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Treasury: Minting $1 Trillion Coin to Avoid Debt Showdown Would Not Be Legal

Jan. 12, 2013 7:05pm Erica Ritz

U.S. Treasury: We Will Not Mint a $1 Trillion Platinum Coin to Avoid Debt Ceiling Showdown

U.S. President Barack Obama (C) speaks as outgoing Treasury Secretary Timothy Geithner (L) and Chief of Staff Jacob Lew look on during an event at the White House on January 10, 2013 in Washington, DC. (Photo: Getty Images)

WASHINGTON (TheBlaze/AP) — Forget about the government minting a $1 trillion coin to “solve” its debt-limit crisis, as some pushed earlier this week.

Treasury Department spokesman Anthony Coley said Saturday that neither his department nor the Federal Reserve believes the law “can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” the Washington Post relates.

Some of President Barack Obama’s allies have been promoting the coin strategy as a way to avoid yet another showdown with Congress.

The Washington Post has background:

The platinum coin idea gained some powerful adherents during the debt-ceiling crisis of 2011, but it really developed traction following the 2012 fiscal cliff deal, as politicians and economics writers realized that the country would, indeed, be facing another debt-ceiling crisis in a matter of months. A Twitter campaign by Joe Weisenthal, of Business Insider, and Josh Barro, of Bloomberg View, forced it into the conversation, and subsequent endorsements by Rep. Jerry Nadler (D-NY), Nobel Prize-winning economist Paul Krugman and former U.S. Mint director Philip Diehl gave it further legitimacy.

The government has reached its $16.4 trillion borrowing limit. By late February or early March, Treasury will run out of ways to cover debts and could begin defaulting on government loans.

White House spokesman Jay Carney says Congress has two options at its disposal: either pay the tab for its spending or send the nation into default, which would have serious economic consequences.

President Obama says he refuses to negotiate on the matter, as Republicans try to find ways to reduce future spending.

After Senate Majority Leader Harry Reid wrote a letter to President Obama Friday asking him to act on the debt ceiling “without congressional approval, if necessary,” Senate Minority Leader Mitch McConnell released a statement of his own.

“Democrats are looking at everything from the ridiculous (printing a trillion-dollar coin) to outright abdication of Congressional responsibility. But avoiding this problem will only make it worse,” it read.

–

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Comments (105)

Joyzee
Posted on January 13, 2013 at 6:47am
Crooks Beware the ides if March!..Cant believe you Dopes voted for this; food, water, ammo

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- muffythetuffy
  Posted on January 13, 2013 at 11:22am
  I found a $1 Trillion dog turd in my backyard that they can use.
  
  Report this comment
- CatB
  Posted on January 13, 2013 at 11:40am
  @MUFFY
  
  Isn’t that what is occupying the W.H. now?
  
  Report this comment
- JQuentinEvermann
  Posted on January 13, 2013 at 1:32pm
  This just goes to show there is no intention of every paying this “debt.”
  
  Dear China,
  
  You’re never going to get a dime. You might as well stop lending now.
  
  Dear America,
  
  I’ve told you for years to stock up on supplies and be prepared for martial law or complete economic collapse. I estimate you have 6 months left.
  
  Dear Mr. Obama,
  
  I hope you enjoy ruling America without Texas, Arizona, Louisiana, Oklahoma, Utah, New Mexico, Alabama, South Carolina, Tennessee, Mississippi, Missouri or any of our resources. This is your mess, and history will remember you for destroying the greatest nation ever created.
  
  Report this comment
- Jim S
  Posted on January 14, 2013 at 3:11pm
  …a trillion dollar platinum coin @$1670 per oz would take a coin 568,181,818.18182 ounces..that is one big coin…
  
  Report this comment
BehindBlueEyes
Posted on January 13, 2013 at 6:03am
One of the worst mistakes America made was to leave the gold standard. Generating money out of thin air is a big door for crooks. We had a crook named Nixon that removed us from the gold standard and now we have a crook that is raiding the country, spreading the wealth and collapsing the economy so that the new world order can be ushered in.

