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Title: LET’S END THIS DEBT CEILING DEBATE WITH A $1 OZ. $1T COIN
Source:
Pragmatic Capitalism
URL Source: http://pragcap.com/lets-end-this-de ... ing-debate-with-a-1-oz-1t-coin
Published: Jul 7, 2011
Author: Cullen Roche
Post Date: 2011-07-09 00:54:08 by lucysmom
Keywords: Debt Ceiling, Treasury vs Congress
Views: 59390
Comments: 102
A reader points out a very interesting loophole in the debt ceiling debate that would give the US Treasury the ability to tell the US Congress to take their fearmongering and shove it you know where. Reader “Beowulf” notes: “No, Tsy isn’t authorized to just “print” money, the Federal Reserve Act gives that power to the Fed, However, the Coinage Act grants the Secretary of the Treasury rather broad coin seigniorage authority. Geithner could sidestep the debt ceiling this afternoon by ordering the West Point Mint to coin a 1 oz. $ 1 trillion coin. Tsy can then present the jumbo coins at the NY Fed to buy back $1 trillion in Fed-held debt (the Fed has to accept it, a creditor can’t refuse legal tender paid in to settle a debt): (h) The coins issued under this title shall be legal tender… (k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.” The simple threat of doing this would end this debate right here and right now. It’s time for Congress to stop playing Russian roulette with the US economy. If you want to take a stand on spending then do so before you pass legislation that causes us to run up into the debt ceiling. Don’t use some phony law to try to scare people into thinking that we are Greece (something that’s entirely impossible anyhow).
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#49. To: Badeye (#40)
Every American owes $50,000 in current debt and $500,000 in future obligations. $500,000 -- that's $2 million for every family of four. The median household income is about $50,000 a year. Do the math. This can't possibly be paid. Not only do we have to stop borrowing money now, we also have to remove Social Security, Medicare, and Medicaid from entitlement status. They should be funded each year based on our ability to pay, not based on some automatic formula.
"As it turns out it fell out of balance in 1971 and despite some tweaks in 1977 continued to fall until it flirted with zero in 1982. Which led to the creation of the Greenspan Commission and its two part fix. The first part was intended to put the Trust Fund back in Short Term Balance, a task that was complete by 1993. The second part was to build the Trust Fund sufficiently over that minimum to fund benefits ON AVERAGE over the next 75 years. That was pretty successful as well, leaving the current Trust Fund with a ratio of 390 (almost 4 years of reserve) , ...." See those Four Dates? Nixon and Reagan took the goody out in 71 and 82. The 'tweaks' were under Carter/Clinton passively accepting....
Raising the debt ceiling doesn't pay our bills. It only allows this administration to continue to write BAD CHECKS, further excerbating the debt crisis we already face. Every American owes $50,000 in current debt and $500,000 in future obligations. $500,000 -- that's $2 million for every family of four. The median household income is about $50,000 a year. Do the math. This can't possibly be paid. Not only do we have to stop borrowing money now, we also have to remove Social Security, Medicare, and Medicaid from entitlement status. They should be funded each year based on our ability to pay, not based on some automatic formula. Yep. And today it was announced Owe-bama just gave the United Nation's 100 billion dollars...and still some don't understand how anyone can be against raising the debt ceiling? Sheesh.
Proxy IP's are amusing.....lmao
I don't have to 'do more research' goofy. I can add and subtract. You on the Left apparently can't.
Proxy IP's are amusing.....lmao
Get ready for war then, MFer. You can use your Largest ever Military Budget to get me some weapons.... 8D Cause I ain't no body's slave. These Entitlements as you call them were made because 7 million Americans had just dies of starvation/cold the Winter of 32. The Top 50 000 will run out of bodies before the Bottom 90%....
