: jwest at January 10, 2013 12:50 PM (ZDsRL)
i wonder who benefits in the endgame.
Posted by: ette- at January 10, 2013 12:50 PM (nqBYe)
Posted by: Guy Mohawk at January 10, 2013 12:50 PM (p/cQy)
Posted by: Comrade Arthur at January 10, 2013 12:50 PM (qkP36)
Posted by: Mary Clogginstein from Obamaboro, Vt and Proud of it !!!!!!!!!! at January 10, 2013 12:51 PM (48wze)
We're the world's biggest market, the financial
epicenter and the most powerful miltary. We can do whatever the fuck we
want and the rest of the world just has to accept it.
It's good to be king.
Posted by: jwest at January 10, 2013 12:50 PM (ZDsRL)
do you believe this?
Posted by: ette- at January 10, 2013 12:51 PM (nqBYe)
So tell me,just how many laws are on the books concerning gun control?
Yes,we know this government follows the Constitution to the letter,got it.
Posted by: Vae Victus at January 10, 2013 12:51 PM (cpMdE)
Did I miss something? Is everyone on psychotropic drugs?
Would that they were! If we dosed all our congress critters with LSD instead of socialized healthcare and gun bans we'd be debating non-binding resolutions about how much we love this fuckingawesome lamp and whether or not the senate cafeteria should serve nachos.
Posted by: Entropy at January 10, 2013 12:52 PM (TULs6)
Posted by: sven10077 at January 10, 2013 12:52 PM (LRFds)
the largest foreign holder of U.S. debt, according to the Treasury
Department's latest report on foreign holdings."
U.S. Ministry of propaganda.
"In July, Chinese investors increased their holdings by $2.6 billion"
This is less than 1 day's worth of debt.
Posted by: zmdavid at January 10, 2013 12:52 PM (AH6ig)
Posted by: Brother Cavil, High Priest of the Gods of the Copybook Headings at January 10, 2013 12:48 PM (GBXon)
Getting the bigger picture: evil AND crayzzeeee.
Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:52 PM (qwK3S)
China’s policy of intervening in currency markets to limit the appreciation of its currency against the dollar (and other currencies) has made it the world’s largest and fastest growing holder of foreign exchange reserves, especially U.S. dollars. China has invested a large share of these reserves in U.S. private and public securities, which include long-term (LT) Treasury debt, LT U.S. agency debt, LT U.S. corporate debt, LT U.S. equities, and short-term debt.
As of June 2011, China was the largest holder of U.S. securities, which totaled $1.73 trillion. U.S. Treasury securities constitute the largest category of China’s holdings of U.S. securities—these totaled $1.16 trillion as of September 2012, but were down from their peak of $1.31 trillion in July 2011.
China’s large holdings of U.S. securities have raised a number of concerns in both China and the United States. For example, in 2009, Chinese Premier Wen Jiabao stated that he was “a little worried” about the “safety” of China’s holdings of U.S. debt. The sharp debate in Congress over raising the public debt ceiling in the summer of 2011 and the subsequent downgrade of the U.S. long-term sovereign credit from AAA to AA + by Standard and Poor’s in August 2011 appears to have intensified Chinese concerns. In addition, Chinese officials have criticized U.S. fiscal monetary policies, such as quantitative easing by the U.S. Federal Reserve, arguing that they could lead to higher U.S. inflation and/or a significant weakening of the dollar, which could reduce the value of China’s U.S. debt holdings in the future.
Some Chinese analysts have urged the government to diversify its reserves away from U.S. dollar assets, while others have called for more rapid appreciation of China’s currency, which could lessen the need to hold U.S. assets.
Posted by: Thunderb at January 10, 2013 12:53 PM (Dnbau)
Posted by: ette- at January 10, 2013 12:51 PM (nqBYe) Of course. Is there any evidence to the contrary?
Posted by: jwest at January 10, 2013 12:53 PM (ZDsRL)
epicenter and the most powerful miltary. We can do whatever the fuck we
want and the rest of the world just has to accept it.
It's good to be king.
Posted by: jwest at January 10, 2013 12:50 PM (ZDsRL)
A bully can intimidate any kid in a school yard, but when the kids band together? The bully is fucked.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 12:53 PM (l86i3)
Posted by: The Poster Formerly Known as Mr. Barky at January 10, 2013 12:54 PM (qwK3S)
It's really very simple.
The Federal Reserve creates fiat money and lends it to BoA at 0.5%. BoA then buys Treasury securities paying 1.5%. Profit!
