Re: 1 trillion dollar coin! - Corvette Forum : DigitalCorvettes.com Corvette Forums

c6vettedude · 01-07-2013, 02:29 PM

I heard about this story a bit ago and just laughed my ass off when I read it

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http://www.foxnews.com/politics/2013/01/07/funny-money-pundits-float-1-trillion-coin-as-answer-to-debt-ceiling-standoff/

Texdentist · 01-07-2013, 02:36 PM

I saw that article this morning. My first thought was that if the Fed ever loses control with their anti-inflationary policies - and they probably will if the economy doesn't bounce back - we may need one of those coins to fill up our cars with gasoline.

c6vettedude · 01-07-2013, 02:38 PM

Quote:

Originally Posted by Texdentist

I saw that article this morning. My first thought was that if the Fed ever loses control with their anti-inflationary policies - and they probably will if the economy doesn't bounce back - we may need one of those coins to fill up our cars with gasoline.

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the machine · 01-07-2013, 02:55 PM

Minting this coin is a rediculous thing to do and is only surpassed in it's rediculousness by the idea that not raising the debt cieling is a way of controling our debt.

fyreline · 01-07-2013, 03:12 PM

Stupidity on an unprecedented level. The true value of ANYTHING is determined by what an actual buyer is willing to pay for it. Does anyone think this proposed coin is anything other than a scam? If it's worth a trillion dollars, sell it and take the poor fool's money. If, as we all know, it isn't . . . . Why waste the time and effort on minting a platinum coin? Make it out of plastic, or just draw one on a napkin. Tell everyone it's worth twenty-seven jillion badillion megakillion dollars, and suddenly the USA Treasury is flush again.

Madness. Any currency backed by nothing is worth nothing, not whatever you say it is.

Texdentist · 01-07-2013, 03:29 PM

Another consideration: We are constantly worried about our currency being undermined with worldwide counterfeiting of our $100 bills. Imagine what would happen with counterfeiting of $1T coins! And I don't care how they protect it - anything can be counterfeited.

c6vettedude · 01-07-2013, 03:40 PM

Quote:

Originally Posted by Texdentist

Another consideration: We are constantly worried about our currency being undermined with worldwide counterfeiting of our $100 bills. Imagine what would happen with counterfeiting of $1T coins! And I don't care how they protect it - anything can be counterfeited.

Very true! Especially when there are always insiders willing to sell us out.

the machine · 01-07-2013, 04:27 PM

Quote:

Originally Posted by fyreline

Stupidity on an unprecedented level. The true value of ANYTHING is determined by what an actual buyer is willing to pay for it. Does anyone think this proposed coin is anything other than a scam? If it's worth a trillion dollars, sell it and take the poor fool's money. If, as we all know, it isn't . . . . Why waste the time and effort on minting a platinum coin? Make it out of plastic, or just draw one on a napkin. Tell everyone it's worth twenty-seven jillion badillion megakillion dollars, and suddenly the USA Treasury is flush again.

Madness. Any currency backed by nothing is worth nothing, not whatever you say it is.

Well not to put to fine a point on it but the treasury does actualy set the denomination of bills and coins. They can make any denomination they choose and the face value is what they say it is in dollars. Now the value of the dollar could drop or rise so that what that coin could buy $1 trillion worth of may be more or less than what it could buy on the day it was minted...that is a function of what the world thinks our money is worth relative to other currencies.

As to the metal the coin is minted from...the law that allows this to happen in the first place specifies that the coins must be of gold or platinum.

the machine · 01-07-2013, 04:30 PM

Quote:

Originally Posted by Texdentist

Another consideration: We are constantly worried about our currency being undermined with worldwide counterfeiting of our $100 bills. Imagine what would happen with counterfeiting of $1T coins! And I don't care how they protect it - anything can be counterfeited.

Well since the plan was to make one of these coins and put it directly into the federal reserve vault....I think someone trying to spend a $1 trillion dollar coin would bring some suspicion upon himself. But it would be supper convenient to use to buy something like the brooklyn Bridge.

c6vettedude · 01-07-2013, 04:43 PM

Quote:

Originally Posted by the machine

Well since the plan was to make one of these coins and put it directly into the federal reserve vault....I think someone trying to spend a $1 trillion dollar coin would bring some suspicion upon himself. But it would be supper convenient to use to buy something like the brooklyn Bridge.

True, but then the counterfit would only happen at the highest levels between governments. I could easily see china having a stack of them in no time

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You're right about the fed's role in this, and as I'm sure you'll agree,.. the biggest problem we have right now is that the fed doesn't suffer any of the consequences from the decisions they take....only the taxpayer.

fyreline · 01-07-2013, 04:46 PM

Quote:

Well not to put to fine a point on it but the treasury does actualy set the denomination of bills and coins. They can make any denomination they choose and the face value is what they say it is in dollars. Now the value of the dollar could drop or rise so that what that coin could buy $1 trillion worth of may be more or less than what it could buy on the day it was minted...that is a function of what the world thinks our money is worth relative to other currencies.

No one is debating the legality of this world-class shell game, only it's wisdom. It's legal to eat a railroad tie, too.

VetteUSA · 01-08-2013, 01:43 PM

I think I know the difference between Democrats and Republicans now. Democrats will come up with idiotic ideas, like this 1 trillion dollar coin, to pay off debt; Republicans won't resort to this kind of tactic, they'll just idiotically keep charging it to the govt's credit card.

the machine · 01-08-2013, 02:01 PM

Quote:

Originally Posted by fyreline

No one is debating the legality of this world-class shell game, only it's wisdom. It's legal to eat a railroad tie, too.

Well actualy the railroad tie preservation act of 1926 prohibits the destruction in any way of railroad ties. I think eating them would count as destruction.

c6vettedude · 01-08-2013, 02:09 PM

Quote:

Originally Posted by VetteUSA

I think I know the difference between Democrats and Republicans now. Democrats will come up with idiotic ideas, like this 1 trillion dollar coin, to pay off debt; Republicans won't resort to this kind of tactic, they'll just idiotically keep charging it to the govt's credit card.

Exactly! But isn't continuing to charge it to the govt's cc an "idiotic idea"??

VetteUSA · 01-08-2013, 02:15 PM

Quote:

Originally Posted by c6vettedude

Exactly! But isn't continuing to charge it to the govt's cc an "idiotic idea"??

Yes, see below

Quote:

Originally Posted by VetteUSA

I think I know the difference between Democrats and Republicans now. Democrats will come up with idiotic ideas, like this 1 trillion dollar coin, to pay off debt; Republicans won't resort to this kind of tactic, they'll just idiotically keep charging it to the govt's credit card.