Trillion Dollar Coins: The Ultimate Debt Ceiling End-Around?

It should be Montgomery Burns

“With President Obama having kicked off debt ceiling negotiations by vowing not to negotiate over the debt ceiling, . . ” – Greg Krieg

[sarcasm]
Prezzie Barry O sure knows how to bring people together to work on any issue.
What a guy, what a diplomat, what a negotiator, [/sarcasm]what a doofus.

With what this would do to inflation, you’d be better off if they just stole your money through taxes. Just stop the stupid spending already!!!
And how about this, if there’s no budget surplus, there’s no aid period. You can’t be giving away money you don’t even have. I’d like to see that amended to the constitution.

Note to the bank: I know you recently advised me that my account was “overdrawn.” However, I just deposited a new coin that I say is worth $1 trillion. I know it looks like a quarter and feels like a quarter and even has George Washington’s portrait. But before I deposited it, I covered it with a thin layer of a “special” metal that makes it more valuable. No, it’s not aluminum foil. It may look like it and feel like it but it’s “special.” So like my government wants the rest of the universe to accept its special coin as a replacement for its debt, I’d like for you to consider my coin the same way. After all, it is backed by the good faith and credit of my Uncle Sam.

I vote for Gerald Ford, the original WIN guy.

“With President Obama having kicked off debt ceiling negotiations by vowing not to negotiate over the debt ceiling”
.
Why is it a ceiling if it keeps having to be raised?

Face on the Trillion Dollar Gold Piece ? ? ?
Why it has to be Barry Hussein O’Bama.
Who else is so associated with Trillion Dollar Deficits?

Zimbabwe has been printing $100 trillion bills by the truckload.

Worked great for them.

Can we be serious at some point about our mounting $16T debt, the ridiculous deficits and outragous ridiculous spending this administration is hell-bent in continuing? Please!

Obama will not let the trillion dollar coin be minted unless his face is on it. So there is the impasse! You say it’s up to congress to decide, bull! The president has to sign off on it, he’ll do what he’s known for and veto it!

“Also to note: The likeness sculpted into its side must belong to a dead person…” -Gregory J. Krieg

Who says?

If a spending bill can originate in the Senate, and if the President can make recess appointments while the Senate is in session, then they can put whatever they want on the damn coin.

What? We’re going to ignore the parts of the U.S. Constitution that have to do with legislating and Presidential powers, but follow the letter of the law when it comes to making a coin?

“With all these voice in here talking about the debt and debt ceiling just how did Obama get reelected??”
Posted by: hkdakota | January 4, 2013, 10:50 am

Well, for starters, the Obama voters where I work don’t know the difference between the debt and deficit. The Obama voters I know don’t even know what the debt ceiling is. They don’t understand why the government can’t just print $16 trillion in dollar bills and drop it from skyscrapers, like confetti on New Years, to pay down the debt.

In other words, the Obama voters I personally interact with are the stupidest people on the face of the earth. They voted for the guy who would continue to give them free stuff paid for by other people. Many of their votes were based upon Obama’s race alone. It’s as simple as that.

The debt? The debt ceiling? That’s not their problem.

halo117a wrote:”Name me a Country or Nation that is lead by a BLK-Man that isn’t in RUINS.”
.
Heck, just try that exercise on a State or City with a DEMOCRAT in charge. Not pretty, is it. Thats what they want to do to the whole country.

I wish our leaders would lead and actually put us on the path to solve the debt problem rather than scheme up plans like this. No organization, from an individual to the federal government, can borrow 40% of its budget for very long. The interest payments become such a large part of the budget that it crowds out everything else. In the end, I think that most realize that we should only receive in benefits and services from the government what we are willing to pay for in taxes and fees. It will be a painful transition and everyone will need to come to grips with the idea that we will all likely receive less and pay more and that some of the promises made by the government will likely need to be modified. To continue to spend recklessly and expect future generations to foot the bill for our poor spending choices is imoral and wrong. I wish our leaders were strong enough to begin down the path to fiscal sanity.

This mint the coin idea is one of the stupidest and economically illiterate ideas floated yet. The only thing that amazes me is that it was not the brain child of that mental midget hack Krugman. Legal or not the unforeseen consequences of this are many & will not solve our problems but initially give the government a new lease on life to further spend us in to oblivion. Let alone who believes the rest of the world would buy in to such a ridiculous idea which would result in the trashing of the dollar and a repatriation of unwanted near worthless dollars devastating the very populace that it was designed to bail out. As the old adage says if it is too good to be true it probably is & this is way to good to be true. One can liken this to those miracle diet pills that shed the pounds while you can eat all you want and lay around on the couch but still lose weight- that does not work nor will this idea.

