From CNBC: "James Pethokoukis points out
that an analyst in Guggenheim Securities' Washington Research Group has
resurrected the idea of using a trillion-dollar coin the avoid the debt
ceiling."
My comment:
The trillion-dollar platinum coin nonsense is only additional proof that fiat money--paper money--is completely worthless.
My suggestion, instead, is to send the treasury one of those 100-trillion dollar banknotes from Zimbabwe.
It's quite a pretty banknote that shows a big rock on the obverse; I guess that was to make the poor suckers think that the money was supposed to be "rock solid."
My idea of sending the 100-trillion dollar banknote makes as much sense as minting a trillion-dollar coin out of a few dollars' worth of platinum!
And it shows how totally crazy and dangerous the situation has become.
When some people start talking crazy talk like paying off the national debt with some platinum coins, it shows that America really is in big trouble.
We never should have decoupled gold and the dollar as Nixon did in 1971, when the price of gold was $35 an ounce. Now it's almost $2,000 paper dollars an ounce--just since 1971.
And people aren't bothered by that?
Insane!
You want to cut the budget deficit and lower the national debt? Here are the answers:
1. Stop squandering trillions on wars against the world's 1.2 billon Muslims, which have already cost us $3 trillion.
2. Impose a transation tax on stock,s bonds and derivatives such as futures and credit default swaps, which would raise an estimated $150 billion per year.
Problem solved!
Now the real question is, do the politicans have enough guts to implement these solutions or are they going to continue taking bribes from the banksters on Wall Street and the oligarchs in the military-industrial complex?
Jagor
The trillion-dollar platinum coin nonsense is only additional proof that fiat money--paper money--is completely worthless.
My suggestion, instead, is to send the treasury one of those 100-trillion dollar banknotes from Zimbabwe.
It's quite a pretty banknote that shows a big rock on the obverse; I guess that was to make the poor suckers think that the money was supposed to be "rock solid."
My idea of sending the 100-trillion dollar banknote makes as much sense as minting a trillion-dollar coin out of a few dollars' worth of platinum!
And it shows how totally crazy and dangerous the situation has become.
When some people start talking crazy talk like paying off the national debt with some platinum coins, it shows that America really is in big trouble.
We never should have decoupled gold and the dollar as Nixon did in 1971, when the price of gold was $35 an ounce. Now it's almost $2,000 paper dollars an ounce--just since 1971.
And people aren't bothered by that?
Insane!
You want to cut the budget deficit and lower the national debt? Here are the answers:
1. Stop squandering trillions on wars against the world's 1.2 billon Muslims, which have already cost us $3 trillion.
2. Impose a transation tax on stock,s bonds and derivatives such as futures and credit default swaps, which would raise an estimated $150 billion per year.
Problem solved!
Now the real question is, do the politicans have enough guts to implement these solutions or are they going to continue taking bribes from the banksters on Wall Street and the oligarchs in the military-industrial complex?
Jagor
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