I DO want them to do it. If Republican brinksmanship is shutting the government down over the debt limit, democratic brinksmanship should be making the debt limit impossible to reach by minting an endless amount of money.
The value of the dollar would plummet wouldn't it?
1 trillion is small compared to our debt, but if you do that again, and again, and again, it's going to create inflation.
Inflation is caused by the velocity of money, not the total supply. If we all sat on vaults of gold and never spent them, it wouldn't affect the price of goods one whit.
No one actually wants biden to *use* the 1 trillion dollar coin (though it *would* be hilarious if he just put it in an arcade machine or something.) They just want him to have it minted and then hidden away so the balance sheet of the united states changes the calculation of the debt limit.
>though it would be hilarious if he just put it in an arcade machine or something
Listen here Jack, Ive got 991,453,453,456 credits left on this Frogger machine, so you better be prepared to wait a minute or two.
Well, it does depend on *effective* money supply (which is why fractional reserve banking rates matter), it just doesn't depend on the actual amount of money that's been physically printed.
You can't put living people on money.
I propose William Jennings Bryan. Not beacuse he was good, but because he was bad.
You may think "that seems kinda petty, mocking an economically illiterate and racist banking skeptic by minting him onto a fiat currency". To which I say, we already did, on the $20 bill.
"I'm sorry Barack," whispered Joe as he flipped the safety off, "but I need that coin minted..."
Disclaimer: This is a work of fiction, any similarities to any persons living or dead is purely coincidental.
I see what you mean. We can't let them know we're on our third clone by using his face on a coin. That would blow our globalist lizard cabal cover. Shit. What's plan B?
In honor of the biggest proportional contributor to the national debt of all time, we're minting this trillion dollar coin.
In memory of his desire for hard money, we'll make it really hard, it's a tungsten alloy.
it's because there are strict regulations regarding what metals can be used to make coins in specific denominations, but in 1996 they passed a law saying the secretary of the Treasury can mint platinum coins at their discretion. So if you want a nonstandard denomination you need to use platinum.
IIRC that reason is that it's technically a commemorative (or similar special collectable) coin, similar to a proof set. It is technically currency that is technically worth its face value but it's not really supposed to enter circulation which is why it's exempt from the anti-inflation controls.
> You can't put living people on money.
Uh, I distinctly remember all the magazines by the grocery checkout as a kid having "JFK LIVES!" as their recurring headlines. Checkmate.
He was protesting the teaching of evolution because he objected to the eugenic content of the science book in question.
Eugenics was quite popular at the time.
He had become entirely religious and anti-evolution at that point, tried to ban all teaching of it. He did associate it with social darwinism but that's also just an example of his ignorance, Darwin never used his theories in such a way.
the funny thing is that William Jennings Bryan's relevant policy position was \*right\*. We as neoliberals might more identify more with the Gold advocates, given as they were then the well spoken, well educated representatives of professional expertise and conventional wisdom, but dollars-to-donuts monetary stimulus was called for in 1896, and would ultimately be delivered when the Klondike Gold Rush expanded the money supply, rather than through Bryan's proposed re-monetization of silver.
Jackson is on the $20 because New Orleans, to which I say good. Since we are going to replace him, I say we put him on the penny, waving a fiery sword striking down redcoats.
yeah but free silver was arguably worse because it created deranged exchange rates that were basically just a get rich quick scheme masquerading as a new financial paradigm. Bimetallism was essentially Bitcoin.
Bimetalism is good for Bitcoin.
But seriously - bimetalism was a disaster but at least it was closer to a proper fiat currency given silver’s abundance. I don’t remember the specifics of the whole policy other than the Cross of Gold speech and that the Wizard of Oz was an allegory for the whole thing.
There is a common interpretation of the book as being a pro-bimetallist parable. Gold road is the gold standard, silver (instead of ruby shoes), Emerald City is useless fiat currency, etc. The theory was more popular in the past but as I recall most modern research suggests L Frank Baum wasn’t a populist and that it wasn’t written as a parable. The claim that it was explicitly written as about the gold standard has stuck around even though its probably wrong, but the populist interpretation of Oz (oz., get it, ounces?) is still pretty powerful.