Reagan success story. All the liberals are dead....8D How's that FOX Murdoch hacking E Mails story comin' along....8D
Not only do we have to stop borrowing money now, we also have to remove Social Security, Medicare, and Medicaid from entitlement status. They should be funded each year based on our ability to pay, not based on some automatic formula. You want to give the money I put into it to Wall Street which proved 3 years ago it wasn't up to the task. But the US debt is used as a source of income silly. It's sold all over the world. Why debt's been at the center of one of the most popular and profitable business models for the last 25 years, the bankers say so.
War with 60 year old dope heads like you??? Right. You can barely get out of bed in the morning and post incoherent rants on Liberysflame. ROTFLMAO.
Whatever. Now we know why your local police need tanks.... How's your Bailed out Banksters doin this AM? Care to explain how America comes out of this Depression?
#3. To: mcgowanjm (#2) European Stock Markets crashing. Yes they are. Fred Mertz posted on 2011-07-11 10:28:34 ET
Remember that these agencies have never forecast anything of importance (neither subprime, nor the global crisis, nor the Greek crisis, nor the Arab Spring, ...). If they downgrade willy nilly today it’s because they have been caught at their own game (22). It’s no longer possible to downgrade A without affecting B’s rating if B is no better off. The "assumptions" on the fact that it’s impossible for any particular state to default on its debt have not withstood three years of crisis: this is where Wall Street and the City have fallen into the trap which threatens all aspiring sorcerers’ apprentices. They have not seen it would be impossible for them to control the hysteria kept up over Greek debt. So today it’s the US Congress, with the bitter debate on the debt ceiling and massive budget cuts, that the consequences of the misleading articles in recent months about Greece and the Eurozone enlarge. Once again, our team can only stress that if history has any sense, it’s certainly a sense of irony.
You've been given the chance to prove your assertions but you continually come up empty. YOU are the one who needs to prove that your 'new improved' theories will work, not the other way around.
BTW, jw Your Army is being called on to fight everyone. Think your local LE can handle the rest of us? Missiles fired at Panetta in Green Zone. US/French Embassies in Syria Stormed. Live Fire. Is the US going to fight EVERYONE? except Israel, eh?
I continually post all kinds of evidence from all over the world for every position I take. Unfortunately, you, Lucysmom, and Goobershit are either too stupid, stubborn, or stoned to understand it. So I won't waste my time anymore.
You link the strangest damn things, thinking you are making sense. For phone hacking, I refer you to the Democrats dirty tricks division.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Some might consider this a time to buy and jwpegler needs to use YOUR money. LOLOL
Post it now. You can start with where the first free market is located and what qualities determine it to be such.
Nope. I'm finished wasting time doing any research for you and your lunatic leftist buddies, because you are unteachable. So, just roll another one and toke away hippie.
Not only is this idea crazy, it's flat-out STUPID. Unless made of $1T of precious metals, it would simply be another form of fiat money. In REAL terms, a $1T gold coin would weigh 40453074.4 pounds. This, by the way, works out to the approximate weight of not one, but two Ticonderoga-class guided-missile cruisers, as shown here: Were it made out of platinum, it would weigh 36231884.0579 pounds- the same mass as the Spanish aircraft carrier Spanish aircraft carrier Principe de Asturias, below: Were you to have an inkling of economics, you'd already know that... On a more basic level, Geithner has been in the pocket of the big banks for years. The Federal Reserve is owned by those same big banks... You think Geithner- little pus-bag that he is- would ever do anything against the will of the banks?
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
Ouch, THAT'S gonna' leave a mark! The only question is, which of her two personalities will this hit? Whining- old, or the loony-mom? I ask because ming IS loonymom... Oh, BTW, Badeye... according to ming/loony, if you aren't willing to "suffer" fools like her, she says you're "intolerant." Like that's a bad thing, LOL.
