Treasury, Fed kill idea of a $1 trillion platinum coin to avert the debt crisis
Sat. Jan 12, 2013 (Reuters News)
So much for the $1 trillion platinum coin idea.
The U.S. Treasury Department said on Saturday it will not produce a platinum coin as a way of generating $1 trillion in revenue and avoiding a battle in Congress over raising the U.S. debt ceiling.
The idea of creating $1 trillion by minting a platinum coin has gained some currency among Democrats, in recent days, as a way of sidestepping congressional Republicans who are threatening to reject a necessary increase in the debt ceiling unless deep spending cuts are made.
The Treasury Department and the Federal Reserve, both independent of one another, each concluded this was not a viable option.Why did they even have to "conclude"? Any idiot should know "this was not a viable option." without a word of discussion. RB
This "idea", of a bunch of Liberal Democrats, to mint a platinum coin with "One Trillion Dollars" stamped on it, to be deposited in the U.S. Treasury, to show on their financial bottom line, is so far beyond the realm of reason that it boggles the mind.
If such stupid "ideas" weren't so common in Washington these days, I wouldn't believe it could possibly be true. I thought it was just a joke for the first few days of discussion among our brilliant politicians and the Liberal news media, but finally was convinced they really were considering it. Can you imagine the expression on the faces of foreign legislators and the nations we owe trillions of dollars to, when we sent them one or two platinum coins to pay our $trillion debt to them ? I guess if two trillion dollar coins were more than we owe them, we could ask for our change in billion dollar bills.
Beside the obvious, an irrational, juvenile scheme such as that would undermine the value of U.S. currency so badly that nobody on earth would trade anything of real worth for it. Not to mention the fact that our international credit rating would fall through the floor with both our bond and stock markets. But that is exactly what some of our brave leaders were proposing.
The insane "ideas" coming out of Washington does nothing more than expose their hysteria and desperation to solve the debt problem they have created in our taxpayer names and our children's and grand children's future. It isn't hard to figure out how history will judge this generation. Those same children and grandchildren who will be saddled with a $quadrillion debt will write that history, gritting their teeth at what we have done to them. God save us from this insanity. RB
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