More over if we revalue platinum to $1T per ounce as suggested then we would have some people become instant trillionaires while the masses tear apart every automobile to steal the catalytic converters for the tiny amounts of recoverable platinum now worth 100′s of times the vehicle. At the same time the automakers would go bankrupt trying to comply with EPA standards as the catalytic converters would add a few hundred thousand to the cost of a car. Sure try and buy that new Ford Focus for $650,000-I don’t care if its at 0% you can’t afford it.

Sorry folks we have to address our problems but like immutable laws of nature one can not cheat their way out of this. If we suspend the laws of economics we will get results we never dreamed. As a country we need to search our soul & decide are we going to do the right things painful & difficult as they are or are we going to try every fad diet that comes along getting deeper in the hole until it is to late. I fear the latter.

Kernel Sanders

Willl this increase catalytic converter theft?

I don’t know if the Found Fathers created this law. “The process to determine the “specs” of the coin, U.S. Mint Public Affairs Specialist Genevieve Billia warns, must be “determined by legislation,” ” but very cool. Checks and Balances between the 3 branches do work.

Why don’t they just mint 350,000,000 of them and give one to everyone? We’d all be rich and not have to work ever again!

They should bear the likeness of a great thinker, like Ernest Borgnine or maybe Alfred E Newman or Paul Krugman. Wait, Krugman’s not dead yet? Well, it would be a small sacrifice for something as monumental as providing every one in America with virtually endless wealth. How about it, Paul? A trip to Dr. K’s office and you’d take your rightful place in history!

Good idea putting Keynes on the mint. His ideas of government interference got us into this mess!

Just put Obama’s face on it. Since when do laws mean anything anymore? The world’s most expensive and most worthless coin suits him. Although I do like the suggestion to use Rich Uncle from the Monopoly game. If they do make these coins, they basically will be Monopoly money.

Uncle Sam, since he has most certainly passed on

Charles Ponzi.

Led Zeppelin should be on the trillion dollar coin.

This is money printing by any other name. Ask Romeo. To back $1 Trillion dollars of new credit (complete with Dr. Evil pinky-to-mouth) with “collateral” declared to be worth $1 Trillion dollars but actually fetching $1557.20/oz in the open market is, in effect, a devaluation of the dollar by a factor of 642,178,268. The purpose of collateral is to recoup value in the event of default. A one oz platinum coin could not be sold on the open market for $1 Trillion to recoup – like I said they currently fetch $1557.20 (assuming we’re issuing 1 oz coins and not 642,178,268oz coins). In this case, since the commodity cannot support $1 Trillion in value, the PTB will by fiat “declare” these particular coins’ value to be $1 Trillion. Setting aside 1oz of platinum from the world of finite resources in exchange for creating $1 Trillion in claims on the remaining finite resources and labor is a /FACEPALM of Biblical proportions. If this is so dandy an idea, then let’s look at the law and see if it stipulates purity to qualify as a “platinum coin”. Perhaps we could issue 1oz coins with only 10% platinum … or plated. Can we issue a paper certificate redeemable for an as-yet-unminted 1oz platinum coin we will “declare” to be worth $1 Trillion? Can we issue a digital entry backed by an as-yet-unprinted certificate backed by an as-yet-unminted 1oz platinum coin “declared” to be “worth” $1 Trillion? On a completely unrelated note, remember the “subprime mortgage” crisis? Where banks tanked because they’d wildly marked-up their securities beyond any valuation the market could support? Yeah. Of course, they didn’t have a printing press…

This will detroy the last vestiges of our “full faith and credit”. We are truly reaching the end of the road.

Oh, oh,oh!!!!

I have a great idea.Print 32 of these trillion dollar coins and we can turn our debt into a super awesome surplus!!

Damn I’m good.I should get a trillion dollar coin for coming up with the idea.

This will destroy the last vestiges of our “full faith and credit”.
Posted by: A/S | January 4, 2013, 11:52 am

True. When nobody perceives the trillion-dollar coin as being worth a trillion dollars, then why would a twenty-dollar bill hold its value?

It would collapse a system that Obama wants to collapse anyway.

How about God. Most people who would be for this type of coin probably beleive he is dead!

Stop electing lawyers and start electing accountants.. Problem Solved.

