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No Trillion-Dollar Platinum Coin, Treasury Says

Written by Gary North on January 14, 2013

The scheme that proposes the issuing of a trillion-dollar coin to be sold for digital money from the Federal Reserve System is dead. The Treasury won’t go along with it.

That’s really a shame. I was a big fan of the scheme.

It would have been legal.

It would have short-circuited the debate over the debt ceiling.

It would have forced the Federal Reserve to put a $1,500 coin on its books at $1 trillion. That would have made as much sense as keeping Fannie Mae and Freddie Mac IOUs at face value.

It would have let the public know that the Federal Reserve is sitting on a completely fictitious portfolio of fraudulent IOUs.

It would have informed voters that the Federal Reserve is an economically irrational institution that creates money out of nothing in order to buy assets that no one else wants at artificially high prices.

It would have reminded voters that the debate over the debt ceiling is a Punch and Judy show, that Congress always capitulates anyway.

It would have informed voters that the Federal Reserve is a legalized gang of counterfeiters.

It would have been seen as making no economic sense from the point of view of the national interest, which in fact accurately describes the Federal Reserve.

All in all, it was a noble suggestion that should have been taken seriously by everyone who accepts the theory of central banking. These people clearly do not have the courage of their convictions.

Continue Reading on www.nytimes.com

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8 thoughts on “No Trillion-Dollar Platinum Coin, Treasury Says

  1. No more of a "scheme" then what they are doing already, printing money out of thin air with nothing backing it up. Printing away the purchasing power of our savings.

  2. Not really, the general public has no clue.

  3. If this dosen't tell you to buy gold and silver, what will?

  4. This is how I give constant value to gold and silver. In 1962 my mom gave me a dime (silver) to go to the store to get a loaf of bread. Gave them the dime, they gave me the bread. Today, that silver dime hasn’t changed. I can sell that silver dime for around $2 – $2.25 and take fiat paper money and buy that same loaf of bread. Gold and silver has not lost it’s value nor goes up and down, it’s constant, it’s our dollar that goes up and down. It is manipulated by the Feds and Wall Street on many different levels. Gold and silver is constant as much as the money guru’s don’t want you to believe. They’ve got paper to sell you. When the s**t hit’s the fan, we’ll see how many wheelbarrows of dollars it will take to buy a bag of rice, or, if a couple ‘dimes’ will do, if there’s any rice to buy! Think hard about this folks, good day!

    • Bill Smith says:

      To verify your comment of silver and gold holding value: in 1976 I bought a bag of “junk silver” coins with a face value of $1000. I paid $3000. Two years ago I sold it for $26,000, enough to buy a very nice new car. Since I’m an old fart, I think it will be the last car I’ll need.

    • Silvers undervalued… way better deal now than gold… get em while you can :) Palladium & Platinum are undervalued also…

  5. Obamas in deep do-do…

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