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- lordjosh
  Posted on January 13, 2013 at 9:15am
  No. The federal reserve holds that distinct honor.
  
  Report this comment
- muffythetuffy
  Posted on January 13, 2013 at 11:34am
  THERE IS NOT ENOUGH GOLD IN CREATION TO USE FOR A GOLD STANDARD
  
  There is so much Government debt and spending that several atoms of gold would be worth $1000s. What we Americans must do is to tell the World of Nations that if they loan any more money to American we will consider it as a gift never to be repaid. Remember how many nations refused to repay their WWI and WWII loans the USA gave them.
  
  Report this comment
- pdw
  Posted on January 13, 2013 at 12:07pm
  No money is made until something is produced. Which means something has to be manufactured or grow, which means by a business or farming, but not by governments.
  
  Report this comment
PAUL GULLO
Posted on January 13, 2013 at 5:52am
It’s not crazy to say to prepare for the worst, & now that I think about it , thru out my 37 years people that have said stuff like prepare for the worst have always been talked about like they were nuts. Why?

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welovetheUSA
Posted on January 13, 2013 at 3:37am
Monopoly money would have done the same thing…….who are these idoits?

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- The-Monk
  Posted on January 13, 2013 at 5:17am
  Test…
  
  Report this comment
- BehindBlueEyes
  Posted on January 13, 2013 at 5:49am
  Hey Monk are you getting 404 errors?
  
  Report this comment
- ICSPADES
  Posted on January 13, 2013 at 5:53am
  I though you all were smarter than that. If you look at the picture above he is showing you his plan. He is going to make a 15 trillion dollar Muslim decoder ring to wipe the debt out completely.
  
  Report this comment
- RJJinGadsden
  Posted on January 13, 2013 at 5:59am
  BEHINDBLUEEYES, So have I.
  
  Report this comment
- RJJinGadsden
  Posted on January 13, 2013 at 6:03am
  No 404 Error that time, but am still getting the “Log In To Post” message after making a post.
  
  Report this comment
- BehindBlueEyes
  Posted on January 13, 2013 at 6:14am
  @RJJINGADSDEN
  
  After doing a number of things including clearing my cache/history I’m no longer getting 404 errors. its now morphed into a sign-in issue.
  Glenn needs to light a fire under the azz’s of his software support. This site needs many improvements.
  
  Report this comment
- BehindBlueEyes
  Posted on January 13, 2013 at 6:22am
  @WELOVETHEUSA
  Sorry to use your post for an off topic matter.
  
  Report this comment
- Xyskalla
  Posted on January 13, 2013 at 7:42am
  Anybody have change for a trillion dollars?
  
  You know what I hate? I hate it when you have one of those trillion dollar coins in your pocket and you accidentally spend it at the gas station because you weren’t paying attention and you thought it was a quarter.
  
  Report this comment
Advection
Posted on January 13, 2013 at 1:35am
Maybe someone found the balls to inform Superfly that he’d be impeached on the same day he counterfeited $1 Trillion.

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- BubbaSC
  Posted on January 13, 2013 at 1:56am
  Sorry Dude but the feds are already counterfeiting money! They been doing it since 1971 when Nixon killed the Gold Standard!
  
  Report this comment
- Obama_In_PeePee_Is_Becks_Art
  Posted on January 13, 2013 at 2:05am
  “After Senate Majority Leader Harry Reid wrote a letter to President Obama Friday asking him to act on the debt ceiling “without congressional approval, if necessary,” Senate Minority Leader Mitch McConnell released a statement of his own.”
  
  The puppet show.
  None of them behaves as if there is such thing as the U.S. Constitution. Here we can clearly see who are the TRAITORS.
  All of them.
  