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They would have to actually run for office and convince a majority of voters they are the best candidate

Face on the Trillion Dollar Gold Piece ? ? ?
Why it has to be Barry Hussein O’Bama.
Who else is so associated with Trillion Dollar Deficits?

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Try all the Presidents since Reagan. They racked up about 13 Trillion before Barack took office and Bush left a crumbling economy without enough revenue coming in. I say create coins with all those Presidents starting with Reagan… Also, do some research on how our debt got so large. It really is spread across the spectrum of democrat and republican presidents, but mainly more under republican ones

Its best we start shoring up our suppies of vienna sausages and canned vegetables. Coming of age in the Reagan 80′s, I’ve never been so pessimistic in all my life. At least when our backs were against the wall in times past, we were all united (WWII etc.). We’re just a balkanized melting pot run by the elitsts.

‘Hey look honey, Ronald Reagan has Alzheimer’s! ” – Ronald Reagan

Just Kidding :P

Don’t worry before they do this they’ll probably issue IOU’s to everyone and nationalize our 401 K’s. Then we issue the trillion dollar coins. What a concept.

We are not stabiilizing, our numbers are horrifying and this is ridiculous.

With every dollar they print, the value diminishes. The dollar has lost 97% of its value since 1973 and Bernanke has been trying for the last 3%. With this coin the value of the dollar becomes as valuble as a grain of sand.

Speaking of Ronald Reagan, does anyone else get the feeling that we are in the process of taking the second step into a thousand years of darkness?

Idiots:
Why don’t they ask the Germans (Weimer Republic) after WWI how well printing 1M Reichsmarks bills worked for them.

Whoever said Montgomery Burns cracked me up. If your debt resolution idea was part of the plot of a Simpsons episode you may want to rethink it.

“This money is to help our allies, who fought so poorly, and surrendered so readily…”
– President Truman (is a Simpsons episode), presenting “The Trillion Dollar Bill”

I would really like to see BHOs face on it.

You do not ‘print’ coins, you mint them. Poor journalism.

I will take 3 coins and pay you back on Tuesday.

I think the likeness of Bernard Madoff would be appropriate.

This is an interesting idea, but in all seriousness why not mint 1 quadrillion dollars ($1Q) worth of coins? If you are going to do something like this, why go small? Go big and pay off the entire national debt in one stroke, and give taxpayers a tax holiday from paying ANY federal tax for a century. Imagine how much this would stimulate the economy: no debt AND no taxes! I mean, if you are going to go on a flight of fancy like this, make it count!!

Congress controls the purse-strings. It was the Republican congress in the ’90′s that balanced the budget. It was the Democrat congress from 2007 to 2011, including then-Senator Barack Obama, that ballooned the national debt.

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You forget to add the trillions of dollars of debt that was racked up under Reagan and the first Bush. Now why would you leave out Congress from the 80″s and the the Congress under Bush starting at 2001. Really, I’m gonna need you to look at all the facts. Every President since Reagan has contributed to this large national debt. ALL of them have.Do your research. Cut the partisan crap

It was the Republican congress in the ’90′s that balanced the budget.
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With the signature of Bill Clinton and even then there was still a national debt. Nearly all President have hadded to it. This is just fact

Yes create it and give it to me. I’ll charge people to look at it

“Although Harpo might be appropriate since Obummer only make sounds”
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You may have a point. Obama and Harpo both love to toot their own horn.

I’m surprised that just floating this insane idea, and the fact that major news agencies are taking it semi-seriously, hasn’t dropped the country’s credit rating another notch.

The third rail for the Democrat party is cutting ANY spending to the abundant government giveaway programs. The third rail for the GOP used to be allowing income tax hikes. At some point, the Democrat party will have to take the heat for cutting spending. Either spending is addressed or the USA goes as Greece, Italy, Spain, etc., have gone. Is there another “magical” way out? Liberals would like you to believe we can tax our way to zero deficits (balanced budget). Problem: It cannot be done. Impossible to achieve even at 100% tax rate. The Obamazombies might actually come to learn this truth some day. Let’s hope they get there before it’s too late.

You know what should seriously scare the hell out of everyone.The fact that someone in the position of power would actually bring up this idea and that we see it on the ABC news page.

I don’t think all of these “negotiators” understand that Obama wants it to collapse. It’s unfathomable to them. But societal collapse is a critical step in the Communist overthrow of America. This is what Obama has been waiting for, talking about, teaching at Harvard, his entire life- so expect him to be on vacation during the bad times, and be hard at work during the good times.

