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Why Is Everyone Talking About a Platinum $1 Trillion Coin?

There has a been a lot of talk on Twitter about something involving the making of a platinum coin worth $1 trillion in order to avoid the upcoming debt ceiling fight. Don't know what anyone is talking about? Never fear, we're hear to explain the #mintthecoin movement.

So, yeah, why is everyone talking about making a platinum $1 trillion coin?

According to Business Insider's Joe Weisenthal, this conspiracy theory started on Cullen Roche's Pragmatic Capitalist. Weisenthal's been one of its most vocal supporters though. It's picked up steam over the last few days thanks to a column from The New York Times' Paul Krugman, backing from Rep. Jerry Nadler, an endorsement from Bloomberg's Josh Barro, and this evening it was trending thanks to a White House petition and the official coining of the coin's very own hashtag. (Pun fully intended.)

Read more: http://www.theatlanticwire.com/politics/2013/01/why-everyone...

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The $1T coin idea is too Zimbabwean even for Jersey Shore fans

The platinum $1T coin idea is too Zimbabwean even for Jersey Shore fans; a fraud so transparent, grade-school kids can see through it.

At least other frauds, like MMT, the Federal reserve, and derivatives, are too complex for normal people to fathom. Hence, they can trust it.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Why not?

They could choose any amout of platinum to make that coin. By current standards, they use arbitrary amounts of base metals to make current coinage... Why would they suddenly break from current standards (if ever there was a misapplied word) and use intrinsic value in the determination of size and weight as it pertains to $ amount? Why not make it out of paper for that matter? Same difference.

is there even a trillion dollars worth

of platinum in existence above ground? Maybe they will wait until the dollar is completely worthless, then make a dime sized coin worth a trillion.

I'd rather have a bottle in front o' me than a frontal lobotomy
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Heads and tails

... the Fed building on the reverse and John Maynard Keynes on the obverse.

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"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

+1 It really bugs me that

+1

It really bugs me that Jackson is on the $20... Though I'm sure we could power the nation if we just harvested the energy generated by him rolling in his grave.

End The Fed!
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Jackson used to be on the $1,000 bill. Is that better?

Jackson used to be on the $1,000 bill. Is that better?

Anyway, I'd put King George III on the $1T coin. After all, a stunt like that is worthy of our masters in the City of London.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Why do all the solutions

offered seem to be about what a hassle the debt ceiling is?

Let’s not forgot why there is a debt ceiling. A debt based economy is inherently progressive, and will grow at exponential rates. The debt ceiling is like an engine overheat light in a plane.

The solutions offered seem to be a way to turn off and eliminate the light altogether. "Don't worry about that light, the vortex of flame surrounding the engine means its working good."

Just open the box and see

Trillion dollar Platinum coin? pfft

I'd much rather have the Platinum Chip.

WITH IT I SHALL RULE ALL OF VEGAS WITH AN ARMY OF ROBOTS ON UNICYCLES

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jrd3820's picture

Please do correct me if I am wrong

But isn't this similar to fiat money? Simply assigning a coin with a value it does not actually hold? Or are we talking about a coin that is actually made of a trillion dollars of platinum?

Here is my related query....

If the morons actually minted a coin of a commodity, and gave it a face value... how likely is it that other commodities would wind up being re-valued to reflect their actual "supply / demand" values? In other words, if they say "This ounce of platinum is worth a trillion dollars" that would totally skew the gold : platinum ratio... and that ratio has a way of trying to stabilize....
Platinum is a little LESS than gold right now... silver is at about 54:1 ratio to gold.... So if platinum was worth a trillion, gold would be a little over a trillion and silver would be about 18.5 billion.

Love or fear? Chose again with every breath.

therefore...

if this was true, a gallon of gas would cost roughly 2 billion dollars...lol

Isaiah 2:4
And he shall judge among the nations, and shall rebuke many people: and they shall beat their swords into plowshares, and their spears into pruning hooks: nation shall not lift up sword against nation, neither shall they learn war any more.