Topic: US Urged to Mint 'Trillion Dollar Platinum Coin' (Read 822 times)
The last president who actively tried to stop private banks printing money ended up assassinated, good thing this guys idea is so daft that the people who did the assassination won't even bother with him.
Well, that would certainly solve all Debt Problems 
Hahah.
Why not just make it out of cupro-nickel?
The funny thing is that he feels it should be made out of platinum. I assume he doesn't mean a 26,829 ton coin made out of pure platinum so it won't be backed by the precious metal. I guess he thinks making it out of platinum would give it more respect than making it out of tin. I say make it out of salt.
Also what is even more sad is he doesn't realize the FED isn't into the business of giving away money. They will LOAN the government all the money they want but it will be a loan and thus count towards the debt limit. The idea you need a coin is kinda silly. The fed could instantly increase their balance sheet by 1T and then loan that to the treasury. Maybe it could be a Title Loan secured by Airforce One. Making it a coin instead of an electronic funds transfer doesn't change anything.
If the FED mints/prints/digitally adds zeros it isn't the treasury money it is the FEDs money (a private cartel of corporations who convinced the US government to give up their sovereign right to issue currency and make their private corporate script the legal tender).
Also what is even more sad is he doesn't realize the FED isn't into the business of giving away money. They will LOAN the government all the money they want but it will be a loan and thus count towards the debt limit. The idea you need a coin is kinda silly. The fed could instantly increase their balance sheet by 1T and then loan that to the treasury. Maybe it could be a Title Loan secured by Airforce One. Making it a coin instead of an electronic funds transfer doesn't change anything.
If the FED mints/prints/digitally adds zeros it isn't the treasury money it is the FEDs money (a private cartel of corporations who convinced the US government to give up their sovereign right to issue currency and make their private corporate script the legal tender).
Well, that would certainly solve all Debt Problems
http://www.capitalnewyork.com/article/politics/2013/01/7052758/looking-next-debt-ceiling-fight-nadler-proposes-trillion-dollar-coi
Hopefully they do it, this would show everyone how ridiculous the FED system is.
Quote
Rep. Jerrold Nadler has an admittedly "out of the ordinary" solution to the coming fight over the debt ceiling.
"There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills," Nadler said in a telephone interview this afternoon.
I asked whether he was serious.
"I'm being absolutely serious," he said. "It sounds silly but it's absolutely legal. And it would normally not be proper to consider such a thing, except when you're faced with blackmail to destroy the country's economy, you have to consider things."
"There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills," Nadler said in a telephone interview this afternoon.
I asked whether he was serious.
"I'm being absolutely serious," he said. "It sounds silly but it's absolutely legal. And it would normally not be proper to consider such a thing, except when you're faced with blackmail to destroy the country's economy, you have to consider things."
http://www.capitalnewyork.com/article/politics/2013/01/7052758/looking-next-debt-ceiling-fight-nadler-proposes-trillion-dollar-coi
Hopefully they do it, this would show everyone how ridiculous the FED system is.
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