Remember when he started the war in Egypt while on vacation in Rio? Just phoned it in. This is how a foreign born communist spawn of mohammed rolls. Boehner may finally be grasping this fact by ignoring Obama entirely. It’s a little late in the day to figure this out, but better late than never.

Correction- Pardon me, Libya- not Egypt. So many undeclared wars, I can’t keep track anymore.

How about they use Freddie Mercury or Rock Hudson since both are dead and both knew how to take it up the butt. Which is exactly what they will be doing to the American people for generations to come……….if we last that long.

The Kenyan going Keynesian Zimbabwe-style? No crazier than QE, honestly.

“At some point, the Democrat party will have to take the heat for cutting spending.”
Posted by: electpatriots | January 4, 2013, 12:58 pm

They won’t catch heat from anybody working at ABC News. There was an assumption that, if the Republicans agreed to raise taxes on the top 2%, the pressure would then land on Obama to cut spending. Well, has anyone seen any media outlets firing warning shots at Obama since the Republicans agreed to raise taxes? I sure haven’t.

“Either spending is addressed or the USA goes as Greece, Italy, Spain, etc., have gone. Is there another “magical” way out?”
Posted by: electpatriots | January 4, 2013, 12:58 pm

Not unless you consider the forthcoming American economic collapse ‘magical’. Obama probably does.

“Liberals would like you to believe we can tax our way to zero deficits (balanced budget). Problem: It cannot be done. Impossible to achieve even at 100% tax rate. The Obamazombies might actually come to learn this truth some day.”
Posted by: electpatriots | January 4, 2013, 12:58 pm

When taxes approach 75%, we’ll see many wealthy flee the country -just like in France. When that doesn’t fix the problem, the ‘Obamazombies’ will blame those who fled the country for not sticking around and funding the Obamazombie lifestyle. It will ALWAYS be the fault of those who have more than they do.

Put Obama’s likeness on it, he deserves the credit. Forget about the law against live persons being on currency, laws are for little people.

Hey Mac – got change for a trillion?

Why doesn’t Obama just declare himself dictator for life? Then he wouldn’t have to deal with technicalities like the Congress or the Judicial system.

Only the congress has the authority to coin money. If the mint or treasure tries to do this without authorization should result in the impeachment of every appointed official involved.

Weimar here we come…..

Keynes seems like the most apt candidate to me….

I think it’s time for a revolution, folks. Obama has clearly lost his mind.

The results of allowing a debt ceiling increase or not allowing it are the same…

Insolvency and fraud.

Our President has now put us in this mess and it is time for him to reap the rewards on his second term.

The Republicans should not approve the debt ceiling increase. No matter how loud this President whines and moans, he should be forced, like a child, to face the results of his actions.

If we approve a debt ceiling increase, we’ll just be back here in another year – Obama is a reckless and dishonest man so whether we go belly up now or in 2014 really doesn’t matter a hill of beans. Better to do it now and to let him stew in his own juices for a non-election year and let the chips fall where they may. Allowing him any more room only guarantees more reckless spending and debt – but the results will be the same – there has to be an end for this mess and it is time to stand in the way of this jerk and to let him throw his tantrums.

Republicans should demand an immediate 25% cut in all budgets and then deny Obama any supplemental increases. From now on there should only be approved annual budgets that do not exceed revenues. And since the President got his revenue increases without any spending cuts, he is now out of room to demand more taxes. Once again, he must face his dirty shorts.

Put Martin Luther King Jr.on the coin.Look at all the streets named after MLK in America that exceed expectations.$1KB (kilo-billion) coins could be used to create a global ruling class.Obama could hand out a hundred coins around the world and seize the day.A crisis would require necessary measures in an abundance of caution.I nominate HRH Elizabeth II and CEO Robert Iger.The coin could be put on display in Orlando like the Constitution in a bomb proof safe.Another part of the future is the ten meter high concrete blast wall.The Great Wall of Disney World would make a good PBS special funded by those Foundations that were awarded a $1KB coin.An inscription for the coin-If you are not at the table you are on the menu.

Idiots:
Why don’t they ask the Germans (Weimer Republic) after WWI how well printing 1M Reichsmarks bills worked for them

Typical ABC dominant liberal establishment mass media garbage. Only a complete and utter fool would think this would work. Oh wait, we have plenty of those in DC. Lets put Nancy fancy Polsmoker flying a broom on the back, a picture of Obozo doing a keg stand on the front??

It should be Ponzi or Madoff or one of the other great crooks. It can be changed to obama later. If he has his way, the local Quickie Mart will be using trillion dollar coins to make change.