  Does someone have a REAL solution?
  http://www.youtube.com/watch?v=2s1MspmfEwg
  Thank you, Ripley, for your level-headed assessment.
  
  Report this comment
- SamIamTwo
  Posted on January 13, 2013 at 8:33am
  BubbaSC
  Posted on January 13, 2013 at 1:56am
  
  Sorry Dude but the feds are already counterfeiting money! They been doing it since 1971 when Nixon killed the Gold Standard!
  Report Post » BubbaSC
  ________________________________________________________
  
  And when he did that, you could get gold at 38 bucks an Oz, that is if you had 1M bucks or joined a cartel of folks.
  
  Report this comment
marssnw
Posted on January 13, 2013 at 12:52am
Why don’t they pay off the debt with all the money from Monopoly board games? Seems about as logical as their idea. How do people this stupid end up running the country? Could it be that the people voting these morons into office are even dumber? What the heck has happened to America in the last few years? Are they putting something in the water? People are so out of touch with reality. The American people would rather vote for the “cool black president”. I don’t see much of a future for America. Maybe this is what happens to a country when they take God and discipline out of everything. Its like watching Rome fall all over again. Nobody really defeated Rome, they just self destructed.

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- americansfightingforcommonsense
  Posted on January 13, 2013 at 9:16am
  I have a hard time believing there are that many stupid people that voted for these morons. I still think that George Soros and his many fingers of doom have crept into our Voting Boards and changed the tallies of votes in Hussain’s favor. Something really stinks in Denmark!
  
  Report this comment
- marssnw
  Posted on January 13, 2013 at 11:11am
  Yeah,I kind of think the same thing. Especially when they come out saying that Obama had 99% of the votes in some regions. Thats not possible.
  
  Report this comment
takearight
Posted on January 12, 2013 at 11:58pm
If you’re going to do this nonsense, why stop at a trillion. Why not declare it to be a quadrillion dollar coin. Or, better yet, why not issue a trillion dollar Obama-coin for all low income Obama voters. To paraphrase the Obama-phone lady -”Everybody in Cleveland, all minority, get a free Obama-coin. Keep Obama in president, you know.” It worked out so well for Argentina in the late 80′s and early 90′s – not.

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- SendTheMeteors
  Posted on January 13, 2013 at 12:33am
  As President Obama said, “Unfortunately, Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest markets would skyrocket. Instability would occur in financial markets and the federal deficit would soar.
  
  The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility — two things that set us apart in much of the world.”
  
  President Obama is correct. These debts are one the United States has already incurred. Anyone who maintains a household knows that if you borrow money you are obligated to pay it, or be declared a no account bum by those you owe money to. We borrowed trillions to pay for the invasion and occupation of Iraq and Afghanistan and the US has to repay those obligations. That’s money the United States of America actually owes now. The “out of control” spending already took place, mostly with these wars. And the Bush cuts (a first during wartime) made it impossible for pay our debts. But we owe that money already.
  
  As President Obama has said, we must honor the full faith and credit of the US.
  
  Oops, sorry, the quotes were actually from Reagan, not Obama. Sorry, my bad.
  
  Report this comment
- Jarhead 88
  Posted on January 13, 2013 at 12:42am
  Meteor, Reagan is dead and Bush is no longer president, you moron. I’m worried about the traitor in there now and their stupid followers like you, punk.
  
  Report this comment
- marssnw
  Posted on January 13, 2013 at 1:25am
  Meteor, once again you have shown yourself to be a complete moron. To me you are Obama’s little Eichmann and nothing more. Your ramblings about debt are hilarious when it is the democratic party that has shown themselves to be the out of control spenders. How funny, people like Obama give lectures on debt while spending 6 trillion in less than 4 years. It is the fault of people like Carter and Clinton forcing banks to give bad loans, which then turns into a housing market crash. How funny it is that the recession did not start until democraps took the house majority, while Bush was in office. How funny it is that Bush warned NUMEROUS times of the dangerous game the US was playing when it came to Fannie Mae and Freddie Mac. Who ignored Bush when he warned of Fannie and Freddie? That would be the democraps and Barney Frank. So you are a complete moron and you really should get your facts straight. You whine and cry about wars under Bush, but I have yet to hear you complain about Obama giving weapons to terrorist countries like Egypt. You are a complete fool. You and others like you are the reason why this country is falling apart. You would rather sympathize with terrorist. Maybe you should go live with them. See how long you can keep your head.
  
