[quote=“2cent, post:9, topic:37780”]
Really. Stating myself as being brighter than he is wasn’t saying much, was it? LOL
[/quote]Yes it is. Sounds like you have a pretty good understanding of how things work – at least here
[quote=“Jazzhead, post:11, topic:37780”]
The coolest thing, though, is if they minted a huge, Yap-like coin, with a hole in the middle, and carried about by, say, Biden and Pelosi in native loincloths.
[/quote]You get one conservative point for the remark.
[quote=“Jazzhead, post:10, topic:37780”]
You can’t use a magic coin to pay off the nation’s debts. You need magic beans for that.
Here’s the problem. The government has contracted obligations, to Americans and foreigners alike. Because we don’t bring in enough revenue, we must borrow from others to pay our bills. But the government can’t borrow above a debt ceiling set by Congress. If the debt ceiling isn’t raised, we could default on our debts. And that could be a financial disaster. The purpose of a platinum coin isn’t to pay off debts, but act as an artificial government-owned asset that could be borrowed against without incurring additional debt to others. When the debt ceiling is raised, the “asset” represented by the coin is replaced by the “asset” of the increased borrowing authority, and the coin is safely doused with disinfectant and melted down.
[/quote]Or they could print 1 trillion $1 bills and burn them when the time came. The differences are semantic, a way to “raise” the debt ceiling by cheapening the dollar. It’s all lunacy.
Do you approve of this as a way we can meet our contractual obligations?