Trillion Dollar Coins: The Ultimate Debt Ceiling End-Around? And you think Obama saved the economy!

he Saint-Gaudens double eagle, a twenty-dollar gold coin, or double eagle, produced by the United States Mint from 1907 to 1933. (United States Mint/Wikimedia Commons)

With President Obama having kicked off debt ceiling negotiations by vowing not to negotiate over the debt ceiling, a new option for paying off the nation’s considerable tab is gaining momentum with cheeky fiscal and monetary wonks.

It goes like this: Should Congress fail to extend the U.S. debt limit — reached again on Dec. 31 — the president could ask the Treasury to begin printing trillion dollar coins (in a process explained mostly seriously by Jim Pethokoukis on his American Enterprise Institute blog), a number of which could then be put toward fulfilling debt obligations in the event new legislation stalls in Congress.

While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint melt and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills.

The more difficult part comes sometime after the decision is made to coin the platinum and before the Mint gets to work in sculpting the pieces.

At that point, the American people must decide whose face will adorn the trillion dollar trinket. The process to determine the “specs” of the coin, U.S. Mint Public Affairs Specialist Genevieve Billia warns, must be “determined by legislation,” creating the potential for another congressional impasse.

Also to note: The likeness sculpted into its side must belong to a dead person, ruling out early favorite Ikea Monkey, but boosting the candidacies of  Ronald Reagan and John Maynard Keynes.

http://abcnews.go.com/blogs/politics/2013/01/trillion-dollar-coins-the-ultimate-debt-ceiling-end-around/

 

How the zombie heads can't think this economy isn't going to collaspe is beyond me. This  certainly proves we are in danger or they wouldn't be making this move.

The economy is going to collaspe and the zombies just dont get it, since when have we ever made money out of Platinum..........Like this a long long time ago and now what will you deny this article too that they lie. Hmmm.

 

It's going to be great seeing all the fools who think the Federal Government is going to take care of them wake up one day and no check, no food stamps, the food you eat controlled by who else but your daddys and mommy telling you already what you can feed your kids,   Nooo that's not population control what so ever.

Telling you you can't have any guns soon,  no that's not population control what so ever,

Putting your information out to the public when your a gun owner no, that's not getting rid of privacey ,

But if it were you , and another circumstance the hypocrites would come out of the wood work.

Maybe those who want thier private rights to their guns should ralley and petition to put lets say everybody who has to take prescribed drugs in the paper,  or who ever has had an abortion ( saw that already in the news), or lets put the information out there on everybody who owns certain computers,  lets put signs in our yeard stating I dont own a gun come rob me, my neighbor can't even help out ,  lets put  out there everybody who owns, ..a van, a truck... Better  yet lets announce how many kids you have and their names tooo.

Wake up or your all going to get more than you ask for with this hypocritical thinking.