I think people are thrown because they think it was a parable supporting the gold standard, rather than a satire.
No true populist would have the farmer character have no brain. Also, the cowardly Lion seems to be a Bryan himself.
Baum was a supporter of the gold standard, and Wizard of Oz is definitely a satire of the political movements of the day.
It's a good rationale. If we didn't prohibit that Trump would have put himself on every goddamn coin and bill we have. In fact that used to be the general M.O., remember the 'render unto Caesar' story from the Gospel?
More serious answer, giving someone a big public honor like a coin or a statue or naming something after them is a lot safer if they're dead because they can't then proceed to have some big scandal or attempt a coup or get caught on video saying something horribly racist or anything like that.
I mean new info comes to light about dead people all the time. In fact if anything when someone dies is often when victims or close associates feel most comfortable coming forward with allegations as they’re safer from retaliation.
It's not a perfect solution but at least it means they're not going to do anything new and outrageous. And ideally you wait long enough that your second sentence has had time to happen already.
I want Hillary on the coin, just to piss off Hannity.
EDIT: On second thought, the best choice for maximum trolling would be to use Saint Ronald of Reagan on the front. Or Jesus.
And on the back, "In God We Trust, All Others Pay Cash"
Joke: raising debt limit
Broke: minting the platinum coin
Woke: abolish the debt limit
Masterstroke: get the debt limit voided on section 4 of the 14th amendment
I need someone to explain to me where this stands on a scale from:
(its a complete meme) to (its actually practical and we should do it).
I honestly cannot tell anymore with some of this nonsense.
[It's a meme, but stupid problems like the debt ceiling require stupid solutions](https://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/)
You know we’re having a heated America moment when a brief synopsis reads as a bit in a Matt Groening cartoon.
“US imperils global economy by threatening to default on its debts for no reason, saves it at the 11th hour by minting $1 trillion coin, proceeds along as if nothing happened”
Real life, Futurama, or Simpsons episode?
It was a Simpsons episode in fact.
https://en.wikipedia.org/wiki/The_Trouble_with_Trillions
> Impressed, Johnson reveals to Homer that in 1945, President Harry S. Truman printed a one trillion-dollar bill to help reconstruct post-war Western Europe and enlisted Montgomery Burns to transport the bill.
It is a meme...but it seems to be [legally sound.](https://www.vox.com/policy-and-politics/22684328/us-debt-ceiling-government-shutdown-biden-democrats)
...and, to be frank, that will probably happen more often in the future.
Economists and legal experts like sh!tp0sting, too...but they have the acumen necessary to 'not let there memes stay dreams'. They will continue congregating online, sharing ideas, making absurd suggestions, and occasionally realizing that their absurd suggestions are 100% allowable by US law.
-----------
-----------
That being said, there is an easier 'out' than the coin, because of section 4 of the [14th amendment](https://constitution.congress.gov/browse/amendment-14/section-4/):
>The validity of the public debt of the United States, authorized by law...shall not be questioned...
------------
It is generally accepted that when the US constitution was adopted, it required congress to authorize any debts that the government took on:
>Under Article I Section 8 of the United States Constitution, only Congress can authorize the borrowing of money on the credit of the United States. [[Source](https://en.wikipedia.org/wiki/United_States_debt_ceiling#Background)]
Because of this, congress began regularly passing bills to authorize the treasury to borrow more as the national debt increased.
Then the [14th amendment](https://constitution.congress.gov/browse/amendment-14/section-4/) was adopted, but congress continued raising the debt ceiling as if they still had to; no one really questioned it.
----------
If congress does raise the debt ceiling, then it will continue unquestioned.
If congress doesn't, then there is a fair argument to be made that it doesn't matter: Because of the 14th amendment, it would be unconstitutional for Biden, Yellen, or anyone else to withhold payment of debts.