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
So, just roll another one and toke away hippie. So who designated you to a teaching position on this chit chat site? Especially since you can't even define your goals much less prove your theories. And you seem to be unaware that this is a discussion forum. You failed big time.
but you continually come up empty Perfect description of the Last 30 years of Reaganism/TrumanDoctrine/BrettonWoodsGold Default. But not by looking at the BlueBar to the Right. We have over a thousand cable TV channels where I live, and none of them puts on a coherent news program on Sunday nights, so weekends have become news blackouts. Looks like we're hours/days away: All these rich bible beatin' MFers gonna have to steal some more from their slaves. And I don't know if the slaves have any more to give...8D " "A comprehensive global energy transition is urgently needed in order to avert a major planetary catastrophe," the report warns. Might I interject? Perhaps our "rapidly expanding" use of fossil fuel energy itself can not be sustained for much longer. I suggest that somebody should take a long look at the situation. Certainly, crude oil does not seem quite so abundant as it once appeared to be. Perhaps somebody at the U.N. ought to look at the oil price trend since 2003. And then there's that pending, unresolved peak coal estimate. Country estimates of how much recoverable coal they have always seem to go down. And there's all that nonsense about shale gas. But I digress. In his preface to the report, Secretary-General Ban Ki-moon writes that "rather than viewing growth and sustainability as competing goals on a collision course, we must see them as complementary and mutually supportive imperatives. This becomes possible when we embrace a low-carbon, resource-efficient, pro-poor economic model." "A comprehensive global energy transition is urgently needed in order to avert a major planetary catastrophe," the report warns. Might I interject? Perhaps our "rapidly expanding" use of fossil fuel energy itself can not be sustained for much longer. I suggest that somebody should take a long look at the situation. Certainly, crude oil does not seem quite so abundant as it once appeared to be. Perhaps somebody at the U.N. ought to look at the oil price trend since 2003. And then there's that pending, unresolved peak coal estimate. Country estimates of how much recoverable coal they have always seem to go down. And there's all that nonsense about shale gas. But I digress. In his preface to the report, Secretary-General Ban Ki-moon writes that "rather than viewing growth and sustainability as competing goals on a collision course, we must see them as complementary and mutually supportive imperatives. This becomes possible when we embrace a low-carbon, resource-efficient, pro-poor economic model."
I have never said that. But I'm truly sorry you unmedicated, low functioning Aspergers' are so easily confused. But again maybe that's a good thing. .
I know. The irony of course is the most intolerant people in America are in fact LIBERALS.
Proxy IP's are amusing.....lmao
They don't come here to discuss, they come to convince themselves, and each other, they're "normal).
Von Mises associates any Government involvement in markets as "Socialism" , to mislead people into thinking Government is the enemy , when infact empire is the enemy and empire is Privatized.
Ming/loonymom, where you are concerned, everybody is in a position to teach you. You exhibit the typical leftist (i.e., socialist "useful idiot") traits of being both brutally stupid, and proud of your stupidity. Especially since you can't even define your goals much less prove your theories. Proof is posted here, daily, which effectively eviscerates your pathetic, nonsensical positions. So you choose to ignore the proof, because it's better- and easier- for you to live in the delusions of your mind, then face reality. But hey, that's what it takes to be a leftist- gross ignorance of reality, or the refusal to accept reality, once it is presented. The failure is all yours, ming/loonymom. With every post, with every statement you make, you demonstrate that you are incapable of facing reality. You live in sound-bites, preferring the more interesting fiction of the leftist-MSM news, than real life. Chayefsky was talking about people like YOU, ming/loonymom, when he wrote: [laughing to himself] But, man, you're never going to get any truth from us. We'll tell you anything you want to hear; we lie like hell. We'll tell you that, uh, Kojak always gets the killer, or that nobody ever gets cancer at Archie Bunker's house, and no matter how much trouble the hero is in, don't worry, just look at your watch; at the end of the hour he's going to win. We'll tell you any shit you want to hear. We deal in *illusions*, man! None of it is true! But you people sit there, day after day, night after night, all ages, colors, creeds... We're all you know. You're beginning to believe the illusions we're spinning here. You're beginning to think that the tube is reality, and that your own lives are unreal. You do whatever the tube tells you! You dress like the tube, you eat like the tube, you raise your children like the tube, you even *think* like the tube! This is mass madness, you maniacs! In God's name, you people are the real thing! *WE* are the illusion! “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
More of your cut and paste filler but it does explain some of your delusions regarding internet posters here. I can see why your employers won't let you near a computer on the weekends.
