Minting Trillion Dollar Coins

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Fluminator
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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
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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
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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
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Randomizer
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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. :)

orathaic
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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...

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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.

orathaic
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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!

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