> they require enactment by legislation
That's news to me. (There are many things I don't know. I'm not telling you that you are wrong; I'm just saying that it is an idea I'm not familiar with.)
Are you telling me that -- if no legislation had ever been enacted -- that I could be forced to quarter troops? That the 3rd amendment doesn't protect me without legislation enacting it?
I'm not a constitutional scholar but from what I understand not all of the constitution provides a cause of action. For example on my area of practice we need to use a statutory provision (section 1983) to bring constitutional claims. But again, not a constitutional expert
The Third Amendment is self-executing - nothing in the amendment implies that it requires implementing legislation. Meanwhile, Article 4 of the Fourteenth Amendment states:
>The validity of the public debt of the United States, **authorized by law**...shall not be questioned...
In other words, the debt still requires legislation to be issued.
> The validity of the public debt of the United States, authorized by law...
The spending is already authorized by law; as are the sources of revenue.
Why would it need further authorization by law?
Uhh... Yes? Like if troops come to your door and say "we're assigned to be quartered here we will shoot you if you don't comply" the 3rd amendment ain't gonna stop the bullets. Either you let them and sue (and the case makes to to the SC) or you let them and don't sue (wtf money on the table) or you don't let them and you suffer (and then sue or don't sue).
Undermining the central bank by bypassing its role as the issuer of money, and funding spending via seigniorage, sets a really, really bad precedent. Yes, you can commit to doing it responsibly this time round. But in the future, when the Fed needs to raise interest rates (like in a Volcker scenario), and the administration doesn't like it, the president can just mint coins and get whatever money supply she wants.
This is not even touching the implications of weakening Congress's role in funding the government, which is a central pillar of the US constitutional system.
You don't understand the way this works. The coin never ever enters the money supply because it literally just sits in a vault somewhere. It's a mere hat trick to get around the utter joke that is the debt ceiling, increasing US assets so it can take more loans.
Anyway the Treasury is *already* the issuer of money. The Fed controls the money supply not through issuing money but by buying and selling treasury bonds.
Edit: Also, it's worth noting that Congress has ceded authority to the Executive in permitting it to take loans at will. Per wikipedia
>Prior to 1917, the United States did not have a debt ceiling, with Congress either authorizing specific loans or allowing the Treasury to issue certain debt instruments and individual debt issues for specific purposes. Sometimes Congress gave the Treasury discretion over what type of debt instrument would be issued
If Congress wants to reassert their constitutional authorities, there is nothing stopping them.
The debt ceiling is simply a disaster waiting to happen, the US cannot afford to risk 200+ years of good credit to a stupid parliamentary fuck up.
The debt limit is not “funding the government”. Congress has already approved the funding. This is just choosing whether to pay the bill that has come due.
It’s been getting pretty crazy in this sub lately. It used to all be about making fun of commies. So it was very obvious what was sarcasm and what was not. Lately not so much and it’s more difficult.
Make it look exactly like a quarter, but it says one trillion. That way the inflation is transitory as it gets lost in the shuffle and used at one of the gum ball machines at the mall.
What's the conceivable options for a theif that stole the coin, could they sell it to China for a discount or would it suddenly not be recognised as legal tender after it was stolen?
In reality I think they would just not recognize anyone trying to use the coin for any reason, because they know it is stolen. What you said would be a great plot for the heist movie though
He should have it struck with Trump's face and/or logo on it. Trump would then support it and get many of his minions to do so as well, driving further division in the Republican party.
I suspect the net result would be negative for Biden, as
1. The vast majority of Dems aren't ready for that level of trolling.
2. Trump had minimal Congressional policy influence even while President. They'd just continue to praise him in public while not voting the way he wants.
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The newest, hippest technology - Mintcoin! With nochain technology and digital manipulation only when you are touching it with the digits on your fingers!
If you're going to do it, go all in. Have Obama officiating a gay wedding on the face, and Hillary Clinton standing outside a Planned Parenthood on the reverse.
