that they would just flip a quarter and call it
"heads we print 1T, or tails we cut 1T"
and save us all the drama.
So you want a trillion dollar platinum coin? Ok: here are some facts:
Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare.
It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.
A coin valued at $1 trillion and made out of platinum would, at today's price of $1557/ounce, weigh in at 642.3 million ounces.
642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.
In other words, putting a coin that is worth $1 trillion in perspective to all the platinum ever mined, would look something like this:
See graph at link.
You completely missed the point. The article is saying that the government can assign any value to a platinum coin. They can make a single one ounce platinum coin and stamp whatever value they want on it. That's the beauty of it. You call it a $16 trillion dollar coin and give it the FED and cancel their charter. Government debt is now paid and the FED is left being the ones that are screwed as a single one ounce platinum coin is obviously nowhere near worth $16 trillion. Payback's a b1tch.
Better to print a special $16T paper note, and give it to the Fed. Why give them anything of value? Why waste any effort making the coin out of anything else? Repay fiat with fiat. Just saying.
and those who think this will solve all our problems scares me.
We can go even further and make a platinum coin and denominate it as a $16 trillion dollar coin and give it to the FED to repay the debt. Then cancel their charter. Payback for nearly a century of screwing the American taxpayer. It leaves the FED holding the bag.
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