  Report this comment
- Advection
  Posted on January 13, 2013 at 1:48am
  In late 2008, the government borrowed nearly $1 Trillion to keep financial systems afloat. That money was designed to be paid back. Obama approved the plans, and he spent most of the money himself.
  
  And THAT event set the stage for Obama to keep spending an extra $1 Trillion every year. Obama took that one-time, emergency allocation as his baseline, and he’s used it to demand Congress keep overspending. In fact, Obama’s budget plans have always been even higher than even that. Obama demands Congress allow him to spend more than twice the revenues it takes in!
  
  The idea Congress cannot or should not stop the overspending is false propaganda. It’s a lie.
  
  Report this comment
- encinom
  Posted on January 13, 2013 at 11:33am
  @marssnw I am sorry which President, back by which party got us into two unfunded wars? There were no corresponding spending cuts to fund W.’s war to prove he was better than Daddy. Than there was W.’s gift to the rich with tax cuts, no corresponding spending cuts.
  
  No you tea baggers love to blame the Dems, without ever looking at the toxic dump you stand on. The problem was not the poor or middle class but the rich, the ones the fund the tea ****** party, that openingly steal from the treasuary.
  
  Report this comment
- marssnw
  Posted on January 13, 2013 at 12:24pm
  @encinom As I recall, the democrats also voted to go to war. They demonized Bush and the war for political gain only. The world was a much safer place thanks to Bush. The world is a much worse place today thanks to Obama and his Eichmanns. I suppose you support giving weapons to terrorist instead of taking weapons away. Your pal Obama give billions to terrorist. So who is the real traitor?
  
  Report this comment
- SendTheMeteors
  Posted on January 13, 2013 at 12:55pm
  marssnw, I’ve heard your logic before. The deficit went out of sight during the Reagan administration, and he had to raise the debt limit 18 times. Whose fault? The Democrats. Clinton balanced the budget. Who gets credit? The Republicans. Bush blew out the deficit with two unpaid for wars, massive tax cuts (that’s a first in world history – starting wars and cutting taxes), and unpaid for Medicaid benefit. Whose fault was that? The Democrats, although you seem to forgotten the veto power of the Presidency. After seven years of Bush policies, the economy collapsed. Whose fault? The Democrats.
  
  It’s all really convenient isn’t it? And absurd on its face. The Republican policy wasn’t expressed best by Dick Cheney: “Deficits don’t matter, Reagan proved that.”
  
  Report this comment
- Walkabout
  Posted on January 13, 2013 at 1:21pm
  Meteors
  Credit? Blame?
  The Democrats get the Blame for the deficits during Reagan’s time. They had both the House & the Senate for most of that time. The lowered taxes & brought in more revenue than if they had kept them at the same rate as the year before.
  
  As an analogy to try to get thru to you because you are some damn dense & infected with liberal memes. Consider a horse pulling a car/wagon. You load the wagon with stuff. At some point if you load the wagon with too much stuff the horse will balk. It will refuse to move. The Democrats are intent on finding that point for humans as are you. Yes you are guilty as charged. I read thru an article on Napoleon’s Russia campaign. what did he do? He overloaded the carts & of course he taxed the strength of the horse too much & they died.
  Now a mules or donkeys are smarter. They won’t let people work them to death like a horse. Some of the people you spar here with are smarter than you. They refuse to be worked to death or be made into a swayback broken nag.
  You on the other hand don’t care. If the people balk, the government throws them in jail & spreads their stuff around to the rest of society including you. Plus you get more elbow room. And since you didn’t actually physically mug them you can salve your consciousness. You merely set high tax rates while getting tax loopholes or lucrative work for yourself. After all your with the winning faction.
  