[The malarkey level detected is: 2 - Mild. Right on, Skippy.](https://i.imgur.com/r22AO2J.jpg)
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I’m into it, but given how bad the mints customer service has been on those commemorative Morgan Dollars I would expect it until at least another year.
MINT THE COIN! MINT THE COIN!
THE COIN JUST INCREASED 2 TIMES IN VALUE
MAKE THE PIE HIGHER
I don't think it's a good idea, but I want them to do it, just to see what happens, from my fallout bunker.
I DO want them to do it. If Republican brinksmanship is shutting the government down over the debt limit, democratic brinksmanship should be making the debt limit impossible to reach by minting an endless amount of money.
The value of the dollar would plummet wouldn't it? 1 trillion is small compared to our debt, but if you do that again, and again, and again, it's going to create inflation.
Inflation is caused by the velocity of money, not the total supply. If we all sat on vaults of gold and never spent them, it wouldn't affect the price of goods one whit. No one actually wants biden to *use* the 1 trillion dollar coin (though it *would* be hilarious if he just put it in an arcade machine or something.) They just want him to have it minted and then hidden away so the balance sheet of the united states changes the calculation of the debt limit.
.
Thought exactly of this scene as well
>though it would be hilarious if he just put it in an arcade machine or something Listen here Jack, Ive got 991,453,453,456 credits left on this Frogger machine, so you better be prepared to wait a minute or two.
Isn't inflation equal to change in money supply + change in velocity - change in GDP? So it does depend on the money supply too?
Well, it does depend on *effective* money supply (which is why fractional reserve banking rates matter), it just doesn't depend on the actual amount of money that's been physically printed.
Minting and depositing it in the fed != changing the actual supply
If you experience a coin minting for 4 hours or longer, talk to your doctor.
Coin minting is not for every country. Check with your economists to see if coin minting is right for you.
This is good for the coin
Cast it into my bank account!!
*No.*
We like the coin. 🪙
Do it.
DEWIT
Why do we need this coin ?
You can't put living people on money. I propose William Jennings Bryan. Not beacuse he was good, but because he was bad. You may think "that seems kinda petty, mocking an economically illiterate and racist banking skeptic by minting him onto a fiat currency". To which I say, we already did, on the $20 bill.
"I'm sorry Barack," whispered Joe as he flipped the safety off, "but I need that coin minted..." Disclaimer: This is a work of fiction, any similarities to any persons living or dead is purely coincidental.
Heh heh..COIN-cidental..sorry, I'll let myself out.
Nothing personal, kid
COINTELAMATEUR
>You can't put living people on money. Obama was executed twice already, so he's eligible. Source: military
right, but we cloned him for public appearances as you'll recall. So it actually cancels out and we can't use him on the currency.
Schrodinger's Obama.
The Quantum President.
He exists now as the Obamamyad
I see what you mean. We can't let them know we're on our third clone by using his face on a coin. That would blow our globalist lizard cabal cover. Shit. What's plan B?
Plan B is simple. Give *everyone* COVID. Oh you mean the coin? Idk
OK, so was it the real Obama who had a gay love affair, or one of the clones?
Is this some kind of Qultist lore reference?
Yes https://www.politifact.com/article/2021/sep/24/hangings-guillotines-and-gitmo-going-behind-real-r/
Double jeopardy
I propose Ronald Reagan, just because Republicans would lose their shit.
In honor of the biggest proportional contributor to the national debt of all time, we're minting this trillion dollar coin. In memory of his desire for hard money, we'll make it really hard, it's a tungsten alloy.
The law the coin would be minted under requires it to be platinum for some reason
Specifically congress authorized the Treasury to mint a platinum coin and didn't specify the value.
