$1T Coin?

[NM_Shooter]

When I first saw the story on that idea, I thought it was a hoax / joke from the Onion.  I didn't realize they were somewhat serious. 

WTH is that?  $1T coin?  Are we going to give a handful of those to China?  How could they possibly be used, and who in their right mind would accept them?

We screwed up when we went off the gold standard.

[Ajax]

Long story short, there's a law that allows the treasury to mint coins.  Quirk in the law does not specify donaminations.  If the Republicans in the House continue to be intractable on the debt ceiling, Treasury could mint a coin worth $1T.  They then give it to the Fed and the Fed give treasury $1T.  Debt ceiling crisis averted.

And the gold standard is a horrible idea.

[flyingvan]

Why is the gold standard a horrible idea?  Seems having something backing every dollar makes as much sense as not spending money you don't have

[NM_Shooter]

Wow... sort of sounds similar to floating checks in an effort to pay bills with money you don't have.  I can see why that might sound logical to a liberal administration. 

Minting and printing additional money without substance behind it only serves to devalue the currency already in circulation. 

[StinkerBell]

"Check kiting is a form of check fraud, involving taking advantage of the float to make use of non-existent funds in a checking or other bank account. In this way, instead of being used as a negotiable instrument, checks are misused as a form of credit."



Yup sounds like that is what they want to do.

[MushCreek]

Can you imagine what would be in the vending machine that takes that coin?!?

[bayview]

Get rid of the Federal Reserve. . . 

Then, print our own money with out debt.

Problem solved.

/.

[flyingvan]

In theory, we still barter....I breed more cows, and I'll trade one for your blacksmithing skills.  Money's just the conduit for the barter.  But I'm too lazy to bother with cattle, and I still need you to make shoes for my horse, so I'll just print more money instead.  You realize that money isn't worth as much because there's no cow to back it up, but the geniuses in charge don't tell me I need to breed more cows---in fact, they discourage me from breeding cows (by taking every other one away to give to lazy voters to keep their lazy votes)  Since no cows back the money, it takes more money, so they make trillion dollar coins.   Why not just mint $100 trillion dollar coins to buy China and our debt with it?  Why don't we just decide empty water bottles are worth $4,000 each so we're all fabulously wealthy???  Liberals never seem to clue in that productivity begets prosperity, and liberty begets productivity.

[Native_NM]

Can you imagine what would be in the vending machine that takes that coin?!?

Lots of quarters to make change.