trillion dollar coin

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Henny peeny

Henny peeny

Songster
12 Years
May 4, 2007
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ok folks someone enlighten me please I read somewhere on AOL news something about the Antichrist (AKA OBAMA) is to have a trillion dollar coin and this is to solve (SOLVE????) the deficit??? how can it and what backs this coin. I have tried to find more information on this but I can't seem to oh I find about it but not what is backing it. I hear tell our money if not backed by gold in fort Knox so then what is it backed by. Confusing I would say. They send money over seas trillions but can't seem to help their own here in the states we have all the other countries have disease death starvation name it seems to me if there is a trillion dollar coin and it is backed (I have no clue how it can be) that it should be put back into the USA and help veterans the homeless and all we have that is wrong in this country (YES I SAID WRONG )

Anyone kindly help me out here??

Rhayden
 
There is not even that much gold in Ft Knox. At the June 17, 2012 rate of $1,618.82 an ounce it is worth $238.290 billion.. not even close . I live just down the road from the vault.(The 3d hole on the golf course is right there)
 
There is a religious movement called liberation theology that in short connects the government, church and the welfare of the poor. The coin idea emerged from that line of thinking and the millennialist believe that the coin is part of the ushering in of the antichrist. I wouldn't worry a out that though there are a lot of other things that need to happen first according to phophecy.
 
The coin is backed by nothing, like every other peace of money in the US now. It is only your trust that others will take it in trade for other items that actually gives it any worth. It is what is called fiat currency. It is a new thing for the US cause up until the 1970s our money was backed by gold. You could trade it for gold. Now it is actually worthless in reality but still works cause we dont think of it as worthless.

The coin idea is about going around the law or threw a loophole in the law. The national debt is related to the money we print. One law to regulate national debt sets a max amount of paper money that can be printed an in circulation at any one time. This is one of the actual laws they want to change when they want to raise the debt. Another says law regulates how many gold, silver an copper coins can be in circulation at one time an what value each can have.

The $1T coin came about when someone found out that the law does not address platinum. The idea is that cause platinum is not in the law, the president can have a $1T coin made of platinum an have it deposited in to the bank an he can keep writing rubber checks based on that coin. He does not need congress to give him a new credit card cause he can print it him self.

Dirty pool, an who ever came up with it along with anyone that is pushing it needs a good flogging.
 
Maybe its backed by plutonium or uranium or such(isotopes thereof) as these have quite a bit more value than gold/platinum or any other precious metals in this day and time, I figure
hmm.png


Jeff
 
In my opinion it is all irrelevant as our "money" is backed by nothing anyway. Whether they get around Congress raising the debt ceiling by creating a "trillion dollar coin" or whether Congress caves and extends the debt ceiling in exchange for future spending cuts that will never actually happen (or at least not enough to matter) is irrelevant to me.

The only thing I know for sure is we are currently spending more than a trillion dollars each year above our revenues and this will continue each year regardless of what procedural things they do to get there. Elections are not going to change it, economic growth will not change it (we will just spend more), etc.

My opinion is it will only end when the world finally completely loses faith in the US dollar and is unwilling to support our welfare state. Inflation will skyrocket which only makes our debt situation worse (i.e. new debt costs more and much of our debt is short-term which will be rolled over at much higher interest rates). This scenario is not new and has happened in various forms of society for a couple thousand years yet so many people think it just will not happen here. We will institute new punitive taxes on the "rich", middle class, and corporate America(i.e. everyone that pays taxes) further eroding our economy. Eventually we will default and unlike in the case of Greece no other country/countries will be big enough to bail us out. Once that happens we will be forced to to live on a balanced budget.
 

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