  Report this comment
- Walkabout
  Posted on January 13, 2013 at 1:32pm
  Meteors
  Credit? Blame?
  
  Clinton does not get the credit. He was dragged across the finish line. He vetoed welfare reform 2 or 3 times. the purse string lay in the House. The budget gets passed there 1st 7 goes to the Senate.
  
  Funny how you want to give Democrat Clinton the credit but not the Republican House.
  
  The Republican House from 2000 to 2006 get the blame for deficit spending. But I will include the Democrats as well. The wars were necessary. The Democrats were not worried about funding the wars or fighting the wars as much as they were about using them as leverage to shoot taxes up to the rates under Clinton or FDR. That was their main objective. They prolonged those wars & gave aid & comfort to the enemy. They made them more costly.
  
  I am not even sure I blame the Republican for Medicare Part D. How do you win election after the Democrats have prepared the battlefield like De Tocqueville said they would?
  
  I also blame the Democrats for SSI “Guest Post: The Social Security System Is Already Broke”.
  
  Let’s cut to the chase.
  
  You are “Tobias Lear” to our “William Eaton”
  
  That says it all.
  
  Report this comment
- Walkabout
  Posted on January 13, 2013 at 1:50pm
  My view of Send the Meteors
  
  Meteors is just his type of special.
  
  “Norwegian TV debate between leftist and classical-Muslim community leader”
  
  “In the clip Qureishi dismisses Lysbakken’s naïve claim that the majority of Muslims don’t agree with the views that Al-Haddad espouses, and he does so in a very clear and concise manner. The discussion is interesting because it shatters the view held by many leftist Norwegians that ‘radical’ Muslims are bearded fanatics who salivate and scream their lungs out at rallies and rant at obscure sites on the internet. Fahad Qureishi, the leader of Islam.net, is very calm. In this interview he delivers a clear and unambiguous message that can’t really be misinterpreted: there is only one Islam — and it is very evil and undemocratic.”
  
  http://vladtepesblog.com/
  
  Report this comment
- Walkabout
  Posted on January 13, 2013 at 6:50pm
  Send the Meatballs
  
  marssnw, I’ve heard your logic before. The deficit went out of sight during the Reagan administration,
  ***
  In paragraph meatballs conflates 3 decades worth of presidents (4), 14 different Congresses with varying degrees of power held by 2 parties. To say this deficit or that surplus is the result of your president of choice is not simply being a little disingenuous, it is an outright attempt at lying.
  
  I have heard say Sean Hannity criticize the Republican Congress of spending too much after 2000. Just about every Republican outside the beltway was upset that Bush did not veto more or defend himself or his administration.
  
  Meatballs assumes that people do not want to “get inside baseball” when it comes to what bills were passed & why & who had the political capital. So she conflates stuff & lies. Kind of like how Hillary’s broker conflated trades & assigned her wild profits & assigned others wild profits. No different. Meatballs is just doing it with revisionist history.
  
  Report this comment
- SendTheMeteors
  Posted on January 13, 2013 at 8:58pm
  WALKABOUT, if a few words from me require four posts from you, I must be doing something right, although honestly I’m not impressed by anyone who can’t express their opinion in a single post. That generally shows they can’t collect their thoughts and express them cogently.
  
  Anyway, let’s get to Reagan. You say, “The Democrats get the Blame for the deficits during Reagan’s time. They had both the House & the Senate for most of that time.”
  
  So what you’re saying is that everything that happened during the Reagan administration was due to the Democrats, because they held the House and the Senate. “They had both the House & the Senate for most of that time.” Fair enough. So Democrats really deserve the all credit that is often falsely given to Reagan.
  
