Show of HandsShow of Hands

Show Of Hands January 5th, 2013 12:00am

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?

1 Liked

Comments: Add Comment

EarlyBird Portland
01/14/13 11:16 pm

One word: last!

Reply
emosauce
01/10/13 2:13 pm

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.

emosauce
01/09/13 11:10 pm

It's brilliant. You could go to a vending machine and buy like ALL the Cheetos in that mother-humper.

Reply
ohai
01/09/13 4:54 am

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?

vbranger Hillary for Prison
01/08/13 9:44 pm


"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

Reply
slickrick29
01/08/13 3:45 pm

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.

jdengel
01/08/13 12:29 pm

The same type of idiot who believes we can spend an unlimited amount of money and have no consequences.

Cragaleus2
01/08/13 10:19 am

What kind of fucking idiot posts an 88 character link on a forum that has no hyperlinks?

Shrink the URL you boob.

Reply
ScrewU Gone
01/08/13 7:15 am

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....

Reply
jdengel
01/08/13 6:52 am

It's basically what the federal reserve does with our bonds, and that doesn't cause inflation, right?

slickrick29
01/07/13 11:44 pm

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.

Reply
Br@ndon Your Soul
01/07/13 11:12 pm

The next day bread cost 1 billion dollars.

Reply
jaeos
01/07/13 10:11 pm

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

satiricalnick meh
01/07/13 10:07 pm

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.

Reply
jaeos
01/07/13 10:02 pm

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

jaeos
01/07/13 9:56 pm

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

theNobamist Silicon Valley
01/07/13 9:46 pm

I thought it was a joke.

Reply
leftwinglib
01/07/13 9:40 pm

They get $75 billion in tax subsidies over the course of 10 years.

jaeos
01/07/13 9:35 pm

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..

leftwinglib
01/07/13 9:07 pm

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

Coke
01/07/13 9:05 pm

It's ok as long as you give me one

Reply
NUwriter
01/07/13 9:04 pm

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.

NUwriter
01/07/13 8:57 pm

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.

NUwriter
01/07/13 8:55 pm

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?

Burntwaffle VA Politics and Pie
01/07/13 8:10 pm

Why don't i take a dump and make trillion $ coins out of that?

Reply
jinger New York City
01/07/13 8:09 pm

Basic economics...insane

Reply
bb1884
01/07/13 7:35 pm

Anyone who says this is genius does not understand the implications of this question fully...

Reply

01/07/13 6:20 pm

The people voting yes, obviously don't know how a Fiat currency works. - I'm a independent atheist.

Reply
PeppyHare Do a barrel roll
01/07/13 6:13 pm

Or cutting spending and compromising on deficit reduction to raise the debt ceiling.

Reply
PeppyHare Do a barrel roll
01/07/13 6:12 pm

So 1/3 democrats and 1/5 republicans... people we let vote... Believe that is a good idea... Pathetic.

Reply
PeppyHare Do a barrel roll
01/07/13 6:10 pm

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.

Reply
leftwinglib
01/07/13 5:11 pm

A Democrat came up with the idea of defaulting on America's debt?

Reply
jdengel
01/07/13 5:07 pm

If a citizen prints counterfeit money to their bills, eventually they will end up in prison

Reply
flanders
01/07/13 2:58 pm

Would make the 10 bucks in my pocket immediately worth only 5. Can u say inflation, what a dumbass.

Reply
RoadToRuin
01/07/13 11:27 am

At least most of went to economics class

Reply
barbearnj Dreaming of Banff
01/07/13 11:15 am

Nader is a liberal asshat!

Reply
christine1986
01/07/13 11:15 am

I have an insane idea... How about we stop spending money until we can afford it? That's how I pay my bills.

Reply
Doopy Remedial Americanism
01/07/13 10:45 am

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.

argeas Arnor
01/07/13 10:34 am

My apologies doopy. I misplaced a decimal point. My calculations were for billion.

RandFan Headed to IPhone rehab
01/07/13 9:50 am

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.

Reply
tasalley North Carolina
01/07/13 9:49 am

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.

Reply
tasalley North Carolina
01/07/13 9:37 am

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.

Reply
vbranger Hillary for Prison
01/07/13 9:14 am

It's a democrat that came up with this idea, why are republicans brought up.

Reply
jmatsby
01/07/13 9:11 am

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.

Reply
jmatsby
01/07/13 9:05 am

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.

Reply
whodey1122
01/07/13 8:55 am

Get rid of the FED

Reply