Posted by: Al at January 10, 2013 12:54 PM (V70Uh)
We're the world's biggest market, the financial
epicenter and the most powerful miltary. We can do whatever the fuck we
want and the rest of the world just has to accept it.
It's good to be king.
Now if we could just run all of that the right way... .
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 12:54 PM (yiIja)
Hagel: Terrorists Attack Us Because They Lack “Hope,” Like The “Chained Down” Palestinians…
I’m guessing nobody is wondering why Obama chose him.
Posted by: Nevergiveup at January 10, 2013 12:54 PM (9Bj8R)
The official inflation numbers are the same as the official jobless numbers... useless and rigged.
But the thing to remember boys and girls is that minting the platinum coin is really not fundamentally different than what we normally do anyway. It is all fiat money.
Posted by: Voluble at January 10, 2013 12:55 PM (qYvEa)
"Most of our debt is held domestically, and these days, most of our debt
is actually held by the government which now lends to itself."
When one comes to grips with that, it's a lot easier to understand why the Obama coin is gaining acceptance.
Posted by: RayJ at January 10, 2013 12:55 PM (pI/IV)
Democrats. They're too stupid to even realize that he's hijacking their
party and intends to replace them with the Obama party.
Posted by: @PurpAv
I think Obama is just a more honest incarnation of what the modern Democrat Party is all about. Whatever traces of centrism were wiped out a long time ago.
Obama is the first Democrat I've seen that never really triangulated. He would have lost over 40 states had he been the nominee even 10 years ago, but it looks like the demographics of the country finally gave liberals a blank check were they don't have to pretend any more.
Posted by: McAdams at January 10, 2013 12:55 PM (1oZjF)
Posted by: Thunderb at January 10, 2013 12:55 PM (Dnbau)
Posted by: Soona at January 10, 2013 12:57 PM (e/vvC)
Posted by: ette- at January 10, 2013 12:58 PM (nqBYe)
"A bully can intimidate any kid in a school yard, but when the kids band together? The bully is fucked."
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. That might happen in a Frank Capra movie, but rarely in real life. I wouldn't advocate using the "fuck you, accept it" plan, but it's an option. We should use the psuedo-legal method of taking some of our assets, assigning a value and using the proceeds to eliminate the debt, rebuild the infrastructure and put the country on a sound footing in one big swoop.
Posted by: jwest at January 10, 2013 12:58 PM (ZDsRL)
"Is it constitutional? Is it legal? Is it a good idea?"
All moot questions with this administration.
Posted by: bill at January 10, 2013 12:59 PM (f/qE7)
The roads and bridges in my state are great. Let the NE pay for their own damn roads and bridge maintenance.
Posted by: Al at January 10, 2013 01:00 PM (V70Uh)
i know some are questioning being beholden to the euro.
Posted by: ette- at January 10, 2013 01:00 PM (nqBYe)
But then Sandra Fluke would want one too.
Posted by: Foghorn Leghorn at January 10, 2013 01:01 PM (n8LUb)
Posted by: Robert Mugabe at January 10, 2013 01:01 PM (sOtz/)
What many on the right don't get is Obama's in a permanent campaign. Everything he does is with goal of pleasing his base and pissing off Republicans. This is all P/R to keep the left excited.
Posted by: Mr. Moo Moo at January 10, 2013 01:02 PM (HDgX3)
Oh I insist she be given one....
we need a matching set let Sandra fuck us literally like the Media and Obama has done politically.
Posted by: sven10077 at January 10, 2013 01:02 PM (LRFds)
I’m guessing nobody is wondering why Obama chose him.
Posted by: Nevergiveup at January 10, 2013 12:54 PM (9Bj8R)
the terroists that were the ons of the very rich?
the poores t downtrodden of not able to avail themselves of the best the world could offer in education or casinos and girls?
honestly i can't believe hagel is a republican.
Posted by: ette- at January 10, 2013 01:02 PM (nqBYe)
Posted by: Guy Mohawk at January 10, 2013 01:03 PM (p/cQy)
Well, this coin is to Commemorate "teh Stupid!". So there's that!
Posted by: Paladin at January 10, 2013 01:03 PM (DPvCq)
Posted by: ette- at January 10, 2013 12:58 PM (nqBYe) ette, We've tried the experiment of using our military for the benefit of everyone in the world for free for about 60 years now. It was a nice thought, but obviously it doesn't work. Not only can't we guarantee world peace, but we don't even get the thanks of everyone on the planet.It may be time to revert to the centuries-old, time tested plan of using a superior military for fun and profit.
