Can a One Trillion Dollar Coin End the Debt Ceiling Crisis?

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Posted by Have_Wheels_Will_Travel on Fri, Jan 4, 2013, at 7:11 PM:

It is scarey that they are even thinking about this.

http://finance.yahoo.com/news/can-a--1-t...

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    The talk is of minting this coin out of Platinum. They might as well stamp it out of 24 gauge sheet metal for all of the value it would add.

    Talk about hand a monkey a machine gun. This should really do it.

    -- Posted by Have_Wheels_Will_Travel on Fri, Jan 4, 2013, at 7:13 PM
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    Rick,

    The morphadite they have changed our government into, I wouldn't want to make book on that.

    -- Posted by Have_Wheels_Will_Travel on Fri, Jan 4, 2013, at 7:32 PM
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    Would mailing everyone a $1 million check make everyone wealthier?

    -- Posted by Simon Jester on Fri, Jan 4, 2013, at 8:03 PM
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    Ironically, the only coin currently minted by the Treasury that is worth more than its denominated value is the nickel.

    -- Posted by Simon Jester on Fri, Jan 4, 2013, at 8:04 PM
  • So when the BS gets to be worth a certain amount, just trade the bull to China and buy the BS from them.

    I wonder if this a spoof, no one in their right mind would endorse this but then Obama day is coming in February. We may have to wait to see if he sees his shadow or not.

    -- Posted by Old John on Fri, Jan 4, 2013, at 11:44 PM
  • You fellas need to cool it and worry about something else. Enjoy life, it is really worth it. Come to Florida and enjoy the weather. And keep sending me my monthlky check.

    -- Posted by Dexterite1 on Sat, Jan 5, 2013, at 6:01 AM
  • monthly.

    -- Posted by Dexterite1 on Sat, Jan 5, 2013, at 7:47 AM
  • You fellas need to cool it and worry about something else. Enjoy life, it is really worth it. Come to Florida and enjoy the weather. And keep sending me my monthlky check.

    That comment was perfect for your mentality,dexter. As long as the checks keep coming,who cares? There is a bigger picture,Pal. You in a subsidized condo,or a cardboard box? If it's the condo I need a place next month. Redistribute the welfare. Isn't that your motto? If it's the box,enjoy,I'll wait out the cold in my earned and paid for cabin. I have some pride.

    -- Posted by dab1969 on Sat, Jan 5, 2013, at 7:51 AM
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    Why not simply add a few zeroes to our existing currency? It has worked very well in the past.

    -- Posted by Simon Jester on Sat, Jan 5, 2013, at 8:24 AM
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    Rick V,

    Not long and you will be living in a million dollar home, with a tax bill to match. Everyone dreams of being a millionaire, the government is going to make it possible.

    This is going to sound stupid to a lot of young folks, but I still remember the day that I thought that if I could only make $10,000 in a year I would be comfortable.... and I would have been.

    -- Posted by Have_Wheels_Will_Travel on Sat, Jan 5, 2013, at 9:45 AM
  • Why not just mint 16 of these coins and pay the debt off why not we do everything else make believe without any reality. Wait a minute I for got we should mint also 90 more trillion dollar coins to pay off the unfunded liabilites, so we will actually need a total of 106 trillion dollar coins, that way we all will have a chicken in every pot and live the dream debt free and no worries ever again.

    -- Posted by swampeastmissouri on Sat, Jan 5, 2013, at 11:51 AM
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    Swamp,

    Sounds like you're catching on to their schenme.

    I am interested in what they are going to stamp them out of. Since they would be virtually valueless in their weight to printed value relationship anyway, doesn't matter what they stamp them out of. Being in the HVAC business I think they should stamp them out of a good heavy sheet of "tin". Goes right along with our tin horn politicians.

    Maybe the 24 Gauge isn't quite heavy enough.... but the mint should be able to get some heavier stuff shipped in from China.

    -- Posted by Have_Wheels_Will_Travel on Sat, Jan 5, 2013, at 12:39 PM
  • I recommend they place Caddy on the coin for double value of the platinum.

    -- Posted by swampeastmissouri on Sat, Jan 5, 2013, at 5:25 PM
  • Swamp, The late Mr Chase would admire your thinking on that.

    Here it is a new year, when normally we hear about cost of living adjustments and inflation rates. Strange we haven't heard much about that this year.

    Anyone who eats knows inflation is gearing up. That along with the cost of medical insurance and higher payroll taxes surely to come could have an opposite effect on the economy driving revenues down to the stagnation and misery index of the Carter years. When inflation rears it's ugly head local lenders will have to raise rates to a point that returns the buying power of the money loaned plus a profit.

    -- Posted by Old John on Sat, Jan 5, 2013, at 11:38 PM
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    "I still remember the day that I thought that if I could only make $10,000 in a year I would be comfortable."

    I thought if I ever saved $100K I could retire well at 50. That would be on a cat food diet nowadays.

    -- Posted by We Regret To Inform U on Sun, Jan 6, 2013, at 9:23 PM
  • My first financial goal was to take home $100 per week.

    I remember my parents telling about their early days. They borrowed form moms and dads to buy a run down 40 acres with a four room house unfit to live in but they did. Dad had a good job making about $50 a week and hired a guy for $25 a week to clean out fence rows, etc. Took them until the last part of his life [he died young] to have anything but it was paid for.

    The Carter years after he was gone was like a double edged sword so to speak. Cash in the bank paid good interest but the money kept buying less every day. Folks with money that didn't need to spend much faired well and those making payments seen wages increase to make the payments a smaller percent of take home. All was well and good until inflation outpaced wages.

    Mpm and Pops were finding it cost more to replinish stock than what they sold it for and although that old car was worth a lot on trade-in, the new car price and interest rate resulted in cars worn out before they were paid for.

    That should be enough mindless rambling for a response from BC if he's still reading. :)

    -- Posted by Old John on Mon, Jan 7, 2013, at 12:05 AM

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