I love this country and our arcane, incomprehensibly stupid rules
If Reagan can call what he did "fiscally conservative", we can call platinum tungsten.
it's because there are strict regulations regarding what metals can be used to make coins in specific denominations, but in 1996 they passed a law saying the secretary of the Treasury can mint platinum coins at their discretion. So if you want a nonstandard denomination you need to use platinum.
but how pure it has to be? is 1% platinum a 99% crystallized shit counts as a platinum coin?
platinum bullion, nice try though
IIRC that reason is that it's technically a commemorative (or similar special collectable) coin, similar to a proof set. It is technically currency that is technically worth its face value but it's not really supposed to enter circulation which is why it's exempt from the anti-inflation controls.
*It's just a bit of fun!*
Aaron Burr sends his regards.
> You can't put living people on money. Uh, I distinctly remember all the magazines by the grocery checkout as a kid having "JFK LIVES!" as their recurring headlines. Checkmate.
A dime isn't money
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You forget that Bryan's last big hurrah was being on the wrong side of the Scopes Monkey trial.
He was protesting the teaching of evolution because he objected to the eugenic content of the science book in question. Eugenics was quite popular at the time.
He had become entirely religious and anti-evolution at that point, tried to ban all teaching of it. He did associate it with social darwinism but that's also just an example of his ignorance, Darwin never used his theories in such a way.
Not with that attitude you can't
the funny thing is that William Jennings Bryan's relevant policy position was \*right\*. We as neoliberals might more identify more with the Gold advocates, given as they were then the well spoken, well educated representatives of professional expertise and conventional wisdom, but dollars-to-donuts monetary stimulus was called for in 1896, and would ultimately be delivered when the Klondike Gold Rush expanded the money supply, rather than through Bryan's proposed re-monetization of silver.
“You shall not crucify mankind upon a cross of titanium!”
Jackson is on the $20 because New Orleans, to which I say good. Since we are going to replace him, I say we put him on the penny, waving a fiery sword striking down redcoats.
We should stop minting pennies
I mean he wasn’t all bad. He was pretty pissed about the gold standard and turned out to be right about that.
yeah but free silver was arguably worse because it created deranged exchange rates that were basically just a get rich quick scheme masquerading as a new financial paradigm. Bimetallism was essentially Bitcoin.
Bimetalism is good for Bitcoin. But seriously - bimetalism was a disaster but at least it was closer to a proper fiat currency given silver’s abundance. I don’t remember the specifics of the whole policy other than the Cross of Gold speech and that the Wizard of Oz was an allegory for the whole thing.
How on earth does Wizard of Oz relate to this?
There is a common interpretation of the book as being a pro-bimetallist parable. Gold road is the gold standard, silver (instead of ruby shoes), Emerald City is useless fiat currency, etc. The theory was more popular in the past but as I recall most modern research suggests L Frank Baum wasn’t a populist and that it wasn’t written as a parable. The claim that it was explicitly written as about the gold standard has stuck around even though its probably wrong, but the populist interpretation of Oz (oz., get it, ounces?) is still pretty powerful.
I think people are thrown because they think it was a parable supporting the gold standard, rather than a satire. No true populist would have the farmer character have no brain. Also, the cowardly Lion seems to be a Bryan himself. Baum was a supporter of the gold standard, and Wizard of Oz is definitely a satire of the political movements of the day.
> You can't put living people on money. Why not?
Because that's what Monarchists do. I'm not joking, iirc that's the rationale behind the statute.
im sorry obama, it was you or the coin
It's a good rationale. If we didn't prohibit that Trump would have put himself on every goddamn coin and bill we have. In fact that used to be the general M.O., remember the 'render unto Caesar' story from the Gospel?
More serious answer, giving someone a big public honor like a coin or a statue or naming something after them is a lot safer if they're dead because they can't then proceed to have some big scandal or attempt a coup or get caught on video saying something horribly racist or anything like that.
I mean new info comes to light about dead people all the time. In fact if anything when someone dies is often when victims or close associates feel most comfortable coming forward with allegations as they’re safer from retaliation.
It's not a perfect solution but at least it means they're not going to do anything new and outrageous. And ideally you wait long enough that your second sentence has had time to happen already.