Posted by: jwest at January 10, 2013 01:03 PM (ZDsRL)
Posted by: Jean at January 10, 2013 01:05 PM (CofEF)
Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 01:05 PM (zF6Iw)
"The roads and bridges in my state are great. "
The only possible state you could live in is West Virginia - and Robert Byrd is dead now. Pretty soon your roads and bridges will look like the rest of the country.
Posted by: jwest at January 10, 2013 01:05 PM (ZDsRL)
Posted by: gigg at January 10, 2013 11:25 AM (41VCE)
The Obammy should be made out of coal, sicnce we are not allowed to burn that stuff anymore.
Posted by: Cicero Kid at January 10, 2013 01:06 PM (ma1sf)
honestly i can't believe hagel is a republican.
Well wake the hell up. He certainly is a Republican.
Posted by: Entropy at January 10, 2013 01:06 PM (TULs6)
http://nyti.ms/13lj3FC
But remember. If you are buying gold as a fallback option. You arr de prepper wingnutz.
Posted by: MikeTheMoose is Shrugging at January 10, 2013 12:28 PM (0q2P7)
I wonder if George $oro$ is going long on renminbi?
Posted by: Alberta Oil Peon at January 10, 2013 01:06 PM (29+x5)
When the Great Collapse (known informally as Teh Burnening) finally happens, there will be only one thing left to do. We're still the world's largest market of consumer goods. We still have a lot of natural resources. We still have smart people (just not in positions of power).
We'll finally tell the rest of the world, "Hey guys, we have a few things here at home we need to take care of. Y'all are on your own. Have a nice day." We can start building our own stuff ourselves and take care of us first for a change. That'd give us a good excuse to perhaps set things right (like getting rid of the UN for starters)and stop the leftward trend that we've been on for the past few generations.
I'm of course assuming that there will be far fewer Leftards afterwards. They aren't that bright anyways and their alleged "skills" certainly won't have a place in the New America to come.
Posted by: BackwardsBoy, who did not vote for this shit. at January 10, 2013 01:07 PM (yiIja)
So, he does understand Islam. No hope, just slavery.
Posted by: Jean at January 10, 2013 01:09 PM (49lPc)
-------------------------------------------------------------------
Mr.MooMoo, nothing pisses me off more than Republican leaders and that includes anything that Obama could possibly do.
I fully expect Obama to be the Bolshevik that he is, having the Republicans cower in in the corner and forsaking everything they believe in because they will always get "blamed" for this or that is what sends me off my rocker.
In fact the only reason I hold a Republican voting card is to cast my vote to oust any republican I can who agrees to spend so much as another dollar for any reason without the here and now cuts.
Posted by: Drider at January 10, 2013 01:12 PM (HaJD9)
Posted by: Barky O' Dogbreath at January 10, 2013 01:13 PM (ma1sf)
and a screaming warning siren to the rest of the world that the US govt
intends to enter a Wiemar era where the dollar can no longer be
considered the world's "benchmark" currency.
THE DOLLAR NO LONGER A STANDARD
Wrap
your head around all the ripples that emanate from that. That's not a
pebble tossed into the lake, its a freaking SMOD sized Ayers Rock sized
-------------
Thinkin' that just might be the end game the Jug Earred F*ck is going for anyway. This sure would help get us there. America....get on your knees! My G-d, I'm in disbelief at what is going on. Complete disbelief.
Posted by: Lady in Black at January 10, 2013 01:13 PM (ATdet)
274Question is, what would replace the US Dollar as the world's benchmark currency?
Nothing. This is how bad the rest of the world is. Someone said we are the healthiest horse at the glue factory
Posted by: Cicero Kid at January 10, 2013 01:14 PM (ma1sf)
88Posted by: cajun carrot at January 10, 2013 11:50 AM (UZQM
Catalytic converters
Powerful catalyst used throughout the chemical industry.
Posted by: Cicero Kid at January 10, 2013 01:16 PM (ma1sf)
Posted by: Mikey NTH - sees the gods of the copybook headings on the horizon at January 10, 2013 01:16 PM (hLRSq)
Posted by: KLH at January 10, 2013 01:16 PM (4+tm0)
Your plan is good, had we got SP in office like we wanted, just imagine.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 01:16 PM (l86i3)
Posted by: KLH at January 10, 2013 01:16 PM (4+tm0)
Oh, I don't know, because it's full of Muzztards and Europeans? Duh.
