Thought this was interesting...

Quote :

"LET’S END THIS DEBT CEILING DEBATE WITH A $1 OZ. $1T COIN 7 JULY 2011 BY CULLEN ROCHE 123 COMMENTS A reader points out a very interesting loophole in the debt ceiling debate that would give the US Treasury the ability to tell the US Congress to take their fearmongering and shove it you know where. Reader “Beowulf” notes: “No, Tsy isn’t authorized to just “print” money, the Federal Reserve Act gives that power to the Fed, However, the Coinage Act grants the Secretary of the Treasury rather broad coin seigniorage authority. Geithner could sidestep the debt ceiling this afternoon by ordering the West Point Mint to coin a 1 oz. $ 1 trillion coin. Tsy can then present the jumbo coins at the NY Fed to buy back $1 trillion in Fed-held debt (the Fed has to accept it, a creditor can’t refuse legal tender paid in to settle a debt): (h) The coins issued under this title shall be legal tender… (k) 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."

http://pragcap.com/lets-end-this-debt-ceiling-debate-with-a-1-oz-1t-coin

7/25/2011 2:04:43 PM

lol that would end the US credibility for sure

7/25/2011 2:07:49 PM

better then being owned by china.

7/25/2011 2:08:18 PM

wait...

7/25/2011 2:08:49 PM

Quote :

"better then being owned by china."

China owns what, 1-2 trillion of the US debt? You realize that people in the US own ~9 trillion, right?

[Edited on July 25, 2011 at 2:09 PM. Reason : .]

7/25/2011 2:09:42 PM

yes but isn't china's portion steadily growing as our primary source of credit right now?

7/25/2011 2:14:21 PM

i mean, while he's at it, might as well make a few more and raffle em off or something. i bet they could make a ton of money off raffle ticket sales

[Edited on July 25, 2011 at 2:15 PM. Reason : who's in on the official tww trillion dollar coin raffle ticket pool?]

7/25/2011 2:14:53 PM

Quote :

"yes but isn't china's portion steadily growing as our primary source of credit right now?"

Chinese holdings of our debt spiked in June of last year but appears (at least through May 2011) to have remained stable

7/25/2011 2:18:02 PM

oh no china

look how afraid i am

fuck this

no flags, no borders

7/25/2011 2:18:40 PM

http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt

7/25/2011 2:19:33 PM

ME!

7/25/2011 2:19:33 PM

^(qntmfred) lawl

iop1

[Edited on July 25, 2011 at 2:20 PM. Reason : oh sheesh. Insert more arrows to qfred's post]

7/25/2011 2:19:50 PM

--pocket change--

7/25/2011 2:22:54 PM

7/25/2011 2:23:17 PM

take that coin and flip it for our debt, go double or nothing with China, hell even let china call it in the air.

7/25/2011 2:32:39 PM

Nevermind what I said above, I didn't read the chart very carefully

that jump appears to be due to a change in survey methods? at any rate they don't appear to be "taking over", they don't "own us"; if anything, really rich Americans "own us"

[Edited on July 25, 2011 at 2:50 PM. Reason : .]

7/25/2011 2:49:18 PM

apparently beowulf fails to recognize that seigniorage would greatly increase the money supply and put us into hyper inflation.

7/25/2011 2:53:17 PM

If we win the flip, no more debt to China, if they win, they can have Rhode Island or New Jersey.

7/25/2011 2:56:32 PM

I'll stick with my Chinese Pandas. 1 oz Platinum

Welcome to the future.

7/25/2011 2:56:33 PM

WHY has nobody thought of this before?????

someone call Tim Geithner, STAT

7/25/2011 3:34:47 PM

i would totally make a stop at walmart on the way to deliver these. go in and be like, "Yes, i will take everything. your entire company. I also have coupons for the following items..... And i would like my change back in $20s"

straight baller, son.

[Edited on July 25, 2011 at 7:03 PM. Reason : .]

7/25/2011 7:02:50 PM

put that bitch in the soda machine and make it rain

[Edited on July 25, 2011 at 7:14 PM. Reason : SNACKS ON SNACKS]

7/25/2011 7:13:56 PM

who is Tsy?

7/25/2011 7:22:37 PM

treasury

7/25/2011 7:24:06 PM

I think its some bullshit abbreviation of treasury

7/25/2011 7:24:45 PM

7/25/2011 7:27:37 PM

What good is money if it can't inspire terror in your fellow man?

7/25/2011 7:29:54 PM

Why stop at 3? Let's create a 1 trillion dollar coin for every American. Then everyone's a trillionaire, and we can finally be prosperous again.

Thanks pryderi!

Quote :

"that jump appears to be due to a change in survey methods? at any rate they don't appear to be "taking over", they don't "own us"; if anything, really rich Americans "own us""

Yes. Now you understand why default is not actually something to be avoided. Anyone that has been stupid enough to purchase treasuries is going to get their ass handed to them either way; I don't know why anyone with cash should be punished with lower purchasing power.

[Edited on July 25, 2011 at 8:36 PM. Reason : ]

7/25/2011 8:32:02 PM

Quote :

"If we win the flip, no more debt to China, if they win, they can have Rhode Island or New Jersey. "

Naw, give them Arizona. I'd like to see the fallout from them becoming Chinese

7/25/2011 10:01:14 PM

i would throw 50 bucks at a trillion dollar coin raffle.

shit, somebody's gotta win right?

7/25/2011 10:16:57 PM