The 5 Trillion Dollar Coin

discoberry
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The 5 Trillion Dollar Coin Jul 30, 2011 13:47:30 GMT -5

Quote

Post by discoberry on Jul 30, 2011 13:47:30 GMT -5

Finally a debt-crisis solution that makes sense.

One option is coin seigniorage—aka, the "really-huge-coin workaround." The United States has a statutory limit on the amount of paper money in circulation, but no such limit on coins. The Treasury secretary has the authority to mint certain coins of any denomination, with no need for the value of the metal to equal the value of the coin. (It gets a bit technical.) But the idea is that Secretary Timothy Geithner could order the Mint to make a, say, $5 trillion coin. It could then use the coin to buy back and extinguish debt from the Fed, pushing the country back under the ceiling. Or it could deposit it, and the Fed could counteract the inflation by selling government debt.

www.slate.com/?reload=true

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Dragon Zachski God I'm a duck :V Quack! Posts: 7,035	The 5 Trillion Dollar Coin Jul 30, 2011 14:50:55 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Dragon Zachski on Jul 30, 2011 14:50:55 GMT -5 ... Hello, operator? I think someone found a cheat code for real life.
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Mlle Antéchrist God Very Punny So I took the shotgun off the wall, and fired two warning shots... into his head. Posts: 6,527	The 5 Trillion Dollar Coin Jul 30, 2011 15:19:19 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Mlle Antéchrist on Jul 30, 2011 15:19:19 GMT -5 I'm skeptical about how successful they'd be in counteracting inflation.
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Smurfette Principle God Books. Posts: 2,554	The 5 Trillion Dollar Coin Jul 30, 2011 15:27:10 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Smurfette Principle on Jul 30, 2011 15:27:10 GMT -5 Jul 30, 2011 14:50:55 GMT -5 Dragon Zachski said: ... Hello, operator? I think someone found a cheat code for real life. Now, if only we could find /motherlode.

Vene
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The 5 Trillion Dollar Coin Jul 30, 2011 15:48:08 GMT -5

Quote

Post by Vene on Jul 30, 2011 15:48:08 GMT -5

Jul 30, 2011 15:19:19 GMT -5 Mlle Antéchrist said:

I'm skeptical about how successful they'd be in counteracting inflation.

I'm not overly concerned about inflation, actually. For reference, in the past two years Oriet and Magni have not gotten pay increases with their SSDI due to how low it's been.

Last Edit: Jul 30, 2011 15:48:17 GMT -5 by Vene

discoberry
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The 5 Trillion Dollar Coin Jul 30, 2011 16:34:12 GMT -5

Quote

Post by discoberry on Jul 30, 2011 16:34:12 GMT -5

Jul 30, 2011 15:48:08 GMT -5 Vene said:

Jul 30, 2011 15:19:19 GMT -5 Mlle Antéchrist said:

I'm skeptical about how successful they'd be in counteracting inflation.

I'm not overly concerned about inflation, actually. For reference, in the past two years Oriet and Magni have not gotten pay increases with their SSDI due to how low it's been.

No military COLA pay either for the last 2 years

Obama Buys Clothes
Mocks those with no income

Obama Does Not Buy Clothes
Refuses to help economy

Obama wears a red tie!
Proof he's a communist.

Obama wears a blue tie!

Clearly toeing the party line and refusing to compromise.

Random Guy
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The 5 Trillion Dollar Coin Jul 30, 2011 17:07:33 GMT -5

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Post by Random Guy on Jul 30, 2011 17:07:33 GMT -5

Jul 30, 2011 15:27:10 GMT -5 Smurfette Principle said:

Jul 30, 2011 14:50:55 GMT -5 Dragon Zachski said:

...

Hello, operator? I think someone found a cheat code for real life.

Now, if only we could find /motherlode.

I think some guy managed to discover "godmode=on/off" about 2000 years ago.

Last Edit: Jul 30, 2011 17:12:07 GMT -5 by Random Guy

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cestlefun17
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The 5 Trillion Dollar Coin Jul 30, 2011 17:11:33 GMT -5

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Post by cestlefun17 on Jul 30, 2011 17:11:33 GMT -5

I'll admit to being completely unknowledgeable as to how the economy works, but I find it hard to believe we could just invent 5 trillion dollars without lessing the value of each dollar.

