An arcane idea that started on finance blogs in the summer of 2011 - that Tim Geithner should mint a trillion dollar platinum coin to avert the debt ceiling - is now seriously taking off.
The premise of the idea is this: Although the Treasury can't just create money out of thin air to pay its bills, there is a technicality in the law that says the Treasury has special discretion to create platinum coins of any denomination, and the thinking is that Tim Geithner could make the coin and walk it over to the Federal Reserve and deposit it in the Treasury's bank account.
Anonymous B joined in and replied with this 14 years ago, 16 minutes later[^][v]#379,743
it better be a huge coin
TheSheep !kJ.A4PF7.k joined in and replied with this 14 years ago, 47 minutes later, 1 hour after the original post[^][v]#379,745
I hope he doesn't drop it on his way to the federal reserve.
Let's be real, this will happen, since you're huge nutjobs. Then China will nuke you off the map. Finally.
Meta !PARAdoxiHw joined in and replied with this 14 years ago, 1 hour later, 2 hours after the original post[^][v]#379,764
Why not just have the Fed print 16 trillion dollars and pay off the debt? The Fed can and does print as much money as they want. This would lead to hyperinflation but I'd rather use a wheelbarrow full of money to buy bread than see John Boehner and Eric Cantor in the news all the time.
(Edited 39 seconds later.)
beckyderp !CATLDyPIBQ (OP) replied with this 14 years ago, 19 minutes later, 2 hours after the original post[^][v]#379,773
Ks !KansasxqvM joined in and replied with this 14 years ago, 4 minutes later, 2 hours after the original post[^][v]#379,774
This would have no real effect on the economy though, since the money would still flow in all the same directions (straight to the top). The current extreme conservative climate is choking the life out of our economy.
@379,745 (TheSheep !kJ.A4PF7.k) > Let's be real, this will happen, since you're huge nutjobs. Then China will nuke you off the map. Finally.
lol
TheSheep !kJ.A4PF7.k replied with this 14 years ago, 8 minutes later, 2 hours after the original post[^][v]#379,776
@379,773 (beckyderp !CATLDyPIBQ) > amerifags come up with genius trillion dollar coin idea > thanks balkie
Denial was so strong, there was no endin sight...
Meta !PARAdoxiHw replied with this 14 years ago, 58 minutes later, 3 hours after the original post[^][v]#379,799
How would the Treasury afford to buy that much platinum? Or would they just make a tiny coin out of like $20 worth of platinum and write ONE TRILLION DOLLARS ZOMG on it? Would it have Dr. Evil doing that thing where he puts his pinkie up to his mouth?
Anonymous F joined in and replied with this 14 years ago, 1 minute later, 3 hours after the original post[^][v]#379,800
@previous (Meta !PARAdoxiHw)
I hope so. That would be a humorous coin.
beckyderp !CATLDyPIBQ (OP) replied with this 14 years ago, 1 minute later, 4 hours after the original post[^][v]#379,801
TheSheep !kJ.A4PF7.k replied with this 14 years ago, 12 minutes later, 4 hours after the original post[^][v]#379,802
@379,799 (Meta !PARAdoxiHw)
Apperently, this is how to avoid the need to make it off a trillion dollar huge chunk of platina.
If they wanted to print trillion dollars, they would need to back it in gold etc... but this magical platinum coin can be stamped to any value... hahaha you crazy folks I love you :D
Meta !PARAdoxiHw replied with this 14 years ago, 37 minutes later, 4 hours after the original post[^][v]#379,808
@379,801 (beckyderp !CATLDyPIBQ)
Brilliant! Tim Geithner can momentarily rub his hands on a platinum object, thus collecting some atoms of platinum, then declare each atom of platinum is legally a one trillion dollar coin (albeit a very small one), deposit said "coins" into the Treasury's account, pay the debt and everything's solved.
Anonymous G joined in and replied with this 14 years ago, 1 minute later, 4 hours after the original post[^][v]#379,809
@379,802 (TheSheep !kJ.A4PF7.k)
The US abandoned the gold standard a while ago. The USD is now a fiat currency.
Meta !PARAdoxiHw replied with this 14 years ago, 4 seconds later, 4 hours after the original post[^][v]#379,810
Or maybe even use a particle accelerator to smash a platinum atom and then deposit the subatomic particles.