Could this work? Yes, but only if they are made with $1 trillion worth of gold or platinum…those would be some BIIIIGGGG coins!

Good grief, what’s next? Shaking down the Nigerians with emails saying they have been awarded US Government Bonds and must send in $1000 to collect them??

Actually, H’s picture should be on Monopoly money. He’s making them almost equal in worth. Soon Monopoly money will be worth more than actual H bucks. Nothing better than following Vladimir Lenin’s policy of grinding the people between the millstones of taxes and inflation. (That’s just one of many things Lenin proposed the democrat party is engaged in now.)

Hmmm… a trillion dollar coin. Yeah, that will work. WIth the inflation we’ll have, you’ll need a handful of these to buy a candy bar at the grocery store.

The authority to determine the specs already belongs to the Treasury Secy. So he should put a smiling Obama’s face on the front with an eagle perched on his arm, and Mt. Rushmore on the back with Obama included. And make it an 11 oz coin because otherwise it is too confusable with the $100. We will call them Obamacoins, which will join Obamaphones and Obamacare in the great age of Obama.

If done – American money would instantly become worthless. The hyperinflation created by this would make the monitary policy of the Weimar Republic look brilliant.

Just put H’s face on the infinity coin. Problem solved. We could call it, “Hope Change”. You can hope all you want, but in the end, the change in the pocket is still worthless as H himself is.

I hope all the genius’ that voted for this clown are real proud of this.

Being a completely extra-Constitutional subversion of the Congress, it would an offense that would require Impeachment…

they should mint it out of lead

Put the Monopoly Guy on the coin. I can’t think of anything more fitting.

Got change for a trillion?

Instead of doing one face, we should do a mural, and fill it with the people’s faces that got us into this jam. a trillion dollars of anything has to be pretty big. Marx should be on there, Keynes, FDR, union bosses, Obama himself should obviously be on there, the names of all the people who elected him…At current platinum prices 1 trillion dollar’s worth is about 375000 pounds of platinum. A lot of real estate for those who are to blame for this catastrophe.

Reading the comments has been the bright spot of my day! Special props to RP—STAR for the line about the debt ceiling becoming a sky that will be falling! Hilarious! IMO, Ambassador Stevens or Dougherty or Smith or Woods should be on the coin. Their lives were worth more than a trillion, and we’d never forget the royal screwing America got on 9-11-12, by terrorists and our gooberment.

I’ll buy one! Here is fiddy cents!

we are so screwed

There’s nothing that says the intrinsic value of the metal in a coin has to meet the value the government puts on the coin. That’s the whole idea behind money that isn’t backed by real assets.

For example, the current crop of dollar coins have about 6 cents of metal in them.

Stamp a coin, call it One Trillion US Dollars, and viola! Make it out of tin for all I care.

WIKI or GOOGLE ‘UNITED STATES NOTES’.

The treasury can print money. They have done it before.

Even if Obama decides to finally do the right thing, and CUT spending, it won’t matter. His idea of a “cut” is cutting the rate of increase. So education goes up by 7.8% this year instead of 8% and poof, there is your cut. And then ABC news and others will say anyone against this cut must not be “for the kids”. “How can you justify cutting from our children’s eduction?” is probably how the mantra would go.

It shouldn’t have a face on it, it should be polished to a mirror finish, because we’re all screwed if anyone sees this coin.. inflation.. civil war.. foreign invasion.. nukes flying.. I no longer think those are impossible.. Obama has woke me up to the future of America he and his friends dream about.

Our government is really beginning to be annoying. These guys are dunces. And sure, let’s put Keynes on it, Keneysian theory was great, but no country is sustaining that theory. The only thing we use Keynes for is to try and outpace the pace of a recession. Spend until we are clear of it. Some theory huh?

If the likeness on the side must be of a person dead, then Lady Liberty is a perfect choice.

Musson | January 4, 2013, 3:49 pm — Wow, none of us knew that (sarcasm). LOL

In 2008 a story briefly floated that the Treasury was doing experiments on what it would be like to run a budget in the quadrillion dollar range. Given the $100 trillion known unfunded liability hanging over us and the fact that the annual deficit is several times higher than the official $1 trillion (because of the bookkeeping chicanery between the Fed and Treasury to keep the “borrowing” going), they might have known something. Inflating the dollar so Quadrillion dollar budgets would happen would put the US on par with the Yen, where roughly $25K was equal to around 1 million yen. Yeah, the public will just love $100 hamburgers. But still, even with all that funny money, it won’t be enough to satisfy government’s lust for spending.

