The Biden administration could sidestep McConnell's refusal to pay off America's bills by minting a $1 trillion platinum coin

[Crepitus]

To start with platinum is $949.65/oz USD at the moment I write this. To arbitrarily assign a value other than that is nonsense. The damn thing might just as well be printed on copy paper or stamped from aluminum.
Call this the Weimar or Zimbabwe option.

LOL, what donyou think the metallic content of a quarter is worth?

Silly comment.

 

[mudwhistle]

Do your own homework before you jump into a topic like you know something.

Clearly you don't know Jack Squat about the topic, or you wouldn't be saying such stupid shit.

The problem with people like you is you get your jollies off of destroying things rather than solving problems.
I guess we can't expect anything else from a bunch of immature juveniles.

 

[mudwhistle]

Republicans will make a big showing of not raising the debt ceiling.

Eventually, they'll raise the debt ceiling.

Happens every year.

After all.....the only reason they take sides is to make everyone think they're in opposition.
The fact is the Dinosaurs in Congress all work together.
That's why they hated Trump so much......cuz he kept pissing on their plans.

 

[occupied]

Clearly you don't know Jack Squat about the topic, or you wouldn't be saying such stupid shit.

The problem with people like you is you get your jollies off of destroying things rather than solving problems.
I guess we can't expect anything else from a bunch of immature juveniles.

The problem with people like you is that you would rather vent your rage than actually discuss a topic.

 

[mudwhistle]

The problem with people like you is that you would rather vent your rage than actually discuss a topic.

Rage?
You mean like BLM or ANTIFA?

 

[Magnus]

I keep seeing these ignorant posts by Democrats.
Everything you just said is essentially what the Democrats are doing now.
Holding the nation hostage to whatever COVID BS they can dream up.
What do you think mask mandates and lock downs were designed for, you ******* nimrod???
And all of that spending is going on because the Democrats are using a crisis to pass all of their pet projects.

The top goals of the Dem/Communist Party:

• Raise the debt
• Ruin the economy
• Decimate the military
• Pass federal election reform
• Pass amnesty for 30 million illegals
• Pass and institute Black reparations
• Turn everyone against white people/Republicans so they become targets....and eventually statistics
• Cause a race-war or a purge
• End private ownership of all businesses and property
• Create starvation

45 Goals of Communism -

Post World War II, our greatest enemy in America was communism. Communism was a bad word during the Cold War with the Soviet Union. How times have changed. If you are part of Generation X, a big part of your association with the Cold War was the release of Rocky IV. It’s not one of … Continue...

thestraightshot.com

LOL You linked to a wing-nut site to make your case? Is this what passes for facts in trumptard circles?

Here, let me show you how it's done: Links for the first 3 proving that your orange douche bag was way way worse than any democrat:

• Trump poised to add more debt than Obama in first term Link: Trump poised to add more debt than Obama in first term
• Donald Trump destroyed the economy
  We will remain in depression until 2021 at least because he failed at his job Link: Donald Trump destroyed the economy
• Trump’s False Military Equipment Claim Trump's False Military Equipment Claim - FactCheck.org

Now, let's see if you can provide valid links for the rest of your nonsense. Since you are a trumptard, I don't think you have it in you, but hey, surprise me.

 

[Toddsterpatriot]

Would it be inflationary? Given that it wouldn't be in circulation, as it were...and the release of the funds based on the coin would be indistinguishable from the normal spending by the Fed.-

The Fed doesn't normally spend.

 

[EvilEyeFleegle]

The Fed doesn't normally spend.

Short for Federal Govt.--sorry for any confusion.

 

[FA_Q2]

Republicans have no problem with weaponizing the rule book when it suits them. If that's what it takes to keep them from holding the nation hostage again it should be done.

Yes, blame republicans for the fact that the democrats have been and are working diligently to burn every rule that gets in their way. Because republicans.

The left screamed bloody murder that Trump was destroying norms. Day one in office Biden upped that game and now it is not only okay, it is somehow necessary.

 

[Toddsterpatriot]

Short for Federal Govt.--sorry for any confusion.

Thanks.
Why do you think the coin is the same as normal spending by the government?

 

[EvilEyeFleegle]

Thanks.
Why do you think the coin is the same as normal spending by the government?

Because it is an 'end around' the debt ceiling. The amount of spending would not be affected...just the oversight short-cutted--gross amount of spending would not change.

It's moot now...I think, as the move seems to be towards not playing chicken this time.