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. http://tinyurl.com/ahc8poj at January 10, 2013 01:17 PM (l86i3)
Posted by: Walkers! at January 10, 2013 01:17 PM (ymJbM)
But then Sandra Fluke would want one too.
Posted by: Foghorn Leghorn at January 10, 2013 01:01 PM (n8LUb)
She could be hired on as a Government employee, and charged with finding place to store it.
Posted by: Alberta Oil Peon at January 10, 2013 01:18 PM (29+x5)
President Thomas Whitmore: That's not entirely accurate there, Hagel.
Posted by: Count de Monet at January 10, 2013 01:19 PM (BAS5M)
http://www.cal-neva.com/money/debate07.htm
Posted by: Exasperated Expat at January 10, 2013 01:21 PM (gkfSV)
China uses it's cash reserves to buy a lot of EU debt (bonds) and all of a sudden, the EU is "all aboard" with making the Reminbi the world's reserve currency.
And yes, I would bet that Soros is going long on the Reminbi. We live in interesting times.
The $1 Trillion coin should have Obama's grinning stupid face on with the new national slogan: "What, me worry?"
Posted by: Reader C.J. Burch writes...... at January 10, 2013 01:22 PM (RFeQD)
Imagine carrying that from the US Mint to the Fed vault
Posted by: kbdabear at January 10, 2013 01:22 PM (wwsoB)
Virginia - and Robert Byrd is dead now. Pretty soon your roads and
bridges will look like the rest of the country.
Posted by: jwest at January 10, 2013 01:05 PM (ZDsRL)
__________________
I live in WA state. Roads are pretty damn good here too. It's a liberal myth that roads are crumbling everywhere.
Posted by: Mr. Moo Moo at January 10, 2013 01:23 PM (HDgX3)
Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 01:05 PM (zF6Iw)
'WHEE!mar Republic'. lol. I found that incredibly funny, and I'm told (by my kids, girlfriend, family members, distant acquaintances, random passersby) that I have no sense of humor whatsoever. I do. Here as proof.
WHEE!mar. It kills.
Posted by: troyriser at January 10, 2013 01:23 PM (vtiE6)
http://tinyurl.com/ba4bpsq
Posted by: kbdabear at January 10, 2013 01:24 PM (wwsoB)
Posted by: Voluble at January 10, 2013 12:55 PM (qYvEa)
____________
But the ipad 17 I bought in December was $50 less than my iPad 16 I bought in November. There's no inflation you fucking right wing nut.
Posted by: Hipster D-Bag Obama Voter at January 10, 2013 01:27 PM (HDgX3)
"Your plan is good, had we got SP in office like we wanted, just imagine."
Posted by: Oldsailors Poet, Author of Amy Lynn available on Amazon. Sweet Sarah would never go for this plan. She would want to just buckle down and pay off the debt with a lot of pain.The plan I'm advocating is something the democrats would do, and in the process get half the dedicated republicans to vote for them for the next few generations.By using our country's hard assets (establish a 250 mile coastal limit and "sell" all the mineral rights), enough cash could be justified in this new agency to not only pay off the debt, but all consumer debt and all mortgages. Think about it... the country as a whole is instantly out of debt, practically everyone is debt free and flush with equity. Too much cash to get any return by ordinary investing, so the rich are forced to invest in income producing (read job producing) enterprises. Average citizens go on a shopping spree and the global economy booms.If we let the democrats do this, we won't win another election in this century.
Posted by: jwest at January 10, 2013 01:28 PM (ZDsRL)
Posted by: jwest at January 10, 2013 01:30 PM (ZDsRL)
So the dollars that are printed (or their electronic equivalents) are based, like it says in the fine print, upon "the full faith and credit in the Government of the United States). It's based upon trust.
With the trillion-dollar coin, OTOH, the new money is being backed by a transparent fraud: a single coin, made of small amount of a precious metal, that is merely purported to be worth a trillion dollars, contrary to all logic and experience. The trillion-dollar coin is tantamount to an admission that "we are just making shit up". If Barky and the Choom gang are foolish enough to go ahead with it, I predict Zimbabwe-style inflation in the very near future.
Posted by: Alberta Oil Peon at January 10, 2013 01:30 PM (29+x5)
eliminate the dollar as the worlds currency - check
decimate the military - in the works
eliminate us as the worlds sole superpower - nearly done
Posted by: Thunderb at January 10, 2013 01:32 PM (Dnbau)
Posted by: Alberta Oil Peon at January 10, 2013 01:30 PM (29+x5)
Seconded.
