Mint Trillion Dollar Coin To Kill The Debt Ceiling Limit Nonsense! Sign The Petition --->

[onehandle]

WE PETITION THE OBAMA ADMINISTRATION TO:
Direct the United States Mint to make a single platinum trillion dollar coin!
With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion US Dollars, we would avert the absurd-yet-imminent debt ceiling faceoff in Congress in two quick and simple steps! While this may seem like an unnecessarily extreme measure, it is no more absurd than playing political football with the US -- and global -- economy at stake.

https://petitions.whitehouse.gov/petition/direct-united-states-mint-make-single-platinum-trillion-dollar-coin/8hvJbLl6

Can We Avert The Coming Debt Ceiling Crisis With A Magic Coin?

Because of the deal made on New Year's Day that averted the immediate impact of the so-called fiscal cliff, America will face a sequel to the debt ceiling hostage crisis that led to the super committee and the sequester and the fiscal cliff and the fiscal cliff solution and the sequel to the debt ceiling hostage crisis that led to the super committee and the sequester and the fiscal cliff and the fiscal cliff solution, et cetera, ad infinitum. The best of all possible fiscal cliff deals would have included a guaranteed de-weaponization of the debt ceiling. Since the fiscal cliff deal did not include any such de-weaponization, America's credit and the global economy are still very much jeopardized by the dangerous lunatics who have threatened another round of hostage-taking.

What can be done about it? Well, what about a magic trillion-dollar coin, wrought from platinum? Would that help?

Actually, in an interview with Capital New York's Reid Pilifant, Rep. Jerrold Nadler (D-N.Y.) suggests that it is possible to mint just such a coin, stick it in the Treasury, and stick a fork in the coming debt ceiling crisis before it begins. "I'm being absolutely serious," Nadler told Pilifant, adding, "It sounds silly but it's absolutely legal. And it would normally not be proper to consider such a thing, except when you're faced with blackmail to destroy the country's economy, you have to consider things."

Yes, it would be good to have some "things" you can do to save the planet from the debt ceiling psychopaths. But how does the magic platinum coin work? In the video above, we attempt to explain the whole matter without having our heads explode, right down to whether or not America is doomed if that master pickpocket from that great New Yorker article steals the magic platinum coin.

http://www.huffingtonpost.com/2013/01/03/debt-ceiling-coin_n_2404653.html

Why We Must Go Off the Platinum Coin Cliff

http://www.bloomberg.com/news/2013-01-03/why-we-must-go-off-the-platinum-coin-cliff.html

[TexasTowelie]

1. Why mint just one?

A few more might be needed to take care of the nut jobs.

[Motown_Johnny]

2. I prefer the 14th Amendment route. Decreasing the value of the U.S. Dollar

by artificially creating a trillion dollar coin , which in reality has nowhere near that value, can't possibly be the answer.

I'm afraid that the backlash to such a move may just make things worse.

http://www.archives.gov/exhibits/charters/constitution_amendments_11-27.html

^snip^

Section 4.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.





This seems like a more permanent answer to the problem.

[drm604]

3. You're assuming that this would decrease the value of the dollar.

This article argues that it would not result in inflation.

http://neweconomicperspectives.org/2012/12/platinum-coin-seigniorage-issuing-debt-keystroking-deficit-spending-and-inflation.html

We are not the Weimar Republic and these are not the same circumstances.

That said, I would be nervous about actually doing this.

The author of this article has an interesting idea.

http://www.bloomberg.com/news/2013-01-03/why-we-must-go-off-the-platinum-coin-cliff.html

He says that Obama should use the threat of doing this to force Congress to permanently end the whole "debt ceiling" circus.

[slackmaster]

4. No way. I say the solution is to start massive production of $2 bills.

[loyalkydem]

5. I herd that on Bill Press this morning. I thought I was hearing things

[jwirr]

6. Supposedly coins and bills have something of value behind them. What is going to make this coin

of value?

[onehandle]

7. Nothing. President Nixon ended the Gold Standard. nt

[jwirr]

8. What will make the people/governments we owe accept them?

[drm604]

9. Accept what? The dollars created by minting of the coin?

They'll accept them because they're dollars, in no way distinquishable from any other dollars. Like any other dollars, they're backed by the full faith and credit of the USA.

[bdamomma]

10. K&R

nt