Translation: "Everyone is crazy except ME!" Another nonsensical quote. LMAO!!! Nothing like proving my point! :) There are many weekends where I don't even bother to turn on my computer- much less the TV. Unlike you, I have a life.
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
Actually you don't if your job classification includes posting here.
Now THATs funny coming from you, whiningoldloonymom. Thanks for the laugh.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
I confess I don't get the "job classification" jab, which she seems quite familiar with. I'm guessing this has something to do with which station she holds at McD's?
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
She just keeps tipping her hand as to her circumstances.
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
Ironic Owe-bama believes this same thing, only he applies it to the clear majority of voters in America.
Proxy IP's are amusing.....lmao
I don't see how he gets it. Zero Duration Short Term Treasuries. ;}
BUWAHAHAHAHAHA intake BUWAHAHAHA 8D No Sense, eh? Google Murdoch Hacking Deleting Dead Girls Mail See what comes up....8D
What part of 1 OZ did you miss, CE? 8D
Zero Duration Short Term Treasuries. ;} Giving what you now make in SS contributions to Wall Street to invest in their pyramid schemes. But maybe you work for the prisons or similiar where you don't have to contribute.
Yves is hot More Proof That Obama is Herbert Hoover Not only is Obama assuring that he will go down as one of the worst Presidents in history, but for those who have any doubts, he is also making it clear that his only allegiance is to the capitalist classes and their knowledge worker arms and legs. You don’t need to go further than the first page of today’s New York Times for proof. The Grey Lady has realized rather late in the game that automatic stabliizers and emergency programs have been propping up the economy, and the fact that they are soon to disappear will be more than a bit of a downer. Apparently it is now OK for Pravda to make that shocking revelation from Moody’s (the source of the key data in the article) because the budget debate is so far advanced that the executioner has already started the downward swing of his axe; the only question is whether he will get a clean kill of the average citizen’s economic wellbeing or whether it will be a protracted, messy death. From the New York Times:
Oh THAT!! ;} That one died with bush43's political capital. Now they have to do it illegally. Which means they still owe me. No matter what. And they'll give it to me, one way or the other. I'll take land in lieu of, for instance...8>D
"Even knowing how dedicated to bad ends Obama is, I still feel like I’ve walked into a parallel universe. He’s now determined to make these horrific entitlement cuts a sign of his manhood. This is “Change” for sure, to a more brutal, grasping, dog eat dog society, all administered by self serving elites. They will in the end reap the whirlwind they are creating, but not before it mows a path of destruction through our social order." Obama will go down as the next Hoover. bush43 having paved the way as Warren G Harding/Coolidge combined. The USEMpire will implode.
8D Show me one ounce of anything that would be worth $1T. If you can't, then the article comes down to: let's create fiat money to retire fiat money... Get it, sonny?
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” The State can no longer hide the consequences of their 100-year lie. VERY interesting times are ahead.
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Top • Page Up • Full Thread • Page Down • Bottom/LatestRaising the debt ceiling doesn't pay our bills. It only allows this administration to continue to write BAD CHECKS, further excerbating the debt crisis we already face.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#50. To: All (#48)
#51. To: jwpegler (#49)
#52. To: lucysmom (#41)
Raising the debt ceiling doesn't pay our bills.
#53. To: jwpegler (#49)
we also have to remove Social Security, Medicare, and Medicaid from entitlement status.
#54. To: Rudgear (#47)
Sooner or later, the egalitarian left wants to shut down debate when they can't offer anything other than BS like Aspergers.
#55. To: jwpegler (#49)
(Edited)
Every American owes $50,000 in current debt and $500,000 in future obligations. $500,000 -- that's $2 million for every family of four. The median household income is about $50,000 a year. Do the math. This can't possibly be paid.
