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PoliticAverse

(26,366 posts) Thu Jan 3, 2013, 08:40 PM Jan 2013

Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea [View all]

To Save The Economy

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An arcane idea that started on finance blogs in the summer of 2011-- that Tim Geithner should mint a trillion dollar platinum coin to avert the debt ceiling -- is now seriously taking off.

The premise of the idea is this: Although the Treasury can't just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins, and the thinking is that Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Fed's account.

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Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea [View all] PoliticAverse Jan 2013 OP

Stupid is as stupid does... Agnosticsherbet Jan 2013 #1

i think it's fitting that a stupid problem (the debt limit) is solved with a stupid solution. unblock Jan 2013 #3

The idea that the fed can not create money out of thin air, but can mint a coin and say it is worth. Agnosticsherbet Jan 2013 #5

not the fed, the treasury. unblock Jan 2013 #6

The money borrowed is for programs and spending allready approved by Congress... Agnosticsherbet Jan 2013 #21

Maybe but I think it is more silly than stupid and that is because TheKentuckian Jan 2013 #13

Amen. Bill USA Jan 2013 #19

I read the article and it's as "unblock" has said. the author is offering a silly tool as a way of Bill USA Jan 2013 #22

+ struggle4progress Jan 2013 #38

I would give anything to see the disappointment... mike_c Jan 2013 #2

Sorta demonstrates ... GeorgeGist Jan 2013 #4

Its all held together by faith Joe Shlabotnik Jan 2013 #7

Think of all of the vending machines that will need to be reprogrammed jberryhill Jan 2013 #8

Whose picture would you put on a trillion dollar coin ? n/t PoliticAverse Jan 2013 #9

Ron Paul * Redfairen Jan 2013 #10

Ronald Reagan Salviati Jan 2013 #11

I was thinking Reagan too... n/t PoliticAverse Jan 2013 #12

This is reminding me how crazy things were under Reagan/Bush. nt bananas Jan 2013 #24

Yep, have to be Raygun, he of the low taxes and giant deficits. Or Bush the Lesser. nt bemildred Jan 2013 #35

Byron Dale bananas Jan 2013 #23

Donald Trump. customerserviceguy Jan 2013 #29

I actually liked Josh Barrow's idea dsc Jan 2013 #14

It was proposed in 1992 by presidential candidate James Bo Gritz bananas Jan 2013 #15

Variation .... Issue a bunch of platinum coins in multiple demoninations. jerseyjack Jan 2013 #16

When everybody is trying to game the system, you no longer really have a system. bemildred Jan 2013 #17

How is a 1T credit to our account at the fed, in the form of a coin, Warren Stupidity Jan 2013 #32

It isn't, that's my point. bemildred Jan 2013 #33

That and seven dollars tavernier Jan 2013 #18

Make 17 Coins Macoy51 Jan 2013 #20

It's won't cause inflation because it will never make it into the real economy. Odin2005 Jan 2013 #26

If so, why don't we just end all taxation and mint 2-3 coins a year? That makes everyone kelly1mm Jan 2013 #28

Because this is about paying interest on the debts we already have. Odin2005 Jan 2013 #30

Actually it isn't even that, it is a marker that would add a credit to our fed account. Warren Stupidity Jan 2013 #31

I like that idea! After the 17 coins, lets just mint 2 more per year and end all taxes as well! kelly1mm Jan 2013 #27

I think Modern Monetary Theory has finally hit the big time! Odin2005 Jan 2013 #25

It is getting there. Sam1 Jan 2013 #39

If you agree sign the White house petition. MFM008 Jan 2013 #34

Spam deleted by NRaleighLiberal (MIR Team) John_UAC Jan 2013 #36

PAUL KRUGMAN: Obama Must Be Ready To Mint The Trillion Dollar Platinum Coin PoliticAverse Jan 2013 #37

Update: Treasury says no trillion dollar coin. PoliticAverse Jan 2013 #40