Easiest Prediction Ever!
Posted by: zmdavid at January 10, 2013 01:35 PM (AH6ig)
Posted by: Exasperated Expat at January 10, 2013 01:21 PM (gkfSV)
Bo Gritz became batshit crazy over time but wasn't always that way. He was once a brave soldier, capable officer,and genuine war hero. It's a shame he's now primarily known now as 'David Duke's running mate'.
Gritz's darker inclinations just ate him up, I guess. Reminds me of Bobby Fischer.
Posted by: troyriser at January 10, 2013 01:38 PM (vtiE6)
Posted by: troyriser at January 10, 2013 01:40 PM (vtiE6)
All anybody should say in response to this idea is "when you're serious about addressing our fiscal problems let us know. We're not interested in playing schoolyard games".
Of course, that'd take some balls on the part of the Repubs.
Posted by: Dale at January 10, 2013 01:45 PM (HegGA)
Posted by: jwest at January 10, 2013 01:28 PM (ZDsRL)
Shit doesn't work that way dude.
Even if you had the assets valued to cover the debt, there isn't enough money in the world to buy them for that much. Besides that, there isn't enough industry to exploit them, and if you tried to exploit even a fraction of the total, the glut would cause prices to drop to a point where it would not be practical to extract.
You may as well back your currency with all the platinum and precious metals located within the Earth's molten core. Sure, they're there. You ain't gonna get them out, so pretending to sell ownership of them is kind of silly.
Posted by: Entropy at January 10, 2013 01:51 PM (TULs6)
Posted by: DrDrill at January 10, 2013 01:53 PM (sOFZs)
Well wake the hell up. He certainly is a Republican.
If he's a goddamn anti-Semite, he's a Democrat, no matter what the sleazy fuck calls himself.
Posted by: Mary Poppins' Practically Perfect Piercing at January 10, 2013 02:05 PM (zF6Iw)
L I B, the sooner the better.
Posted by: Some dope at January 10, 2013 02:06 PM (RdKJU)
Trillion Dollar Platinum Coin Fun Fact:
Q: What legislator was responsible for writing the act being used to enact the magic coin trick?
A: Delaware Rep. Mike Castle, former Team Republican Rino crush boy. Remember, look for the Team Republican (tm) label when choosing your next not quite a Democrat candidate.
http://tinyurl.com/acdk6rr
Posted by: Laurie David's Cervix at January 10, 2013 02:09 PM (kdS6q)
platinum and precious metals located within the Earth's molten core.
Sure, they're there. You ain't gonna get them out, so pretending to sell
ownership of them is kind of silly.
Posted by: Entropy at January 10, 2013 01:51 PM (TULs6)
That's where building the Death Star comes in.
Posted by: zmdavid at January 10, 2013 02:09 PM (AH6ig)
This whole scheme is just another Big Oil plot to hold back platinum electrodes that would bring us all unlimited free power via Cold Fusion.
Posted by: Little Miss Spellcheck at January 10, 2013 02:10 PM (a5ljo)
You may as well back your currency with all the
platinum and precious metals located within the Earth's molten core.
Posted by: Entropy
Piss off, we've got our own fiscal problems. Turns out Metlar is a Democrat too.
Posted by: The Inhumanoids
Posted by: Laurie David's Cervix at January 10, 2013 02:15 PM (kdS6q)
Isn't that enough of an answer, right there?
Don't waste the platinum. Take a sharpie and write "One Zillion Billion Gajillion Dollars" on a just-minted quarter and be done with it.
If we're going to be stupid - if we are going to generate trillions of dollars without any production or asset to back it up, let's go really big.
The Democrats want to leap off the cliff - let'em.
Newt Gingrich, a lunatic as a president but a damned good speaker, keeps giving Boehner GREAT advice: the game is in FUNDING. the game is in APPROPRIATIONS. Don't let the money be spent. Baby Wetsalot controls the purse strings, because the RINO's are too stupid to know any better.
This is SO stupid... If Boehner had a brain as large as just ONE of his tear ducts, we'd OWN this narcissist.
Posted by: RobM1981 at January 10, 2013 03:56 PM (zurJC)
Posted by: Fen at January 11, 2013 03:04 AM (Rju2/)
100 million pennies is an amount, not the value thereof.
Posted by: dude at January 11, 2013 06:59 AM (VKkox)
I'd pay federal taxes with it, but they don't give change...
Posted by: Bill Johnson at January 11, 2013 03:24 PM (9X1+H)
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