#56. To: mcgowanjm (#53)
Get ready for war then
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#57. To: jwpegler (#56)
Get ready for war then
#58. To: All (#57)
#59. To: All (#58)
#60. To: jwpegler (#56)
(Edited)
War with 60 year old dope heads like you??? Right. You can barely get out of bed in the morning and post incoherent rants on Liberysflame. ROTFLMAO.
#61. To: jwpegler (#56)
#62. To: mininggold (#60)
but you continually come up empty
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#63. To: mcgowanjm (#54)
#64. To: mcgowanjm (#58)
European Stock Markets crashing.
#65. To: jwpegler (#62)
continually post all kinds of evidence from all over the world for every position I take. Unfortunately, you, Lucysmom, and Goobershit are either too stupid, stubborn, or stoned to understand it. So I won't waste my time anymore.
#66. To: mininggold (#65)
You can start
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#67. To: lucysmomBadeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Mininggold (#1)
Sounds crazy, but...
.
-- Joseph Goebbels --
#68. To: Badeye, lucysmom, mininggold (#40)
I don't believe anyone could suffer you without being drunk first.
-- Joseph Goebbels --
#69. To: jwpegler (#66)
Nope. I'm finished wasting time doing any research for you and your lunatic leftist buddies, because you are unteachable.
#70. To: jwpegler, mininggold, All (#62)
but you continually come up empty
#71. To: Capitalist Eric (#68)
(Edited)
Oh, BTW, Badeye... according to ming/loony, if you aren't willing to "suffer" fools like her, she says you're "intolerant
#72. To: Capitalist Eric (#68)
Oh, BTW, Badeye... according to ming/loony, if you aren't willing to "suffer" fools like her, she says you're "intolerant."
#73. To: mininggold (#69)
And you seem to be unaware that this is a discussion forum. You failed big time.
#74. To: mininggold, jwpegler, lucysmom, Badeye (#69)
So who designated you to a teaching position on this chit chat site?
you seem to be unaware that this is a discussion forum. You failed big time.
Television is not the truth! Television is a God-damned amusement park! Television is a circus, a carnival, a traveling troupe of acrobats, storytellers, dancers, singers, jugglers, side-show freaks, lion tamers, and football players. We're in the boredom-killing business! So if you want the truth... Go to God! Go to your gurus! Go to yourselves! Because that's the only place you're ever going to find any real truth.
-- Howard Beale, "Network" (1976)
-- Joseph Goebbels --
#75. To: Capitalist Eric (#74)
#76. To: mininggold (#75)
More of your cut and paste filler but it does explain some of your delusions regarding internet posters here.
I can see why your employers won't let you near a computer on the weekends.
-- Joseph Goebbels --
#77. To: Capitalist Eric (#76)
There are many weekends where I don't even bother to turn on my computer- much less the TV. Unlike you, I have a life.
#78. To: mininggold (#77)
Actually you don't if your job classification includes posting here.
#79. To: Rudgear (#78)
Now THATs funny coming from you, whiningoldloonymom. Thanks for the laugh.
-- Joseph Goebbels --
#80. To: Capitalist Eric (#79)
Actually you don't if your job classification includes posting here.
#81. To: lucysmom (#73)
They don't come here to discuss, they come to convince themselves, and each other, they're "normal).
#82. To: mininggold (#64)
Some might consider this a time to buy and jwpegler needs to use YOUR money. LOLOL
#83. To: Rudgear (#63)
You link the strangest damn things, thinking you are making sense. For phone hacking, I refer you to the Democrats dirty tricks division.
#84. To: Capitalist Eric (#67)
#85. To: mcgowanjm (#82)
I don't see how he gets it.
#86. To: Fred Mertz, mininggold, capitalist eric, lucy'smom, All (#84)
(Edited)
#87. To: mininggold (#85)
Giving what you now make in SS contributions to Wall Street
#88. To: mininggold (#85)
(Edited)
#89. To: mcgowanjm (#84)
What part of 1 OZ did you miss, CE?
-- Joseph Goebbels --
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