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New Trillion Dollar Coin

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Pillar of the Community
United States
1760 Posts
 Posted 10/06/2021  09:56 am  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply
If the mint just made it and shipped it to the Fed bank, to my knowledge that would be the first time they've shipped coinage without receiving a payment for >= the amount shipped. That would be absolutely no different than just printing money.
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United States
106651 Posts
 Posted 10/06/2021  10:29 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
That is because usually the Mint only ships coins to the Fed when they ask for them, that is when they are bought. This is different in that it is a deposit into the USA account at the FED.

Not saying I like it and I am not going to argue why it is not the same as printing money because, well, if it walks like a duck...
Pillar of the Community
United States
7569 Posts
 Posted 10/06/2021  10:44 am  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
So very sad. A return to the problems we had not long ago. And really, how does it help?

Again its based on just accepting the coin is worth that much. Its artificial like all our non PM based money.

Must be nice to be a position (or actually think you are!) where all your problems are taken care of by simply wishing it so and then making it "lawful."

How much squash could a Sasquatch squash if a Sasquatch would squash squash?
Pillar of the Community
United States
681 Posts
 Posted 10/06/2021  2:09 pm  Show Profile   Bookmark this reply Add coincollector123 to your friends list Get a Link to this Reply
The Obama administration talked about this and went with Platinum as it didnt have restrictions from congress like gold and silver does. Is it an idea, Yes. Will it work... Nope as then our current money will decrease as inflation increases. Zimbabwe did the same thing and ran their currency into the ground. Imagine if they printed and released 27 Trillion extra dollars into circulation. Imagine how many bills you would need to buy bread or eggs. What used to cost you a single dollar now cost you a stack of them.

I work at a bank and I had a customer seriously try to deposit a few of these novelty Trillion dollar coins that you can get from ebay for $5 from shipping. He started arguing that the US Mint made a trillion dollar coin and that he not only has one of them but THREE and that on the back side it said that it was 9999 Platinum.

I had to explain how the US never had any currency that high and that its probably fake. Eventually he brought it in and wanted to deposit it, that is when I took my name badge and used the magnet to pick up the coins. Basically it was not platinum. He also brought some gemstones, a huge foreign currency collection in holders, and fake looking gold bars to deposit.

I had to explain the bank doesn't take these as payments but told him where he could take them to get cash. I asked him where he got those Trillion dollar coins at, and he said he bought them for $50 in the hood... After he left I quickly called those few business close by to let them know that a potentially stolen gold/currency/gems collection may be coming towards them.

This thread reminded me of this...
Pillar of the Community
United States
5971 Posts
 Posted 10/06/2021  2:44 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Would be cool to just get back to honest bartering--goats, chickens, bushels of rice, nails, tires, etc.
Bedrock of the Community
Australia
19267 Posts
 Posted 10/07/2021  01:51 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Due to lots of countries getting into debt most economists are suggesting that there will be harder times ahead. The kindest and most politically expedient way to lessen the impact of harder times is to suppress wages growth as much as possible, increase the money supply, and tolerate higher inflation rates.
It seems to me that we already have this situation, but it could get far worse.

I have too much in cash in my super fund just now.
I am currently loosing about 2% to 3% against inflation on the cash investment within the fund.
No one knows exactly when there will be a stock market crash, but most economists are predicting it will come. I am hoping sooner than later, because I am loosing too much on the cash component due to inflation.
After the crash, I will convert a large part of the cash component into shares. I haven't a clue on which shares to pick, so I will probably invest in a share market index fund.
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