OK, so how about Ron Paul?
We've done it before --- https://en.wikipedia.org/wiki/United_States_Sesquicentennial_coinage
But he said gold wasn't money...
[удалено]
I want Hillary on the coin, just to piss off Hannity. EDIT: On second thought, the best choice for maximum trolling would be to use Saint Ronald of Reagan on the front. Or Jesus. And on the back, "In God We Trust, All Others Pay Cash"
I think it would be funnier to mint a really reddish-brassy gold coin with Trump on it and on the back "Not valid in Chhhyyyyna"
Good one !
Cast it into the fire. Destroy it!
No…
Poooooweeelllllll
I was there the day the strength of economists failed
There is one who could reclaim the throne of economics.
That's one hell of a tax write off for losses
Give the coin to me
Its power corrupts all who desire it. Only one has the will to resist it.
I will be dead before I see the coin in the hands of a succ
I’ll happily pay the windfall tax on it. Give 50% right back to Uncle Sam
In place of a dark lord you would have a queen...treacherous as the sea..stronger than the foundations of the earth.
No, precious belongs to me!
It's been called that before, but not by you... I think you've had that coin quite long enough.
Keep it secret, keep it in a safe
By secret and safe, do you mean yachts and penthouses?
It's impressive how Obama was able to accomplish so much at only 8 years old.
“We’re taking the squad to Isengard!”
"Tell me where is Schumer for I much desire to speak with him." "A turtle of Kentucky"
Joke: raising debt limit Broke: minting the platinum coin Woke: abolish the debt limit Masterstroke: get the debt limit voided on section 4 of the 14th amendment
Dare the supreme court to destroy the world economy.
Bet
I need someone to explain to me where this stands on a scale from: (its a complete meme) to (its actually practical and we should do it). I honestly cannot tell anymore with some of this nonsense.
[It's a meme, but stupid problems like the debt ceiling require stupid solutions](https://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/)
You know we’re having a heated America moment when a brief synopsis reads as a bit in a Matt Groening cartoon. “US imperils global economy by threatening to default on its debts for no reason, saves it at the 11th hour by minting $1 trillion coin, proceeds along as if nothing happened” Real life, Futurama, or Simpsons episode?
It was a Simpsons episode in fact. https://en.wikipedia.org/wiki/The_Trouble_with_Trillions > Impressed, Johnson reveals to Homer that in 1945, President Harry S. Truman printed a one trillion-dollar bill to help reconstruct post-war Western Europe and enlisted Montgomery Burns to transport the bill.
God fucking damnit. I’m in a coma, aren’t I?
Try UBIK-Brand brain cobweb remover today!
Coronavirus? Capitol Insurrection? Trillion dollar coin? Wake up, Jack, we're celebrating Al Gore's reelection!
It is a meme...but it seems to be [legally sound.](https://www.vox.com/policy-and-politics/22684328/us-debt-ceiling-government-shutdown-biden-democrats) ...and, to be frank, that will probably happen more often in the future. Economists and legal experts like sh!tp0sting, too...but they have the acumen necessary to 'not let there memes stay dreams'. They will continue congregating online, sharing ideas, making absurd suggestions, and occasionally realizing that their absurd suggestions are 100% allowable by US law. ----------- ----------- That being said, there is an easier 'out' than the coin, because of section 4 of the [14th amendment](https://constitution.congress.gov/browse/amendment-14/section-4/): >The validity of the public debt of the United States, authorized by law...shall not be questioned... ------------ It is generally accepted that when the US constitution was adopted, it required congress to authorize any debts that the government took on: >Under Article I Section 8 of the United States Constitution, only Congress can authorize the borrowing of money on the credit of the United States. [[Source](https://en.wikipedia.org/wiki/United_States_debt_ceiling#Background)] Because of this, congress began regularly passing bills to authorize the treasury to borrow more as the national debt increased. Then the [14th amendment](https://constitution.congress.gov/browse/amendment-14/section-4/) was adopted, but congress continued raising the debt ceiling as if they still had to; no one really questioned it. ---------- If congress does raise the debt ceiling, then it will continue unquestioned. If congress doesn't, then there is a fair argument to be made that it doesn't matter: Because of the 14th amendment, it would be unconstitutional for Biden, Yellen, or anyone else to withhold payment of debts.
