Minting Trillion Dollar Coins

Any political discussion should go here. This subforum will be moderated differently than other forums.
Forum rules
1.) No personal threats.
2.) No doxxing/revealing personal information.
3.) No spam.
4.) No circumventing press restrictions.
5.) No racism, sexism, homophobia, or derogatory posts.
Post Reply
Message
Author
User avatar
Fluminator
Posts: 4808
Joined: Thu Oct 05, 2017 8:50 pm
Karma: 3305
Contact:

Minting Trillion Dollar Coins

#1 Post by Fluminator » Fri Oct 01, 2021 3:21 pm

https://www.msn.com/en-us/news/politics ... WxMZVsTQzo

It looks like to deal with overspending and the huge debt, the American government wants to start minting trillion dollar coins.

I'm just confused because why don't they just mint a quadrillion dollar coin so they can entirely pay off the debt, and give living wages to every American with it? Why stop at trillion dollar coins?

Randomizer
Posts: 750
Joined: Sun Dec 31, 2017 1:04 am
Karma: 225
Contact:

Re: Minting Trillion Dollar Coins

#2 Post by Randomizer » Fri Oct 01, 2021 5:31 pm

First the Treasury and Biden oppose minting a trillion dollar coin.
Second it causes inflation and devalues the US currency by increasing the amount of currency even if not circulated.
Third it encourages even more wasteful spending because Congress can keep spending if they can always have more money printed to cover debts. Not that it ever stopped them before with the Republicans under Newt Gingrich spending to stay in office (Bridge to Nowhere) and Donald "I like bankruptcy" Trump cutting revenues while increasing spending.

Octavious
Posts: 3843
Joined: Fri Sep 29, 2017 4:16 pm
Location: The Five Valleys, Gloucestershire
Karma: 2605
Contact:

Re: Minting Trillion Dollar Coins

#3 Post by Octavious » Fri Oct 01, 2021 6:06 pm

Because Biden will lose it down the back of the White House sofa
1
I eat cookies to improve my snacking experience

Randomizer
Posts: 750
Joined: Sun Dec 31, 2017 1:04 am
Karma: 225
Contact:

Re: Minting Trillion Dollar Coins

#4 Post by Randomizer » Sat Oct 02, 2021 12:09 am

He can put in in the lock box with those treasury notes for the Social Security Administration. :)

User avatar
orathaic
Bronze Donator
Bronze Donator
Posts: 1536
Joined: Fri Sep 29, 2017 3:20 pm
Karma: 393
Contact:

Re: Minting Trillion Dollar Coins

#5 Post by orathaic » Sat Oct 02, 2021 2:05 am

Second it causes inflation and devalues the US currency by increasing the amount of currency even if not circulated.
I think you are right about your other point, and about the general negatives about a state just spending money it doesn't have.

But on the 'not circulated' bot i think you are wrong.

Like if i minted a trillion dollar coin and then kept it under my best, that would not cause inflation. If i gave it to a bank and that bank lent other money on the strength of the extra assets it now holds, them sure inflationary, but also it is going into circulation.

It is one or the other...

User avatar
Jamiet99uk
Posts: 29401
Joined: Sat Dec 30, 2017 11:42 pm
Location: Durham, UK
Karma: 18226
Contact:

Re: Minting Trillion Dollar Coins

#6 Post by Jamiet99uk » Wed Nov 03, 2021 7:14 pm

orathaic wrote:
Sat Oct 02, 2021 2:05 am
Second it causes inflation and devalues the US currency by increasing the amount of currency even if not circulated.
I think you are right about your other point, and about the general negatives about a state just spending money it doesn't have.

But on the 'not circulated' bot i think you are wrong.

Like if i minted a trillion dollar coin and then kept it under my vest, that would not cause inflation. If i gave it to a bank and that bank lent other money on the strength of the extra assets it now holds, them sure inflationary, but also it is going into circulation.

It is one or the other...
A trillion dollar coin minted by you would not be worth a trillion dollars, unless you are a much more influential and powerful individual than I have, to this point in time, been assuming.
There are decades where nothing happens, and there are weeks where decades happen. - Lenin.

User avatar
orathaic
Bronze Donator
Bronze Donator
Posts: 1536
Joined: Fri Sep 29, 2017 3:20 pm
Karma: 393
Contact:

Re: Minting Trillion Dollar Coins

#7 Post by orathaic » Wed Nov 03, 2021 7:23 pm

Jamiet99uk wrote:
Wed Nov 03, 2021 7:14 pm
orathaic wrote:
Sat Oct 02, 2021 2:05 am
Second it causes inflation and devalues the US currency by increasing the amount of currency even if not circulated.
I think you are right about your other point, and about the general negatives about a state just spending money it doesn't have.

But on the 'not circulated' bot i think you are wrong.

Like if i minted a trillion dollar coin and then kept it under my vest, that would not cause inflation. If i gave it to a bank and that bank lent other money on the strength of the extra assets it now holds, them sure inflationary, but also it is going into circulation.

It is one or the other...
A trillion dollar coin minted by you would not be worth a trillion dollars, unless you are a much more influential and powerful individual than I have, to this point in time, been assuming.
Shh, don't say a word!

Post Reply

Who is online

Users browsing this forum: No registered users and 12 guests