  You are the first person I have ever met who credited all the accomplishments of country during the Reagan administration to the Democrats. Congratulations. I think I’ve finally met an honest Republican.
  
  Report this comment
BHOHG2G
Posted on January 12, 2013 at 10:38pm
Laws apply to Obama like they do to mass murderers.

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Chromo200
Posted on January 12, 2013 at 10:19pm
You mean that WH is not going to listen to Krugman the Noble Prize winner in economics. Now that this idea hit the toilet, what new stupid idea will he come up next.

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Kidncatmom
Posted on January 12, 2013 at 9:47pm
Since when has the fact that something is either illegal or unconstitutional ever stopped this president or this administration?

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neverending
Posted on January 12, 2013 at 9:42pm
Wow – I am stunned – they are actually going to pay attention to the rule of law and turn away from something illegal – I’ll believe that one when I see it.

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crazyrightwingmom
Posted on January 12, 2013 at 9:30pm
What a joke!
Are we living in Venezuala??
Or Cuba??

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- DadRocked
  Posted on January 12, 2013 at 9:48pm
  Wake up… Wake up… you’re in the United States…
  It’s only a nightmare I say…
  
  Report this comment
- lawrench
  Posted on January 13, 2013 at 1:30am
  I woke up the day after the election and realized that we live in the Union of Socialist States of America (USSA). People have realized that they can vote themselves goodies from politicians.
  
  Report this comment
friendfor truth
Posted on January 12, 2013 at 9:24pm
all part of the fabrication to pull us under and collapse our economy in order to achieve a one world government. They’ve been at work on this for over 50 years, and we are now seeing the fruits of that.

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DadRocked
Posted on January 12, 2013 at 9:21pm
They will be ‘fired’ / ‘resign for they are against the administratration by following common sense.

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Advection
Posted on January 12, 2013 at 8:57pm
The White House carny is wrong. There is a third option: stop burning money!

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Wdawg
Posted on January 12, 2013 at 8:45pm
in the end, john boehner will raise the debt ceiling.

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- Keatonc33
  Posted on January 12, 2013 at 9:24pm
  of course… the GOP has been so weak since 2006.
  
  Report this comment
- Walkabout
  Posted on January 12, 2013 at 10:01pm
  That & raise taxes with insignificant spending cuts.
  
  Significantly closing the budget deficit would have closed it by 30%, 50%, 70 of more. obama’s 1st swipe at closing the gap was less than 10%. The cuts were in the out years for the most part. Any promises made in the out years are political B.S. Therefore obama’s plan was B.S. Anyone who spend that much time coming up with a B.S. pan for a problem that serious is B.S.
  
  Dante would know which circle he belongs in or if a new circle would have to be built special..
  
  Report this comment
- americansfightingforcommonsense
  Posted on January 13, 2013 at 9:19am
  That is why we need more TEA. We need people with a back bone that is not made out of jello. No offense to Jello! LOL
  
  Report this comment
ErinLindsey
Posted on January 12, 2013 at 8:42pm
What’s the point of even having a Congress if the democrats keep urging Obama to Executive Order everything to go around Congress?

Someone needs to burn the EO pad of paper and drain the ink out of Obama’s pen.

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- Keatonc33
  Posted on January 12, 2013 at 9:26pm
  I agree i think it should go through congress.. first at least. the public outcry to raise the debt ceiling will be huge, because otherwise you know our country will go bankrupt, and it’ll end up with another GOP implosion. the best thing for the Dems in 2016 is to let this go through congress.
  
  Report this comment
- endthemindlessspending
  Posted on January 13, 2013 at 2:23am
  @KEATON
  
  All that is happening if they keep raising the debt ceiling is equal to a person paying off old credit card debt with a new credit card. Eventually, if citizens do it their interest rates go up and they lose their credit rating. Oh, wait, I think heard something about that happening to some place. Thats right, It happened to the United States of America. Keynesian economics will never work. It has been proven over and over again. Amazing how the world thinks there is some endless supply of money out there. People think their house going up in value is a good thing, no that is just inflation. It’s your dollar dropping in value by the day.
  