We’re going to “quadrillions” in spending sooner than you think. There isn’t enough money or wealth in the entire universe to satisfy this monster government mayhem. It’ll never stop till we’re all either dead or wishing we were.

put that in a fairy tail book, trillion dollar coin funny,

Do you know what ended the “black plague”? The great London Fire burned all the rats and parasites that were spreading the disease, and once everyone rebuilt they could go on with their lives.

So… let the economy burn. Liberals, who produce nothing but demands, will starve to death, riot, or resort to plunder. Conservatives, meanwhile, know how to produce and own firearms. Let the teat run dry, wait a while, and let the parasites all die off so we can resume our free, productive lives.

Hey Buddy Can You Spare A Trillion?
Why do it in Platinum? Why not tungsten? Before they give it a coating of gold.
“Born In The USA I was Born In The USA” Of course USA seems to now mean
Un Stoppable Anarchy

I don’t know which is worse: Someone in the administration proposing this or ABC news reporting it with a straight face.

Any how much platinum is there in the world???? A trillion worth? Do you think you could buy it all up . . . with what? I serious lack of common sense in those that claim to be thought leaders.

Assuming the coin is a 1 ounce then it would represent 18000 tons of platinum. Since there has only been 16 tons of platinum ever mined to date the coin represents 1,100 times the total amount of Platinum ever mined.

This is a good example of the inflation that is coming and the stupidity of our government officials.

WOW, it is amazing how many people simply do not understand that we are not on a gold standard or platinum standard or any other kind of precious metals/commodity standard so the value of platinum is TOTALLY IRRELEVANT.

“At that point, the American people must decide whose face will adorn the trillion dollar trinket.”

Sponge Bob.

One MINOR little problem with the Trillion Dollar Coin idea. . . .At current rates, a Trillion Dollar Coin would take roughly 6 times the amount of platinum mined to date. . . .

Mint about 20 of them using a couple ounces of platinum, say they are worth a trillion each, give them to the Federal reserve in exchange for mortgage and student loan debt, write off the debts and tell them we are even, then forbid them to put the coins into circulation. Problems solved.

Make a trillion dollar coin, devalue currency by a trillion dollars. Inflation is on its way. Time to buy silver and gold!

So where is the 16 ton coin coming from? What a crock.
•Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare.
•It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
•The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.
•A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
•642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

Clearly the face on the coin should be P. T. Barnum’s.

Cloward and Piven.

Why don’t we print a $16 trillion coin and take care of the whole debt problem. Better yet, make it $100 trillion and we can feed the world.

Moronic! Does anyone understand anything — anything — about economic principles, facts, formulae? This fits right in-line with the idiotic logic of the Obama administration and their stupidity, lies, arrogance, and overall dysfunctional intellect.

Does Obama have any clue what he is doing? I wish he would sign up for an Economics class at his local college. Maybe they teach him the difference between his ass and a hole in the ground!

This is the definition of Sovereign Debt Default where bondholders get screwed. This country is bankrupt. When Rome fell, all debts were satisfied with worthless trikets coins.

Benedict Arnold should be on this coin. He is the poster boy for our ruling class.

Am I the only one who has heard about this months ago? It was a joke on some internet forums, pretty sad to see washington seriously considering it…

A mistake in the article. The Treasury dept does not print our money. The private bank also called the Federal Reserve does. That is why the government can simply tell the Treasury dept to tell the Federal Reserve to print as much money as the government wants. If it is handed to the Treasury dept then it would take Congressional approval to the amount of money that can be printed. We need to do away with the Federal Reserve private bank.

The problem here, is these six people cherry-picked the items that least affected them, or the lesser of the evils. The businessman is against raising taxes on people earning $250K, the middle-class homeowner is against eliminating the home mortgage deduction. All must have excellent retirement plans and take-away health insurance from their jobs, because they had no problem picking on social security and medicare. What a bunch of hypocrites!

Ayn Rand’s face should be on it. :-)

20,045 tons of platinum, now that would be a really big coin. And we’d need 16 of them to pay off most of our debt. Yet another perfect example of just how absurd our situation has become. I have a better idea. Why don’t we conquer and take over all countries that owns our debt, forgive the debt, then return their country to them. An equally heinous notion, but at least it would actually work, and cost a lot less.

Gideon Gono

The only solution to this problem is to hold The President and Congress responsible for high treason, for undermining this unions sovereignty, and set an example to future leadership by employing the most severe punishment the constitution allows.

Does anyone out there think this is a good idea? Obama fans?

Platinum? Ridiculous!

