Could $1 trillion coin solve debt crisis?

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Expand view Topic review: Could $1 trillion coin solve debt crisis?

Re: Could $1 trillion coin solve debt crisis?

Post by Middleman » Sun Jan 13, 2013 2:52 am

Here comes the other shoe, from Ezra Klein in Saturday's Washington Post.

http://www.washingtonpost.com/blogs/won ... tid=pm_pop

The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.

That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. “Neither the Treasury Department nor the Federal Reserve believes that 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,” he said.

The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they don’t believe it’s legal and would not credit the Treasury Department’s deposit, the platinum coin would be worthless.

Re: Could $1 trillion coin solve debt crisis?

Post by Spock » Sat Jan 12, 2013 11:31 am

MickyMouse wrote:
Cia212 wrote:If you honestly think that injecting an extra 300 BILLION dollars into the US economy isn't going to help anything and isnt going to start a cycle of economic prosperity then clearly this is a conversation best put to bed.



Exactly how does squeezing more and more tax dollars out of people's and businesses (which hire and pay people) pockets contribute to "economic prosperity"?

Re: Could $1 trillion coin solve debt crisis?

Post by *WillEase* » Sat Jan 12, 2013 9:26 am

Published on Jan 11, 2013

White House officials have not ruled out minting a trillion dollar coin to prevent the U.S. from defaulting on its loans.


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Re: Could $1 trillion coin solve debt crisis?

Post by *WillEase* » Sun Jan 06, 2013 4:57 am

Semantics! I couldn't even count to a trillion...
http://answers.yahoo.com/question/index ... 641AAT0Psx

Re: Could $1 trillion coin solve debt crisis?

Post by Cia212 » Sun Jan 06, 2013 4:35 am

WillEase666 wrote:
Cia212 wrote:Government welfare is over 2.25 Trillion dollars annually, 300 billion isn't a dent...and it certainly doesn't "take care" of anything.


I don't know where you get your figures from, but you are way off.

2001 – $320 Billion / 285 Million people = roughly $1,112 per person

2002 – $380 Billion / 287 Million people = roughly $1,324 per person

2003 – $420 Billion / 290 Million people = roughly $1,448 per person

2004 – $410 Billion / 293 Million people = roughly $1,399 per person

2005 – $410 Billion / 295 Million people = roughly $1,389 per person

2006 – $410 Billion / 298 Million people = roughly $1,375 per person

2007 – $420 Billion / 300 Million people = roughly $1,400 per person

2008 – $500 Billion / 303 Million people = roughly $1,650 per person

2009 – $630 Billion / 306 Million people = roughly $2,058 per person

2010 – $790 Billion / 308 Million people = roughly $2,565 per person

2011 – $800 Billion / 311 Million people = roughly $2,572 per person

2012 – $790 Billion / 314 Million people = roughly $2,515 per person

2013 – $750 Billion/ 316 Million people = roughly $2,373 per person

2014 – $700 Billion/ 319 Million people= roughly $2,194 per person


Read more at http://americanlivewire.com/how-much-do ... KRIgmJc.99

I'm including unfunded Medicare/caid, SS and discretionary, not just direct cash payments. Even then, I'm leaving out the currently promised (legally obligated) payments which, according to some economists, went up almost 11 trillion last year alone...that's the present value of the new future obligations - the actual obligation is much higher.

Re: Could $1 trillion coin solve debt crisis?

Post by *WillEase* » Sun Jan 06, 2013 3:54 am

Cia212 wrote:Government welfare is over 2.25 Trillion dollars annually, 300 billion isn't a dent...and it certainly doesn't "take care" of anything.


I don't know where you get your figures from, but you are way off.

2001 – $320 Billion / 285 Million people = roughly $1,112 per person

2002 – $380 Billion / 287 Million people = roughly $1,324 per person

2003 – $420 Billion / 290 Million people = roughly $1,448 per person

2004 – $410 Billion / 293 Million people = roughly $1,399 per person

2005 – $410 Billion / 295 Million people = roughly $1,389 per person

2006 – $410 Billion / 298 Million people = roughly $1,375 per person

2007 – $420 Billion / 300 Million people = roughly $1,400 per person

2008 – $500 Billion / 303 Million people = roughly $1,650 per person

2009 – $630 Billion / 306 Million people = roughly $2,058 per person

2010 – $790 Billion / 308 Million people = roughly $2,565 per person

2011 – $800 Billion / 311 Million people = roughly $2,572 per person

2012 – $790 Billion / 314 Million people = roughly $2,515 per person

2013 – $750 Billion/ 316 Million people = roughly $2,373 per person

2014 – $700 Billion/ 319 Million people= roughly $2,194 per person


Read more at http://americanlivewire.com/how-much-do ... KRIgmJc.99

Re: Could $1 trillion coin solve debt crisis?

Post by Cia212 » Sun Jan 06, 2013 12:28 am

MickyMouse wrote:
Cia212 wrote:Government welfare is over 2.25 Trillion dollars annually, 300 billion isn't a dent...and it certainly doesn't "take care" of anything.

If you honestly think that injecting an extra 300 BILLION dollars into the US economy isn't going to help anything and isnt going to start a cycle of economic prosperity then clearly this is a conversation best put to bed.

Indeed.

Re: Could $1 trillion coin solve debt crisis?

Post by MickyMouse » Sun Jan 06, 2013 12:21 am

Cia212 wrote:Government welfare is over 2.25 Trillion dollars annually, 300 billion isn't a dent...and it certainly doesn't "take care" of anything.


I never said it was a tomorrow fix, its a solution over the next several years, the reason the US is completely screwed is because there has been no long term solution, just stupid bandage fixes. The rest of the world has gotten on with solving their problems and the US has just trundled along starting wars and pissing everyone off like they had no problems at all.

If you honestly think that injecting an extra 300 BILLION dollars into the US economy isn't going to help anything and isnt going to start a cycle of economic prosperity then clearly this is a conversation best put to bed.

Re: Could $1 trillion coin solve debt crisis?

Post by Cia212 » Sun Jan 06, 2013 12:19 am

Noentry wrote:
Cia212 wrote:I agree. We have to reduce the size of the welfare state, that is the sole reason we are in trouble. In anyone's book, that means more capitalism, not less.


Modern Capitalism has been distorted into Crony Capitalism. An abomination of the purity of goods and services for profit of .......Capitalism.

:cheers:

Re: Could $1 trillion coin solve debt crisis?

Post by Cia212 » Sun Jan 06, 2013 12:02 am

MickyMouse wrote:
Cia212 wrote:It still wouldn't make a dent. Our problem is welfare - government handouts. That is the sole problem, and it's the one thing no politician is brave enough to try and fix. And our population would vote him out if he did. We have grown into a nation of people who think they deserve something for nothing...


I agree and disagree, if you injected 300 Billion back into your economy annually then the welfare state kind of takes care of itself, sure in just about every 'western' nation we seem to have created multiple generations that just want a hand out and not work for it, but when there's jobs, people work, less people end up in prison, industry thrives and round it goes.

Government welfare is over 2.25 Trillion dollars annually, 300 billion isn't a dent...and it certainly doesn't "take care" of anything.

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