  Report this comment
Eastinfection
Posted on January 12, 2013 at 8:11pm
A real trillion- dollar platinum coin would weigh almost 44 million lbs.

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- muffythetuffy
  Posted on January 12, 2013 at 8:40pm
  I found a dog turd in my back yard and I declare it to be worth $1 Trillion.
  
  Report this comment
- RJJinGadsden
  Posted on January 12, 2013 at 10:41pm
  EAST, Didn’t The MONK figure the coin would be worth about 1.6 tonnes of gold?
  
  Report this comment
- The-Monk
  Posted on January 12, 2013 at 11:03pm
  Hi RJJ,
  
  Here it is:
  
  12 Troy oz per lb
  tonne [tʌn]
  n
  (Mathematics & Measurements / Units) a unit of mass equal to 1000 kg or 2204.6 pounds Also called (not in technical use) metric ton
  
  I added up all the tonne of Gold on that chart = 27381.1 tonne.
  
  1 tonne = 2204.6 lbs
  
  27381.1 x 2204.6 = 60364373.06 lbs
  
  Gold is $1675.94 per oz.
  
  $1675.94 x 12 = $20,111.28 per lb. (Price of Gold per pound)
  
  $20,111.28 x 60364373.06 = $1,214,004,808,634.12
  
  Or $1.2T, about 1.2 Obama coins.
  
  Report this comment
- The-Monk
  Posted on January 12, 2013 at 11:18pm
  Hi Guys,
  
  I forgot the link….
  
  http://weaselzippers.us/2013/01/11/paging-bob-costas-nbc-sponsors-one-of-biggest-gun-shows-in-us/
  
  Report this comment
- The-Monk
  Posted on January 13, 2013 at 5:14am
  OK, that’s the wrong link. I have know idea how that got there.
  
  I think I’m wearing out my keyboard…. here it is.
  
  http://www.theblaze.com/stories/guess-which-country-has-been-working-overtime-reinforcing-its-gold-holdings/
  
  Report this comment
vic138
Posted on January 12, 2013 at 7:53pm
So says the Fed. The constitution only allows legal money to be printed by the treasury. Obviously, our ‘leaders’ have been globalized.

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- All Pro
  Posted on January 13, 2013 at 6:17am
  The constitution also demands that only gold and silver coins be money. The only way they were able to get around that was to print paper that was redeemable for gold or silver coins at the bank. We’re broke. We’re in debt. We’re screwed.
  
  Report this comment
high school drop out
Posted on January 12, 2013 at 7:33pm
Minting the “Coin’ would’nt be legal?…since when have these guys cared about the law?

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Stelex
Posted on January 12, 2013 at 7:33pm
Our leaders all of them, are insane. The fact that the T-Coin was even discussed proves that. I realized how insane Houlder was when he was talking about smokers “Cowering” in shame and thats how we need to make gun owners feel. Smokers are not cowering in shame, you kicked them out into the cold you dumb POS. But thats how he sees them. 95% of our fed gov is absolutely insane with power and are completely detached from reality. This fact scares me to no end…….The MSM is in the same catagory……I think this even scares me more. Control the message, control the masses. Its time for some real talk about how we reclaim power in DC. The loonies are running the show, put there by at least a 50% loony populace. Will we let the nuts control things, so far …..Yes

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- BODYBAG
  Posted on January 12, 2013 at 7:55pm
  F these INSANE people. Dont listen to them any longer.
  Wide awake citizens already know the deal. If you havent caught on yet
  - God help you because no one else will be able to.
  
