tag:blogger.com,1999:blog-3758330678390419129.post2342420661764495310..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: A Note on Paul Krugman and What the Government Does Now Instead of Minting a Trillion Dollar Platinum CoinRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-3758330678390419129.post-62571027168588513112013-01-13T03:20:20.699-05:002013-01-13T03:20:20.699-05:00What? Do you also think the Treasury won't be ...What? Do you also think the Treasury won't be able to sell a trillion securities next year if the debt ceiling isn't lifted? Why can't the Fed? DoktorSleeplessnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-75896839001835711722013-01-13T02:49:59.121-05:002013-01-13T02:49:59.121-05:00You are joking, right?
Who exactly would the Fed ...You are joking, right?<br /><br />Who exactly would the Fed sell a trillion of securities to? <br /><br />The Cleanernoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-69444636135046256412013-01-13T02:40:28.185-05:002013-01-13T02:40:28.185-05:00"though there has been no indication in his c..."though there has been no indication in his comments about the coin that he understood that there is little difference between the minting of such a coin and the current printing of Treasury "securities" on paper."<br /><br />You haven't been reading Krugman then.<br /><br />"Remember that the coin is supposed to be deposited at the Fed, which is effectively just a DoktorSleeplessnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-84517962775081808292013-01-12T16:45:57.400-05:002013-01-12T16:45:57.400-05:00The quick answer is no. It would be a coin with a ...The quick answer is no. It would be a coin with a nominal value. It could be anything, really, but the reason it would have to be a platinum coin is due to a quirk in the law for minting collectible coins.<br /><br />My question is, what would be the effect of monetizing this much debt as once on the nominal value of my silver coins?Doughttps://www.blogger.com/profile/10209715958694179206noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-73989995719584091342013-01-12T16:30:10.895-05:002013-01-12T16:30:10.895-05:00No, that's the "rub". The fact is ha...No, that's the "rub". The fact is has to be platinum is because the law was written in intent for bullion/numismatic purposes, but they have the power to DENOMINATE it at any value. <br /><br />So they could make a 1 oz coin and disregard the market price of platinum and denominate its value as $1 trillion.<br /><br />That's part of the absurdity. Taking into the account that Nick Badalamentihttps://www.blogger.com/profile/14015961786370759940noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-69733587828606091632013-01-12T15:00:15.073-05:002013-01-12T15:00:15.073-05:00Hey Paul, maybe you could be a bean counter at one...Hey Paul, maybe you could be a bean counter at one of these stores in Belarus. You have a money brain, right?<br /><br />In May 2011, Belarus surprised its citizens by devaluing its currency by 50% overnight in an attempt to kickstart its economy, leading to swift and brutal hyperinflation. And while written narratives of the most recent episode of monetary collapse are one thing, nothing is Scarlettnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-79873863331092113782013-01-12T14:45:49.393-05:002013-01-12T14:45:49.393-05:00Ray Stevens, Economics in One Lesson or How I Lear...Ray Stevens, Economics in One Lesson or How I Learned to Love My Printing Press. <br /><br /> http://www.youtube.com/watch?feature=player_detailpage&v=J6TcpfBHlbsScarlettnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-20948305691358372372013-01-12T14:38:00.382-05:002013-01-12T14:38:00.382-05:00I've abstained from commenting on the ridiculo...I've abstained from commenting on the ridiculous idea of a trillion dollar coin, so far. But here's my question: "Wouldn't the Treasury (or the Fed) need to buy a trillion dollars worth of platinum in order to mint it?" So, wouldn't the get further in debt by doing so?Anonymoushttps://www.blogger.com/profile/15486500138051100745noreply@blogger.com