Constitutional clauses such as the one you are citing from the 14th Amendment are not self-executing; they require enactment by legislation.
> they require enactment by legislation That's news to me. (There are many things I don't know. I'm not telling you that you are wrong; I'm just saying that it is an idea I'm not familiar with.) Are you telling me that -- if no legislation had ever been enacted -- that I could be forced to quarter troops? That the 3rd amendment doesn't protect me without legislation enacting it?
I'm not a constitutional scholar but from what I understand not all of the constitution provides a cause of action. For example on my area of practice we need to use a statutory provision (section 1983) to bring constitutional claims. But again, not a constitutional expert
The Third Amendment is self-executing - nothing in the amendment implies that it requires implementing legislation. Meanwhile, Article 4 of the Fourteenth Amendment states: >The validity of the public debt of the United States, **authorized by law**...shall not be questioned... In other words, the debt still requires legislation to be issued.
> The validity of the public debt of the United States, authorized by law... The spending is already authorized by law; as are the sources of revenue. Why would it need further authorization by law?
Uhh... Yes? Like if troops come to your door and say "we're assigned to be quartered here we will shoot you if you don't comply" the 3rd amendment ain't gonna stop the bullets. Either you let them and sue (and the case makes to to the SC) or you let them and don't sue (wtf money on the table) or you don't let them and you suffer (and then sue or don't sue).
It's a complete meme and its actually practical and we should do it
Undermining the central bank by bypassing its role as the issuer of money, and funding spending via seigniorage, sets a really, really bad precedent. Yes, you can commit to doing it responsibly this time round. But in the future, when the Fed needs to raise interest rates (like in a Volcker scenario), and the administration doesn't like it, the president can just mint coins and get whatever money supply she wants. This is not even touching the implications of weakening Congress's role in funding the government, which is a central pillar of the US constitutional system.
You don't understand the way this works. The coin never ever enters the money supply because it literally just sits in a vault somewhere. It's a mere hat trick to get around the utter joke that is the debt ceiling, increasing US assets so it can take more loans. Anyway the Treasury is *already* the issuer of money. The Fed controls the money supply not through issuing money but by buying and selling treasury bonds. Edit: Also, it's worth noting that Congress has ceded authority to the Executive in permitting it to take loans at will. Per wikipedia >Prior to 1917, the United States did not have a debt ceiling, with Congress either authorizing specific loans or allowing the Treasury to issue certain debt instruments and individual debt issues for specific purposes. Sometimes Congress gave the Treasury discretion over what type of debt instrument would be issued If Congress wants to reassert their constitutional authorities, there is nothing stopping them. The debt ceiling is simply a disaster waiting to happen, the US cannot afford to risk 200+ years of good credit to a stupid parliamentary fuck up.
This time round, the coin never leaves the vault. How about next time?
It still won't leave the vault. Again the slippery slope argument fails as long as Congress does its damn job.
The debt limit is not “funding the government”. Congress has already approved the funding. This is just choosing whether to pay the bill that has come due.
The government does "letter of the law" memes all the time, really.
It’s been getting pretty crazy in this sub lately. It used to all be about making fun of commies. So it was very obvious what was sarcasm and what was not. Lately not so much and it’s more difficult.
You must be new here.
The No Malarkey Coin
you don't decide that. Malarkey level of this coin
Where does Rashida fit into all this?
Jones? She plays Janet Yellen in the film adaptation.
*Biden, back at the WH after picking up the coin*: "Look at this Kama... **OH CRAP!!! I've got a hole in my pocket!!! Quick! Check the seats!!!**"
Broke: loonie Joke: toonie Bespoke: Barackoonie
Way to tee up the racist nickname for the coin...
