Skip to main content

View Diary: Wake Up Progressives: The Bad Guys Are Trying To Steal the Trillion Dollar Coin for the 1% (34 comments)

Comment Preferences

  •  I'm sure somebody would steal the Mona Lisa (0+ / 0-)

    in a heartbeat if given the opportunity.

    But more to the point of the coin, if it is NOT put into circulation, that surely seems to go against the spirit of the law that enables the entire scheme in the first place:

    The proposal stems from a line in federal law that allows the Treasury Department to “mint and issue platinum bullion coins and proof platinum coins” in any size or denomination it chooses.

    That loophole, intended to allow for collectors’ coins, theoretically opens the door to the trillion dollar coin

    .

    Read more: http://www.nydailynews.com/...

    •  Laws evolve. Everything evolves. It may (1+ / 0-)
      Recommended by:
      Roadbed Guy

      have been conceived one way but it is not illegal to use it in another way and we should.

      "When in doubt, do the brave thing." - Jan Smuts

      by bunnygirl60 on Tue Jan 08, 2013 at 01:11:47 PM PST

      [ Parent ]

    •  The law says nothing about collector coins... (1+ / 0-)
      Recommended by:
      Roadbed Guy

      The law does not say anything about the coins being only collectable and even all coins minted, even if they are intended for collectors are legal tender.  

      Courts only get involved in intent of the law discussions when the letter of the law is unclear.

      Yes, some one might steal it, but only as a collectors item to be sold on the black market.  Just like some one who stole the Mona Lisa.  It would not be worth a trillion dollars because no one would accept as a trillion dollar payment or deposit since it would obviously be stolen and anyone accepting it would be subject to felony prosecution for knowingly trafficking in stolen property.

      So, it would depend entirely on what the black market collector value is for s (several?) trillion dollar coin.

      Among other reasons, this is why I prefer that a single $60 trillion coin be minted.  In addition, to the fact that it might get a wedge against the idea that a sovereign nation that is the sole issuer of the currency has to acquire currency via taxation or borrowing.  Not sure how those being taxed or lending get the currency that only the government can issue.

      For some reason, in war time this is never an issue, but when it comes to actually doing something for the citizens of this country suffering under crippling unemployment it is ridiculous.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site