The coins should be made of wood, just like the “Wooden Nickle’ of song and legend…

Oh this is nice. So basically what the Fed is doing is putting themselves into the Pawn Shop business. This is like me melting down some sort of random metal (because essentially thats what platinum is), putting some sort of print on it, making up whatever denominational value I want that metal to be, walking it over to my corner pawn shop and telling them “this is worth a trillion dollars, can you lend me that amount and Ill come back later and get my metal back when I have the money to pay you back.” Real nice guys, now hit control, alt, delete and go ahead and restart.

Has to be Alfred E. Newman! Better put “What, me worry?” on there instead of “In God We Trust”… that will make the liberals happy (since no mention of God will be made), and I’m not so sure that putting His name on this turkey wouldn’t be a sin of some sort anyway.

I really hope they do this. It will be very interesting to see what happens.
After all, what could go wrong?

John Maynard Keynes! LOL

It’s Keynes’ economic theory which our government has been following since the 1930′s. How is that working out?

Hummmm, One wonders how long it will take the Chinese, North Koreans, Iranians, and others with the technology to counterfeit this coin with the proper weight platinum and coining die dimensions and then try and pass it off as legal US tender on world markets….

How many “New” trillions with the US taxpayer then be liable for?

The front can have Obama on it, the back should be the Union Label.
Then they can pump out 15 more and declare the National Debt paid for.
Of course that level of inflation would make milk $100 a gallon and gas 1,000 a gallon.
But who cares…the Fed can just print more money.

It’d be totally fitting if Reagan were the one they chose for the face of this coin. He’s basically the reason the economy is a laughingstock. Might as well commemorate his utter uselessness as a B-grade actor-turned-figurehead.

Marilyn Monroe.

Gee… what country recently printed the trillion dollar bill so people can buy bread? Hyper-inflation baby, let’s go!

Put Benedict Hussein Obama’s face on the coin. What’s that you say? It has to be a likeness of someone dead?

O.K., but Dear Leader ain’t going to like it…

This is as financially responsible as the Fed buying US bonds. It leads to massive inflation, reducing the value of your paycheck and your savings to little or nothing. It is just a numbers game and/or accounting trick….and a hidden tax on everyone. Why not just “mint” one 20 trillion dollar coin, call it even and continue to spend 100% more than we can payoff. Our country is “underwater”. We do not have the money. A newborn, born today, owes $54,000!!!!..before he/she gets the first paycheck.

“…trillions of dollars of debt that was racked up under Reagan and the first Bush….
Posted by: TV”

I always love the illogic of those who want to blame Repubs for all the economic ills,. How conveniently they forget that Slick Willie fixed the eoconomy and “gave us a surplus”?? So id Clinton did give us a surplus, how is anything Reagn did germain to the discussion? This current debt, according to the Clinton apologists, was created by only those who serve AFTER Clinton, and the record shos that Bush left a debt of $12 trillion, So the rest, of the current debt, the 5 trillion accrued over the past four years is aaalll ……..BARRY.

El Presidente will do whatever he thinks is good for his people. And you will have no say as those who are uninformed re-elected this man. And you foolish tools who did not vote cause you thought Romney was worse…man you folks have a screwed up cortex. You all heap coals on your heads. You re-elected him, so suck it up buttercups. The poor will pay more under this regime.

If this is about minting a coin and putting “$1 Trillion” on it, there is no need for platinum. Tim Geithner could, tomorrow, print a “special series of gold coins” each with a face value of Ninety Trillion Zillion Quadrillion US Dollars.”

It’s called printing money, except in this case you mint it instead of print it.

And, as everyone here has pointed out, it’s insane. Creating money out of thin air is already scaring the hell out of the markets – this would be an insane move.

If you actually want to mint platinum coins *worth* a trillion dollars, excluding the impact you’d have on the spot price, a singe coin would way 20,000 tons. Do the math, that’s what you get.

That’s more platinum than exists on the planet. Acquiring it would be impossible, plus the whole spot-price inflation thing… since platinum is actually an industrial metal, this is the “Plan B way to shatter the economy,” in case minting trillions out of thin air didn’t do it.

The teenagers that voted for this nightmare simply refuse to accept that money has to reflect production. People have to WORK to make money, unless you want inflation.

Think about it – we are now at the phase where the children who voted for this fiasco are looking for parlor tricks. “Imbeciles” doesn’t even come close.

