PRE-ORDER U.S. Mint New Issue Coins

pmbug

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Yeah, this idea gets play in the press every so often. It's never going to happen, but it makes for a "fun" story the media can play with. A year or so ago when this idea was being discussed in the media, I had read a pretty good analysis on it, but I didn't save the bookmark. Found this just now:

Jim Grant spends exactly the correct amount of time (zero) discussing the "urban myth' of the trillion dollar coin in this brief interview on CNBC; ...
Video: http://www.zerohedge.com/news/2013-...-money-materialization-and-submerging-america
 

bushi

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Get your orders in early!

http://abcnews.go.com/blogs/politic...r-coins-the-ultimate-debt-ceiling-end-around/

:rotflmbo:

I have trouble believing that this is an actual solution. Either way, it's a funny(?) / interesting article.

ADK
well, this idea is the "solution" to exactly the same degree, as buying toxic MBSes by the Fed is a "solution" - i.e., it keeps the lights on, for a while, by monetizing the collateral, that is nowhere close to it's face-value. It doesn't really differ at all, if they mint it in platinum, or issue some more TBills, for the same face amount - they will most certainly do not use the amount of platinum, which market value would amount to US $1 trillion. Like, you know, in Zimbabwe, they did have these hundred trillion dollar bills - I say, save the platinum for better use.

This is just a legal gimmick,that would allow them to go around the congressional deadlock, because debt ceilings increases have to be approved by Congress, while minting the coin, apparently not.

Besides, why stop there? Let's just keep minting these, and send a million dollar check to every US citizen, for his troubles - wouldn't it be great?
 
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