 

[ThisIsMe]

Biden to random wh cabinet member: "here hold this for a second"

Cabinet member leaves for a moment, then returns with can of coke.


Biden: "OK quick, where is that trillion dollar coin I gave you!!"

Cabinet member blinks with expressionless face and slowly backs out of the room....

 

[Toddsterpatriot]

The amount of spending would not be affected...just the oversight short-cutted--gross amount of spending would not change.

But why is it the same as normal spending?
Normal spending involves borrowing or taxing.

 

[candycorn]

Now here's an old/new idea. 1 trillion dollar coin and f'k Congress.

The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin

Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare. He insists he's not "bluffing."
But the conundrum could have a coin-sized solution. A loophole in the law that prescribes the types of coins that can legally be minted in the US theoretically allows the Treasury Department to mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then continue paying its bills as normal.
In the Obama era, several economists and commenters noted a potential workaround to the debt limit. The law that governs the types of coins that the Treasury Department is legally allowed to mint includes descriptions of typical coins like dimes, nickels, and quarters, as well as special commemorative and collectors' coins, like a palladium $25 coin.

The law includes this clause: "The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time."
That clause leaves it up to the Treasury Secretary to decide on the denomination for a platinum coin, meaning in theory, Yellen could carve out the amount required and Congress could get on with more pressing business.
Of course, Treasury officials have long ruled out using the trillion-dollar platinum coin as a solution to the debt ceiling, arguing that Congress should do its job and raise the ceiling itself.

sure...why not.

The classic bad idea whose time has come.

 

[EvilEyeFleegle]

But why is it the same as normal spending?
Normal spending involves borrowing or taxing.

Borrowing, Taxing and Spending are all very different things...and more slippery than you might think. For example...Biden issues the 1T coin..then borrows against it>
What just happened?

Invented value..which, when poured into the economy..comes back in taxes.

Value is just an agreement between all parties--the wealth of the world surpassed its value a long time ago.

 

[Toddsterpatriot]

Borrowing, Taxing and Spending are all very different things...and more slippery than you might think. For example...Biden issues the 1T coin..then borrows against it>
What just happened?

Invented value..which, when poured into the economy..comes back in taxes.

Value is just an agreement between all parties--the wealth of the world surpassed its value a long time ago.

For example...Biden issues the 1T coin..then borrows against it>
What just happened?

Borrow against? How is that different from just borrowing?

 

[EvilEyeFleegle]

For example...Biden issues the 1T coin..then borrows against it>
What just happened?

Borrow against? How is that different from just borrowing?

Because, in theory, a loan is backed by collateral. In this case, the invented $1T coin secures a loan---thus the $1T was, in fact, invented out of thin air. Traditional borrowing would have provisions for default.

Nothing secures the loan...except the good faith and financial success of the United States.

 

[Toddsterpatriot]

Because, in theory, a loan is backed by collateral

Still adds to the debt ceiling.

thus the $1T was, in fact, invented out of thin air.

Printing, or minting, $1T is inventing out of thin air.
The federal government owns huge chunks of land in the western states.
Sell off the land instead of borrowing.

 

[EvilEyeFleegle]

Still adds to the debt ceiling.

thus the $1T was, in fact, invented out of thin air.

Printing, or minting, $1T is inventing out of thin air.
The federal government owns huge chunks of land in the western states.
Sell off the land instead of borrowing.

I hear the Chinese are in the market?

 

[jasonnfree]

I keep seeing these ignorant posts by Democrats.
Everything you just said is essentially what the Democrats are doing now.
Holding the nation hostage to whatever COVID BS they can dream up.
What do you think mask mandates and lock downs were designed for, you ******* nimrod???
And all of that spending is going on because the Democrats are using a crisis to pass all of their pet projects.

The top goals of the Dem/Communist Party:

• Raise the debt
• Ruin the economy
• Decimate the military
• Pass federal election reform
• Pass amnesty for 30 million illegals
• Pass and institute Black reparations
• Turn everyone against white people/Republicans so they become targets....and eventually statistics
• Cause a race-war or a purge
• End private ownership of all businesses and property
• Create starvation

45 Goals of Communism -

Post World War II, our greatest enemy in America was communism. Communism was a bad word during the Cold War with the Soviet Union. How times have changed. If you are part of Generation X, a big part of your association with the Cold War was the release of Rocky IV. It’s not one of … Continue...

thestraightshot.com

A lot of people, and certainly most whacko ignorant republicans, would call you a communist for working for the government for decades before you retired on the taxpayers dime.