1T Platinium Coin | Hacker News Reader

1T Platinium Coin

businessinsider.com

12 pointsfranczesko13 comments

I used to be skeptical of this sort of hack but I recently heard a very convincing argument:

Congress writes a budget for the government. The government should follow that budget. If Congress wants the government to borrow less it should write a smaller budget, not pass a high budget and instruct the government to default on the payments it promised.

This mockery of reasonability is end-of-empire stuff.

Hmm, so if you steal trillion dollar coin. Pawn it off for metal value for very trusting friend and then that friends deposits it and later when you are out of jail gets you life long job?

Would that work?

Or, they could do something that creates wealth (like not regulating AI) instead of playing numbers games.

Who does AI create wealth for?

We tried this once with Monty Burns.

Do they hope people to believe this is not printing money, because it's a coin?

The reality is if the people managing the massive funds that run the stock and bond markets don't think it's different than the government doing what they normally do, then they'll be find.

This loophole keeps getting brought up, so I just wish someone would do it so we get an answer either way.

(If they are smart, they will mint $1m coins, or $500m or $1 billion; some of those would get snapped up by collectors immediately)

If a million $1M coins were minted, they would be too plentiful to be collectors items. If a thousand $1B coins were minted, there aren't enough billionaires to afford collecting them.

I suspect the markets will simply be thrilled that US debt that is constitutionally sacrosanct, is no longer held hostage to the whims of a few legislative terrorists.

If the govt mints a $1Tn platinum coin and the SC does not intervene to overturn it, it would boost markets significantly because it would permanently eliminate 1 class of financial terrorists in the legislature.

If you read the article you'll see they mention that this is only possible with platinum coins. So I think their motivation for using a coin is because it's only possible with a coin.

The fact you accept this assertion as if it were a fact is exactly why I posted the comment in the first place.

No, it's a straightforward legal hack to preserve the "full faith and credit" of the United States in the event that the political party that markets themselves with "fiscal responsibility" kayfabe forgets they've only been acting.

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