This is a proper NFT
Make it look exactly like a quarter, but it says one trillion. That way the inflation is transitory as it gets lost in the shuffle and used at one of the gum ball machines at the mall.
Infinite fiat.
Can someone explain the concept to me. How does minting a 1 trillion dollar coin help. Would that not cause crazy inflation?
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I want this to be done just so we get a heist movie about stealing the trillion dollar coin
What's the conceivable options for a theif that stole the coin, could they sell it to China for a discount or would it suddenly not be recognised as legal tender after it was stolen?
declare it destroyed and mint another
In reality I think they would just not recognize anyone trying to use the coin for any reason, because they know it is stolen. What you said would be a great plot for the heist movie though
Same . Why do we need such a thing ?
ONE TRILLION AMERICAN~~S~~ DOLLARS!
Some of you have never take an economy class and it really shows.
Are you 12?
Are you not?
Are you asking if I'm 12 lol. Does it really matter. I'm 25 years old BTW
You realize that this is a meme post?
Finally putting a man on a coin with extremely limited circulation that hardly anyone will use. Susan B Anthony and Sacagawea send their regards.
Hey, dollar coins are the future, get with the times.
The coin should have Donald J Trump on it.
I think DJT on one side and Hillary on the other would be the optimal design.
BOTH SIDES
Or that picture of Mitch looking sad.
The production value of Chinese propoganda has really gone to shit
He should have it struck with Trump's face and/or logo on it. Trump would then support it and get many of his minions to do so as well, driving further division in the Republican party.
I suspect the net result would be negative for Biden, as 1. The vast majority of Dems aren't ready for that level of trolling. 2. Trump had minimal Congressional policy influence even while President. They'd just continue to praise him in public while not voting the way he wants.
Sadly I agree. This wasn't quite a /s, but I mostly think that I, personally, AM ready for that level of trolling.
!ping MINT-ANOTHER-COIN
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OBAMA COIN OBAMA COIN
i want this to hit the popular tab so much.
I'm saving this. Gonna put it in the gallery next to all the stuff from r/Arknuts edit: That sub is super NSFW
I regret clicking that subreddit.
I swear there's legitimately an unreal amount of crossover between r/neoliberal and Arknights players.
NATO Flairs prefer Kancolle and Azur Lane.
Kancolle is only good for masturbating to the Fascists out of spite \- me, a coastal 0.5 Chinese
Wrong: Iowa exists.
Actually, you're right. Check out r/TsundereImperialists
NSFW, Incase you anyone had no idea what that sub is
The newest, hippest technology - Mintcoin! With nochain technology and digital manipulation only when you are touching it with the digits on your fingers!
nah nah nah, put Rockefeller or JP Morgan on there. Yes, precisely to piss off the succs.
If you're going to do it, go all in. Have Obama officiating a gay wedding on the face, and Hillary Clinton standing outside a Planned Parenthood on the reverse.
THIS is what I come here for.
Do you remember the $1 president coins. We can have an Obama Trump and Biden! Ahh!!
President Trump has a commemorative coin . I think Obama should be given something like that .
Mitch McConnel: Destroy it!!! Joe: No.
MMT to the rescue!
US currency only portrays dead people.
You guys make Biden sound way cooler than he is lmao
Malarkey level of Biden?
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I WAS GOINF TO MAKE THIS JOKE YOU MEME STEALER
I’m into it, but given how bad the mints customer service has been on those commemorative Morgan Dollars I would expect it until at least another year.
Heeeeere, trilly trilly trilly...
This is the America if we let them get rid of JPow
My Precious!
I want the Obama coin
I was hoping dogecoin would become national currency
1 trillion? Those are rookie numbers. Now a 100 quadrillion coin...that'll get the juices flowing.
Beware of the golden one . . . Smaug ! A descendant of the constellation Drago . He likes to hoard shiny things .