New York Congressman Jerry Nadler is proposing that the U.S. Treasury mint several $1 trillion dollar platinum coins, deposit them in the Federal Reserve, and avoid the need to raise the debt ceiling. Ingenious or insane?
One word: last!
One word: inflation
It's been done… on the Simpsons! bit.ly/11cqOiP
Because SoH likes to censor naughty words, I'm not sure if Nick said the N-word or the F-word. This is why censorship is the devil.
It's brilliant. You could go to a vending machine and buy like ALL the Cheetos in that mother-humper.
This could work ONLY if there was a trillion dollars worth of platinum being used in the production.
Honestly, we should invest in storing more easily tradable resources in the reserve. Cobalt, perhaps?
"My friends, we live in the greatest nation in the history of the world. I hope you'll join with me, as we change it."-- Barack Obama
Actually I've never posted something, therefore no way to know it wouldn't make a hyperlink. And dengel, the proposal is not to spend it. Please research how our govt monetary policy actually works. This will not cause inflation unless CONGRESS passes spending bills.
The same type of idiot who believes we can spend an unlimited amount of money and have no consequences.
What kind of fucking idiot posts an 88 character link on a forum that has no hyperlinks?
Shrink the URL you boob.
But but but... there's so much NEED, and that creates an obligation for ME to pay!
Why just this week my neighbors car broke down, and I had to borrow money to fix it. Didn't want to, but if I didn't he would just break into my house and steal stuff because he couldn't get to work....
It's basically what the federal reserve does with our bonds, and that doesn't cause inflation, right?
Everyone seems to be misunderstanding the proposal. It wont cause inflation, because it won't be dumped into the economy. It will basically be a means of borrowing money (which we currently do with bonds). Go on Bloomberg or even yahoo finance, they have some very interesting articles on it.
The next day bread cost 1 billion dollars.
Oh I fully agree nick, only way to solve it, vote them out, and don't vote for people who have any ties to politics, vote for white collar accountants, managers, like it or not America is a business, and one that by now would have been liquidated in court
Keep on pointing the fingers left and right, i'll point my finger at each registered voter for electing the fuckers in the first place.
But I agree they do need to be phased out as renewable energy comes of age, but right now it would just be lighting a candle in the grain mill so to speak
Oh you mean like the foreign tax credit, (open to anybody) that make up 15 billion of that, and a credit for production of non-conventional fuels at 14 billion, you also realize that it's given these to keep consumer price down? Without them gas at the pump would be closer to 10.00 a gallon
I thought it was a joke.
They get $75 billion in tax subsidies over the course of 10 years.
Where are you getting your info at that oil and gas are the most subsidized? 35% of a barrel of oil is used to make plastic, perfume, makeup, plus the gas and oil that people say is to expensive now..
Hell no that's not a strategy let's start cutting! let's start with the defense budget than Medicare part D. Remove corporate welfare for the most profitable industry in the world oil and gas, Just stay the hell away from programs that I've put into my whole life
It's ok as long as you give me one
It would be inflationary. It would lead to an increase in the money supply, with no corresponding increase in real goods - thus you would see inflation. It would be indirect, but real nontheless.
Also, the government does not need to raise the debt ceiling to avoid default. It can service the debt from its current revenues, so your assertion is false. It cannot do so at its current spending rate. Cuts must be made.
So if a person has maxed out their credit cards, and they continue to spend like nothing has changed, with no intention of ever paying those debts off, you call that a strategy?
Why don't i take a dump and make trillion $ coins out of that?
Anyone who says this is genius does not understand the implications of this question fully...
The people voting yes, obviously don't know how a Fiat currency works. - I'm a independent atheist.
Or cutting spending and compromising on deficit reduction to raise the debt ceiling.
So 1/3 democrats and 1/5 republicans... people we let vote... Believe that is a good idea... Pathetic.
This is just the type of genius we need running our country. Don't worry about the effects of what you do, people will forget about it by the next campaign anyhow.
A Democrat came up with the idea of defaulting on America's debt?
If a citizen prints counterfeit money to their bills, eventually they will end up in prison
Would make the 10 bucks in my pocket immediately worth only 5. Can u say inflation, what a dumbass.
At least most of went to economics class
Nader is a liberal asshat!
I have an insane idea... How about we stop spending money until we can afford it? That's how I pay my bills.
Not a problem and it could have been either of us making the mistake. I was even thinking for a moment there that you may have been using British trillions.
My apologies doopy. I misplaced a decimal point. My calculations were for billion.
Geez!!! How stupid ARE you people? It was an example of hyperbole to highlight how crazy the whole "debt ceiling" is. It's a very creative way of using a loophole in the law.
You know, like how corporations are people, or how billionaires buy elections.
Thomas Jefferson once suggested a constitutional amendment to prevent congress from borrowing money. maybe we need a law to phase out borrowing and phase in a mandatory balanced budget. also, it should set time limits not only for this but also for removing the national debt.
Unless the amount of platinum in each coin has a value of a trillion dollars then the coins are technically curentcy, just a printed bill. The US dollar would most likely be devalued by the action.
It's a democrat that came up with this idea, why are republicans brought up.
The WH is being given contradicting orders from Congress. It's told to spend money without the means to raise the revenue to do so, but at the same time is told It can't borrow more money. WH should then decide in the public interest and avoid default crisis by ignoring the debt ceiling.
It's only ingenious because the debt ceiling is literally insane. Congress passes spending bills, WH goes to borrow money to spend as it is told, Congress refuses and demands spending be cut, economy goes into self inflicted recession.
Get rid of the FED