Someone may have put this out already but just in case. One of my favorite anecdotes on inflation is from the Wiemar Republic, two girls carrying a basket of money in Germany put the basket down in front of a store and go inside to see if there is anything for sale in the store. When they come out the basket is gone but the pile of money is left behind.

The most fitting image for this coin would be the moon. No, not that moon! Do we know anyone who’s been recently buried upside down?

Put Bozo the Clown on it…because it’s most definately an absurdity. Putting President Reagan on it would be an insult.

Platinum is the wrong material for trillion dollar coins because platinum has legitimate industrial use. We should not risk a platinum shortage.

As a native Texan I’m happy to risk one of Texas’ national resources, though.

Let’s make those trillion dollar coins out of cow turds. We got ‘em here, and the monetary valuation of a trillion dollars would be much easier that way.

Heck, you don’t even have to change the shape, much. Obama would just need to mash them down a little bit.

I believe this is similar to a case where the EPA was trying to regulate water as a pollutant. The EPA’s argument was that there was no law prohibiting it so they could do it. The judge said there was no law against the EPA declaring war on Mexico and NO, they couldn’t do it.

…usury and the usually suspects.

Northwest Front
“…an idea whose time has come.”

This would be a most appropriate way to honor William Henry Harrison – a President who never got to achieve anything, b/c he died so soon after his inauguration. Let’s couple a President who did nothing with a coin that will do nothing.

Well it sounds like a good idea, but there would still be a lot of money that would still be needed. And really how would you make change for a trillion dollar coin? Haha. I agree with a couple of the things in the video such as: , reducing nuclear weapons, and closing up loopholes. Cutting government salaries might sound good, but at the same time it doesnt. A lot might make more then enough, but yet some dont make enough. And we want to lower the deficit, not raise it. Reducing nuclear weapons is a really good idea. Its just costing way too much money. And the girl makes a very good point. No point in having them when they arent being used. And you have to close the loopholes otherwise bad things could happen. And again as far as the coin goes, it sounds good but probably wouldnt go through. And known the US it would probably end up costing more money then what it would make. Do people really think this “coin” would end our problems? Or really have that significant of a difference. Perhaps a little or some, but not enough.

The problem with this is there isn’t enough platinum mined to even make one coin. Secondly at todays market value it would take 16 tons of platinum to equal the trillion dollars. So this is merely a scam yet this is not investigated by ABC.

Yep. It is true that our money is no longer based on anything tangible anymore. That’s come over time by both parties. There is no standard on which our money is actually based other than perhaps debt value only now. We just keep trying to convince ourselves and others that it has some sort of value. Our latest economic policies excremented by the parties ensure recovery is unachievable as it only supports more spending, high cost, more inflation, and more debt.It redistributes teh welath from revenue contributors to revenue consumers. The best part is, we are promised that after H has done so far, he’s just getting warmed up and now that the cuffs are off, the death spiral of the nation accelerates from here. Grind the people between the millstones of inflation and taxes. That’s the policy. That’s the dream from H’s father.

That’s it. I was having the same idea presented on another Newsvine well over six months ago as to stamp a five trillion dollar nickle and let it go uncirculated for a day and the next day it would triple in value and thus the government could use it to pay the national debt. It goes to show that all the talk of debt, rich folks and the poor can be made or destroyed by just stamping a coin.

Change you can believe in! Sound familiar?

This is a joke, right? Would the idiot who first proposed this brilliant joke, please stand up? It is surely a “brilliant” politician/government worker, and we wonder why the country is on a downward spiral???

One way or another, this “president” is going to make the poor and mid-class pay big time!

The trillion dollar coin would join several other currency gimmicks that have been used often by third-world kleptocracies, like California to shore up failing fiscal systems and cover up massive spending and debt. The U.S. has tended to avoid such currency games, aware that international creditors do not take them seriously. (The failure of the Continental currency in the Revolution also inspired the gold and silver clause in the Constitution, which prevents states from printing money to pay debts.) The fraudster in charge wanting to play more destructive games with the country.

B-K KnightRider, Yeah. They come later… There’s no way I’m falling for that. At best, maybe there might be a symbolic reduction in increases and that will be tried to pass off as cuts, but I don’t by the whole, “Check’s in the mail.” notion on spending cuts. Not for a moment. That’s like H saying he was going to cut the deficit in half in 2 years. What idiot believed that?

Why mess around? Just make a $20 trillion coin and pay off all the debt?

Better yet, how about a $330 trillion coin? That way, every American can get $1million each! We can all be millionaires!

Actually, we all will be millionaires in a few years, when bread costs $5000 a loaf and gas is $10,000 a gallon.