  Precedent Teaches Us The Left Really Wants ALL Our Guns – Charlie Daniels
  http://cnsnews.com/blog/charlie-daniels/precedent-teaches-us-left-really-wants-all-our-guns
  
  The Citadel – Patriotic Group To Build Armed ‘Defensible’ Neighborhood Fortress
  http://cnsnews.com/blog/gregory-gwyn-williams-jr/patriotic-group-build-armed-defensible-neighborhood-fortress
  
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- ALL4FREEDOM
  Posted on January 12, 2013 at 9:42pm
  There are two ways to reclaim power in DC – the ballot box, or the bullet box. The choice is up to us. I’d prefer the first method: start by NOT RE-ELECTING ANYBODY. Failing that, the Declaration of Independence gives us a green light on the second choice. That is what the second amendment is for. If anyone is still in doubt about the militia, research George Mason, the father of the second amendment.
  
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hatchetjob
Posted on January 12, 2013 at 7:31pm
Would it matter if this were legal or not? Our government is a runaway train.

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Snowleopard {gallery of cat folks}
Posted on January 12, 2013 at 7:28pm
Has anyone considered this on the larger, global level – Obama uses a fiscal emergency to declare we are bankrupt, he seizes control over the nation once and for all via ‘fiscal national emergency’ to ‘quell the panic and uprisings occurring’ (i.e. faked and ‘wag the dog’ moments)…

Then turns to the UN and the IMF for bailout and hands sovereignty over to them.

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- progressiveslayer
  Posted on January 12, 2013 at 7:44pm
  Technically we can’t go bankrupt because the fed can continue to digitize money from nothing. They’ll continue the madness of monetizing the debt until the dollar collapses,we’ll still get paid but our money will be worthless and the violence you describe will happen. The vile Marxist will seize absolute power at his first opportunity of that I have no doubt.
  
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- Walkabout
  Posted on January 12, 2013 at 9:42pm
  1 Printing money this fast creates have & have-nots. The haves are the banks & politically connected.
  
  2 They can outbid everyone & buy up more real property & resources, since they get the additional money flowing into the system first. they can slowly lose the gained resources/.property over time if they are spendthrifts or their services are deprecated by society. But they will resist such depreciation. After all they are the beautiful people. Ask them (Pelosi, Reid, Hollywood, banksters).
  
  3 The money “wave” created stress & strain in the system. This (financial) system is made up of people & the transactions between each other. The stress & strain is just as real as if stress was applied to a piece of metal ( a steel beam). In this case strain can be relieved by people charging more for their services, strikes, suicides, people popping off, etc. This makes a heII of a lot of sense. If economics is applied psychology, then it would make sense that if you did something drastic like put the printing presses int overdrive (warp speed) that the there would be an inordinate amount of stress on people. Put another way financial forces affect peoples psyche (financial squeeze).
  
  The people who are all of that & bag of chips better have and game that is much better than the pone they have played now or a lot guns & goons.
  
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Snowleopard {gallery of cat folks}
Posted on January 12, 2013 at 7:25pm
It would not be legal yet consider what Obama will probably consider having done, either by executive order or by part of the administration…

Seize control of the debt limit via a fabricated and distorted interpretation of the Constitution
Go with the $1 Trillion dollar coin
Go with Federal IOU’s (until the banks refuse to take them)
Declare a national fiscal emergency and seize power ‘for the duration’
Fabricate a crisis so ‘he will be forced to seize power’

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TIMEBOMB
Posted on January 12, 2013 at 7:19pm
Of course it won’t work but giving you idiots false hope makes your magnificent ruler giddy with the knowledge that you thought you might have a chance………………… I can still order my pawns to make a coin of me your magnificent ruler,you serfs can gaze upon me and it’ll be like your life almost has some meaning with your coin of me your magnificent ruler in your grubby little worthless hands.

I know I know you’re going to have to work harder for less money but you can take solace in the fact that all your hard work ensures that your magnificent ruler and his beard and two illegitimate kids can live in the lap of luxury. Sure some of you will starve to death but the collective will move FORWARD I don’t care how many corpse’s it takes to complete my communist utopia here in new America.

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