Mint the coin!

Birmingham+Firm+Strikes+President+Obama+Coin+59Qv0Jd-NePl

It occurs to me that when the GOP rolls over and raises the debt ceiling – and it will roll over – the effect will be identical to minting the coin, just without the coin.

Since the GOP will roll over anyway, we should probably be rooting for the minting the coin. At least the coin would produce noticeable stench of which even econ-muggles would get a whiff. For the first time, it would become evident to man-on-the-street the manner in which fiat currency is just congered up out of thin air.

It would be an act of monetary vandalism that would, for the first time, be evident to low-information voters. That cannot be a bad thing. Otherwise the GOP will vote to do the same thing without the reeking symbol of Obama excess.

Bookmark the permalink.

12 Responses to Mint the coin!

  1. Jim22 says:

    That coin looks real. It looks like a commemorative coin from 2008.

    This whole trillion dollar coin idea would not, I think, be noticed by low information voters. They get their information from Honey Boo Boo. I doubt that she will mention it.

  2. DarthJay says:

    I think the only reaction from the “low information voter” would be, “Obama gave me a phone, now he’s gonna give me a trillion dollar coin. Woot!”

    ***facepalm***

  3. DarthJay says:

    Can somebody with more of an “economic” mind please explain the strategy behind the idea of this freaking coin, ’cause I just don’t get it. Whether the country is printing up 1 trillion $1 bills or a single $1 trillion coin…in both cases aren’t we just printing money we don’t have the funds to actually cover? Why do some think this coin is the magical answer?! That it somehow materializes a trillion dollars we don’t have out of nowhere?!

    • R.D. Walker says:

      He can’t print money without authorization but Congress delegated the power to the Treasury to mint commemorative coins in any denomination. They were thinking $100 coins and such. It was never meant to be used this way but it is now a loophole that can be exploited in a manner appropriate for the likes of Lex Luthor or Dr. Evil.

      • DarthJay says:

        Ok – so it’s the idea that he can print “money” without Congressional approval, got it. That being said, how are they justifying the fact that it still would not be backed up with available funds? Does it not effectively become some sort of legal counterfeit?

        I mean, if I’m Congress – I just send an email to China and say “See this coin? It’s a phony…do not accept it.”

        • R.D. Walker says:

          “how are they justifying the fact that it still would not be backed up with available funds? Does it not effectively become some sort of legal counterfeit?”

          Aha! The light just came on DJ. In America, there is no such thing as backing up currency with available funds. There hasn’t been since 1971.

          Which of these things is not like the others?

          – Minting a trillion dollar coin.

          – When Congress raises the debt ceiling.

          – When the Fed engages in quantitative easing.

          – When the Treasury issues bonds to the Fed.

          It was a trick question. They are all the same. The coin just makes the bullshit obvious.

          • DarthJay says:

            Indeed, the light DID just come on…and it burns. I knew about the gold standard being removed in ’71 and about inflation – but hadn’t connected all the dots with the coin and how ridiculous it actually is.

            Man, who the hell put Dr. Doofensmirtz in charge of this country?! (rhetorical question)

        • Bman says:

          They should just print up a bunch of these.

  4. Uke says:

    Petition:

    President Obama, please do not mint a coin. Mint about 310 million of them. Then give one to each man, woman and child. If this coin can solve the nation’s fiscal woes, why not ours?

  5. Rugerman says:

    I think we should pay the debt off in Schrute Bucks.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Current ye@r *