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Save money, print trillion-dollar bill
I usually don’t read Mike Kirchubel, but his Jan. 28 column, “A trillion-dollar coin makes cents,” caught my eye. The basic idea was to mint a few trillion-dollar platinum coins to exchange for currency (then spent); saving huge gobs of interest expense.
He wrote that a number of economists have recommended this solution but neglected to mention any of them by name. In economics class, he apparently slept through the explanation of what “full faith and credit” means. The world does not revolve around the Federal Reserve. The interest payments he quotes are for our entire federal debt.
Who are we going to “stiff” with the platinum coins? Who do we owe? It’s about equally divided among three categories, with a little more than $5 trillion to each: foreign investors, American investors and internal debt (Social Security, Medicare, Social Security Disability, etc.).
The one area where the coin thing might work is internal debt. We have already stolen the money. We might as well admit it and say, “Tough luck old folks and you disabled. Maybe we can continue to pay you your benefits. Maybe not. We don’t owe you anything.” This is Mike’s proposal.
What are the consequences of giving valueless coins to foreign and domestic investors in place of interest payments? The same as default. Giving a worthless coin in place of interest payments would damage the dollar beyond repair in world markets. To deny domestic investors would create havoc and would cause widespread business failures and personal financial disasters. If everyone were asked to “cash in” their on-demand coins, what would they get? Back to square one.
As long as we are going to “stiff” everyone, there really isn’t any point in wasting money on platinum. I suggest we save money by printing a trillion-dollar bill. Just as Zimbabwe did. Instead of having Ronald Reagan’s picture on it, I suggest we use Mike Kirchubel’s image.
Murray Bass
Suisun City
Discussion | 10 comments
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StRJanuary 28, 2013 - 3:47 pm
The Federal Reserve is controlled by Rockefeller and Rothschild interests when it is traced back. The Fed is subserviant to the City of London banking center. The primary purpose of the coin argument is to attrack attention to the fact that our own Treasury Dept and Congress should be creating/issuing the Money Supply of the United States, NOT the privately controlled Federal Reserve. All the computer blips that represent money now are just created out of this air, the point is our own Treasury can do thin and not pay interest to the Fed. All debts to the Fed itself could just be cancelled, then we could just contend with paying back China and other Countries. Read Web of Debt by Ellen Brown
Reply |Mike kirchubelJanuary 28, 2013 - 6:19 pm
Murray, the coins would be collateral for new money. They would Not replace any outstanding treasury debt. Sorry if that was Not clear. I don't think anybody would exchange a trillion dollars worth of interest bearing treasury bonds for a small coin.
Reply |Mike KirchubelJanuary 29, 2013 - 10:56 am
Murray, From the article: "Economists have proposed that the U.S. Treasury mint several platinum coins, each with a face value of $1 trillion. These coins would then be exchanged, as needed, with the Federal Reserve Banks for $1 trillion worth of their bank notes or bank credits, which the government then spends." There is no way a person or government would exchange a trillion dollars worth of Treasury Bonds for one small coin, but the Federal Reserve Bankers insist on collateral in order to provide this country with money. Let's give them a coin and stop the insanity of paying them interest.
Reply |Mike kirchubelJanuary 28, 2013 - 6:25 pm
By the Way, I would be proud to have my image on the trillion dollar coin. Would you mind terribly if i changed into a fresh tee shirt for the occasion?
Reply |JonesyJanuary 28, 2013 - 8:46 pm
I'm sure G-man wouldn't...But that's just my two cents...Maybe one with a big "K" on the front...Oh, Oh, Oh...And a Cape...
Reply |Mike kirchubelJanuary 28, 2013 - 9:17 pm
Yessssss, a cape! I've aleays thought i should retake the photo with me in a smoking jacket, fedora, sun glasses, a pipe, And goatee... But a tee shirt And a cape... That's the look.
Reply |G-ManJanuary 31, 2013 - 1:26 pm
Outside of maybe Salvador Dali..I can't recall anyone wearing a Fedora with a smoking jacket...
Reply |Indiana Jones Hat Discrepancies .January 31, 2013 - 1:46 pm
http://www.youtube.com/watch?v=asGpe6hGcYg
Reply |.How to Make a Beerbox Cowboy HatJanuary 31, 2013 - 1:59 pm
http://www.youtube.com/watch?v=YzNFBPjxCPk
Reply |Good News 4 UJanuary 31, 2013 - 1:54 pm
My demons are tearing me apart, my selves are frightened and fighting, my circuits are fried, my file cabinets need rearranging. So I am out of here. I am going to go catatonic for two weeks to a month to save on battery life. Bye
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