If we could do this, why not just mint a 999 nonillion-dollar coin?

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scotsgit God I re-enact therefore I am Posts: 1,491	The 5 Trillion Dollar Coin Jul 30, 2011 17:33:25 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by scotsgit on Jul 30, 2011 17:33:25 GMT -5 Would it work in slot machines? Just wondering. ;D
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Vene
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The 5 Trillion Dollar Coin Jul 30, 2011 18:37:34 GMT -5

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Post by Vene on Jul 30, 2011 18:37:34 GMT -5

Jul 30, 2011 17:11:33 GMT -5 cestlefun17 said:

I'll admit to being completely unknowledgeable as to how the economy works, but I find it hard to believe we could just invent 5 trillion dollars without lessing the value of each dollar.

If we could do this, why not just mint a 999 nonillion-dollar coin?

Oh, it'll lead to inflation, but inflation is at such a low level (as in, nonexistant) it's not an issue.

RavynousHunter God The Alpha Zombie! I guess if you're rich enough, you can build any sort of madhouse to live in. Posts: 14,043	The 5 Trillion Dollar Coin Jul 30, 2011 20:06:25 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by RavynousHunter on Jul 30, 2011 20:06:25 GMT -5 Any numbers? Not trying to call you out or anything...I'm honestly curious.
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Vene
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The 5 Trillion Dollar Coin Jul 30, 2011 20:14:05 GMT -5

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Post by Vene on Jul 30, 2011 20:14:05 GMT -5

Jul 30, 2011 20:06:25 GMT -5 RavynousHunter said:

Any numbers? Not trying to call you out or anything...I'm honestly curious.

Not strictly no, aside from the ones mentioned above about the lack of COLA in the past two years. I could probably find others if I was really ambitious.

Radiation God Temporary Thingie Here Posts: 731	The 5 Trillion Dollar Coin Jul 30, 2011 20:38:59 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Radiation on Jul 30, 2011 20:38:59 GMT -5 Jul 30, 2011 17:33:25 GMT -5 scotsgit said: Would it work in slot machines? Just wondering. ;D But then what if you don't win? You won't get that coin back!
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MaybeNever
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The 5 Trillion Dollar Coin Jul 30, 2011 20:55:21 GMT -5

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Post by MaybeNever on Jul 30, 2011 20:55:21 GMT -5

Jul 30, 2011 20:38:59 GMT -5 Radiation said:

Jul 30, 2011 17:33:25 GMT -5 scotsgit said:

Would it work in slot machines? Just wondering. ;D

But then what if you don't win? You won't get that coin back!

Yeah, but imagine if you won!

And thus gambling addiction is born.

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ltfred
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The 5 Trillion Dollar Coin Jul 30, 2011 21:00:53 GMT -5

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Post by ltfred on Jul 30, 2011 21:00:53 GMT -5

Jul 30, 2011 20:06:25 GMT -5 RavynousHunter said:

Any numbers? Not trying to call you out or anything...I'm honestly curious.

The inflation rate looks like this:

krugman.blogs.nytimes.com/2011/07/23/inflation-and-the-right-then-and-now/

Up and down every now and again, but always below the century average.

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Post by discoberry on Jul 30, 2011 13:47:30 GMT -5

Post by Dragon Zachski on Jul 30, 2011 14:50:55 GMT -5

Post by Mlle Antéchrist on Jul 30, 2011 15:19:19 GMT -5

Post by Smurfette Principle on Jul 30, 2011 15:27:10 GMT -5

Post by Vene on Jul 30, 2011 15:48:08 GMT -5

Post by discoberry on Jul 30, 2011 16:34:12 GMT -5

Post by Random Guy on Jul 30, 2011 17:07:33 GMT -5

Post by cestlefun17 on Jul 30, 2011 17:11:33 GMT -5

Post by scotsgit on Jul 30, 2011 17:33:25 GMT -5

Post by Vene on Jul 30, 2011 18:37:34 GMT -5

Post by RavynousHunter on Jul 30, 2011 20:06:25 GMT -5

Post by Vene on Jul 30, 2011 20:14:05 GMT -5

Post by Radiation on Jul 30, 2011 20:38:59 GMT -5

Post by MaybeNever on Jul 30, 2011 20:55:21 GMT -5

Post by ltfred on Jul 30, 2011 21:00:53 GMT -5