According to Playbook The White House is explicitly telling Republicans in Congress that they have leverage when it comes to the debt ceiling.
The entire "trillion-dollar coin" concept is the funniest fucking thing I've ever heard. How can you read that and believe that anything about The Economy(TM) is real and not hilariously yet infuriatingly fake?
They don't need to mint the coin. Just ignore the debt ceiling entirely. Congress is telling the government to spend $3 trillion, but also telling the government to not spend over ~$1.5 trillion (since we would hit the debt ceiling). Just say that those are two conflicting laws and that you will abide by the first one.
I want them to mint it but mainly because I want to watch a C-tier heist movie about stealing it.
Yeah but this is a coin. It's different.
(jk guess I gotta watch that now lol)
The episode's title is a reference to the Star Trek episode "The Trouble with Tribbles".
Huh, neat
Please just mint it so we can do this.
:soypoint-1: 1 Trillion Dollar Coin :soypoint-2:
Just cancel the debt you cucks. Imagine being the leader of a country and letting private companies tell you what to do lmao
I really can't wait for 5 years after they mint the first trillion-dollar coin, and suddenly there's a warehouse full of them, And nobody knows if the count of coins in the warehouse is correct.
Hyperinflation but instead of wheelbarrows of cash, people are carrying around stacks of comically large coins
Also we shipped over half of them to Ukraine that ended up in the hands of Nazi terror cells
I'm remembering the episode where Mr. Burns steals the Trillion Dollar Bill he was supposed to deliver, and he and Homer end up in Cuba, and Mr. Burns lets Fidel Castro hold the bill for just a moment and then he asks him to give it back
:fidel-wut: "Give what back?"
Assuming the diameter of a coin is a function of its value, if a penny's diameter is 19.05mm and a dollar coin's diameter is 26.49mm (ignore all other coins), what would the diameter of a trillion dollar coin be? I got a surprisingly low number but I was really confused how to go about solving this...
Assume a linear relationship (why not), price will be x cause want to know the size for a given value, use the two point formula:
y-y1 = (y2-y1)/(x2-x1) (x-x1)
y-19.05=(26.49-19.05)/(1.00-0.01)(x-0.01)
y=(7.44/0.99)x - (7.44/0.99)(0.01)+19.05
y~= 7.515x + 18.975
Right away, we can tell that it'll be about 7.5 trillion mm because the little 19 mm added won't make much difference. Which, according to wolframalpha, is about 5.5 times the diameter of the sun.
Not assuming a linear relationship means you could fit anything you want by the density of continuous functions. It could be any relationship you could possibly want. You could find an infinite number of sinusoidal relationships, an infinite number of any variety of power relationships. Whatever your heart desires. Only one linear relationship though, so that's nice.
Just change the name of the party to the Cuckocrats already
No the republicans are the cuckoo, putting their fash eggs in the nest to be nurtured by the oblivious dems just trying to keep the state/nest apparatus running.
Surely Moodys will downgrade the credit rating for talking about default... Right? :lenin-sure:
Of course Biden's not considering it, he's been a deficit hawk his entire career. The GOP isn't going to crash the economy, they just use this debt ceiling nonsense to get more social welfare cuts. Biden will give then everything they want and then some.
What is the difference between minting a trillion dollar coin and raising the debt ceiling exactly? If raising it means the state doesn't default on foreign loans does that mean they just borrow more so that they can make payments?
As I understand it - minting the coin is a painless way to solve this moronic problem because it removes congress from the equation.
Oct 7, 2021
The (sorta) short answer is that later this month, the US will exceed the legal limit on how much outstanding debt the federal government can hold — the debt ceiling. Senate Republicans have agreed to allow an extension through December, but that just sets up another confrontation in a few months. To avert the global economic catastrophe that might ensue if the US exceeds the debt limit, some observers have broached some truly absurd ideas.
Enter #MintTheCoin.
A 1997 law intended to help the Mint make money off of coin collectors gives the Treasury secretary the power to mint platinum coins of any denomination, for any reason. When commentators discovered this law during the 2011 and 2013 debt ceiling battles, they realized that this power could offer a way to sidestep the legal cap Congress places on the federal government’s borrowing.
Instead of issuing new debt and running afoul of the debt ceiling, the Treasury secretary could simply fund the government by minting platinum coins. In 2013, even former US Mint Director Philip Diehl agreed it would work, and over the years, influential voices like financial journalist Joe Weisenthal and New York Times columnist Paul Krugman have also promoted the idea.
A 1997 law intended to help the Mint make money off of coin collectors gives the Treasury secretary the power to mint platinum coins of any denomination, for any reason.
This is such a great country.
I mean functionally it's just the MMT that a lot of us are familiar with isn't it?
National debt isn't real cause the government can just create as much money as it needs to pay it off. There are implications to this, but they generally don't involve a total collapse or anything, especially from a superpower.
The coin itself is just a loophole that makes it easy to run around Congress and have them fuck off, loopholes violate "decorum" of course, so it's not gonna happen but oh well
So it just keeps the state from taking on MORE debt if the debt ceiling is reached before expanding it. And the trillion dollar coin would just tilt the balance sheets away from the debt limit because the Treasury would suddenly have +1 trillion dollars. Would this devalue the dollar internationally? If so they should do it
Hard to think there would be a quick and easy solution to a problem that would crash the economy and capitalists don't swoop in at the last minute and tell Biden to just do it. I guess this would discipline labor?
Might as well mint 1 million million dollar coins. Put Ronald Reagan's face on them with the flag raising on Iwo Jima on the reverse(you know, the staged one). It'll be a status symbol for petit bourgeois across the country and get weird libertarian gold bugs everywhere hard. You'd be effectively increasing the savings rate of wealthy Americans, allowing the government to take on more debt economically as well as notionally.
"I did it, jack, i averted the meltdown. Here's the deal: we're taking everything you paid into social security and investing that money into a safe basket of cryptid coins and funky pop nft's on your behalf. When you reach the new retirement age 73 you can take your nonfungibles and funge them. You can funge them!" :biden-alert:
