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[left-of-center2012]

This message was self-deleted by its author (left-of-center2012) on Tue Oct 5, 2021, 11:01 AM. When the original post in a discussion thread is self-deleted, the entire discussion thread is automatically locked so new replies cannot be posted.

[Tommy Carcetti]

1. "I'm going to need some change for this." nt

[vanlassie]

3. For the Laundromat!

[jcgoldie]

2. Ok in that case

May finally break down and buy that metal detector… 🤷‍♂️

[jpak]

4. Dr. Evil wants

[FSogol]

5. I don't pretend to understand how this works, but it sounds like the sovereign citizen nonsense of

claiming they aren't a person in court or claiming that they aren't driving, they are freely traveling.



Ps, that said, why not add John Lewis to the 1 trillion dollar coin?

[left-of-center2012]

14. John Lewis ?

[marybourg]

17. But the U.S. *really is* the sovereign.

[keithbvadu2]

6. Talk about fiat money

[bahboo]

7. "thanks to Congressional intransigence on both sides of the aisle"

bull fucking shit....

[Alexander Of Assyria]

10. Not bullshit, prepared and purposeful propaganda carried so willingly for the fascists.

[LakeArenal]

8. I would like this to happen.

I don’t know any merits of doing so
and my opinion is solely on my own research.....

“‘Own” the Cons...... Woo 🥂🍾🥳😆🇺🇸🇺🇸🇺🇸🇺🇸

[zipplewrath]

15. Would plunge the value of the dollar

This is basically "printing money" and potentially would plunge the value of the dollar. The only real solution here is for Congress to pay their bills.

[Alexander Of Assyria]

9. The worlds reserve currency has all kinds of enormous benefits and perks like this.

[Disaffected]

11. What would happen

if you put it in a vending machine??

[Sogo]

12. According to Warren Buffett, the fact that we mint our own money

is exactly the reason that the US never has to worry about its debt.


Warren Buffett explains the simple reason why the US will never default on its debt:



At the 2020 Berkshire Hathaway Annual Shareholders Meeting on Saturday, which was closed to the public due to Covid-19 but livestreamed on Yahoo Finance, billionaire investor Warren Buffett carefully explained in simple terms why the U.S. will never default on its debt.

When a concerned shareholder asked him whether there was a risk, he didn’t prevaricate, but started with a “no.”

“If you print bonds in your own currency, what happens to the currency will be the question,” said Buffett. “But you don’t default. The U.S. has been smart to issue its debt in its own currency.”

Other countries don’t do this, Buffett pointed out.

“Argentina is now having a problem because the debt isn’t in their own currency, and lots of countries have had that problem,” he said. “And lots of competent countries will have that problem in the future.”



Over the years, many have worried about the growing national debt as tax cuts and spending have created an ever-widening gap between revenue and outflows. But in his explanation, Buffett highlighted the distinctions that make the U.S. Treasury much different than your personal checkbook.

Mainly, the government owns the printing press to pay the money to the holders of its debt.

“It is very painful to owe money in somebody else’s currency,” said Buffett. “If I could issue a currency Buffett bucks, and I had a printing press and I could borrow money, I would never default.”

This is a common refrain of Modern Monetary Theory as well as longtime Fed Chair Alan Greenspan, who once said something similar: "The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."

The chief worry about just printing money to pay obligations is inflation.

“What you end up getting in terms of purchasing power can be in doubt,” Buffett said.

But whether the U.S. can pay the dollars that it owes is not in doubt. The Oracle of Omaha noted back to when Standard & Poor’s downgraded the U.S.’s credit rating in 2011.

“To me that did not make sense,” he said. “How you can regard any corporation as stronger than a person who can print the money to pay you, I just don’t understand. So don’t worry about the government defaulting.”

[underpants]

13. This is simply note going to happen

That is all.

[Takket]

16. Great until some drunk treasury employee sticks it in a vending machine because they want a bag of

Cheetos.

[left-of-center2012]

18. "What if someone puts it in a vending machine?"

Can't believe these kind of responses.

[Mad_Machine76]

19. .........

*responding to the above poster who made the joke*

[ColinC]

20. Don't lose it. N/t