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proof platinum coin seigniorage

Haven Pell: Policymic

"Poof. Political problem solved. The Congressional cowards would have no need to cut even one penny of spending nor to raise anyone’s taxes unless there was a strong desire to stick a partisan finger in somebody’s eye. As any drug dealer will quickly tell you, this is where the beauty begins. Give the Congress a taste of free money and it will soon become addicted" (original). Read below the fold...

Lara Hoffmans: Forbes

"The short-lived debate over whether minting trillion dollar platinum coins could solve America’s fiscal restraint (or, rather, lack thereof) appears to have ended—the Treasury and Fed have both declared “no way.” Which clears the way for a fresh debate on raising the debt ceiling the traditional way (i.e. the way it’s been done 105 times before)" (original). Read below the fold...

Michael Grunwald: Time

"After I spent the last two weeks explaining that the Treasury would mint a second Joe Biden before it minted a trillion-dollar platinum coin, that President Obama would make Kim Kardashian his chief of staff before making the coin fantasy a reality, it would be easy for me to gloat. So I will! The coin was a self-evidently wackadoodle idea, and the pundits who fell in love with it should have remembered Obama isn’t in vaudeville" (original). Read below the fold...

New York Daily News

"A polite round of applause, then, to the Obama administration officials who quietly deep-sixed the horrifyingly hilarious proposal that had gained currency over the past month or so: to mint a trillion-dollar platinum coin. ... Never mind the powers of Congress or the damage to the value of the dollar or the signal that such an insane and desperate gimmick would send to markets around the world" (original). Read below the fold...

Kelly Hertz: Yankton Press & Dakotan

"The idea, which started on the Internet, was sparked by a curious passage in the 14th Amendment of the U.S. Constitution that may (or may not) allow the government to mint such platinum coinage. The proposal then got some traction, most notably from Nobel Prize-winning economist Paul Krugman, and seemed to be held out as a threat if Congress couldn’t get its act together and come up with a solution at the base of this fiscal wall" (original). Read below the fold...

Marc Ambinder: The Week

"Reports suggest the Federal reserve offered some technical reservations when asked about the idea, and the Treasury Department then concluded that it did not have the authority to actually mint the coin. Maybe.

The real reason the administration probably wouldn't employ the coin even if they really believed they could lies in the debate between Paul Krugman and Jon Stewart. It's not the details of the debate. It's the debate itself. Krugman thinks it can and ought to be done. Stewart ridiculed it because it sounds ridiculous. (Krugman responded; Stewart responded to the response.) The satirist's initial instinct was visceral. A coin? Really? It sounds too good to be true.

The moment the administration embraces the idea of a coin is the moment that the coin becomes the lead story on newscasts. The optics of the debate would flip, and the onus would be on the administration to explain how minting a coin isn't as absurd as it sounds and isn't a gimmick and really would work. ' (original). Read below the fold...

Dorothy Kosich: MineWeb

"PPCS involves minting proof platinum coins with arbitrarily high face values, depositing them at the Fed, receiving electronic credits equal to the face value of the coins from the Fed, and then having Treasury sweep the profits in the Treasury General Account, where they could be used to redeem debt held by the Fed, debt held by Trust Funds and government agencies, and debt held by the non-government sector including domestic investors and foreign government and investment" (original). Read below the fold...

Dorothy Kosich: MineWeb

"The notion of creating a trillion-dollar platinum coin to help resolve the U.S. debt ceiling problem is gaining momentum in some very serious circles including Nobel Prize-winning economist Paul Krugman" (original). Read below the fold...

Lawrence Williams: MineWeb

"It defies all economic logic in virtually every respect. Its only purpose seems to me to be to enable the U.S. government to carry on spending money, and increase its debt, ad infinitum with no checks and balances ever being made in Congress again. And with the politicians’ propensity to spend money the government currently doesn’t have anyway, spending would just accelerate and accelerate. It could only end in tears!" (original). Read below the fold...

Dorothy Kosich: MineWeb

"The U.S. Treasury Department and the Federal Reserve both oppose the idea of minting a trillion-dollar platinum coin to overcome the U.S. debt ceiling" (original). Read below the fold...

WND

"Over the weekend, Treasury Department officials announced the Obama administration would not pursue the minting of a trillion-dollar platinum coin as a way of reducing our debt or deficits.

But many on the political left are still pushing the idea as legitimate and urging the president to reconsider his position.

Most Republicans were watching this movement with a combination of amusement and bewilderment, but the traction behind the coin idea is now leading to legislative efforts to prevent the government from ever pursuing such an idea" (original). Read below the fold...

DaveWade: Daily Political

"The trillion dollar coin idea made its way to the White House Wednesday. Press secretary Jay Carney said that there is neither Plan B nor a backup plan. It is Congress’ responsibility to pay the bills of the United States. With regards to the trillion dollar coin, he said that he has no coins in his pocket" (original). Read below the fold...

Huffington Post

"Hank the Cat, the feisty Virginia feline who retired from politics in November after losing an unusual bid for a U.S. Senate seat, has broken two months of near-silence on political issues.

On Saturday, in a post on his campaign Facebook page, the Maine coon shared his conflicting thoughts concerning the possibility that the U.S. Treasury could mint a $1 trillion platinum coin, in an effort to avoid the ongoing debt ceiling conundrum" (original). Read below the fold...

Charley Blaine: MSN

"U.S. Mint handout photo of the one-ounce $100 platinum coin (© AP Photo/US Mint)The price of platinum (-PL) jumped 1.7% to nearly $1,660 an ounce -- a three-month high -- Monday despite the Treasury Department's announcement Saturday it would not mint a $1 trillion platinum coin to get around the nation's debt ceiling" (original). Read below the fold...

Anthony Hall: UPI

"The trillion-dollar platinum coin is one of those out-of-left-field ideas that can be used to explain to a middle school math class the relationship between the money supply and national debt, except that a trillion coin has an odd and separate symbolic value in that it would not add to the money supply simply because nobody could make change for it. If it can't be used practically, it's like writing a check with a billion zeros on it. It only looks like it's worth a lot. In reality, it's worthless and we have to live in the real world, after all" (original). Read below the fold...

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