1
Closing foreign military bases is not even on the radar although that move alone would go a long way toward getting the US financial house in order.
The trillion dollar coin will force even more countries away from using the dollar and that is what will bring down the empire. Philip Squarestandard. 2013/01/09 at 5:44 AM ET
2
Empire of illusions!
TVO and Chris Hedges
http://www.youtube.com/watch?v=dHle_turjes.
Marksiststandard. 2013/01/09 at 7:56 AM ET
3
Fred Derfstandard 2013/01/09 at 8:50 AM ET
All of the people commenting about the decline of the U.S. dollar and "gold for oil" have failed to understand this article. This would have no inflationary effect. Since it would be a $1 trillion for $1 trillion equal transaction (buy a coin, sell bonds). There would be no new money added to the money supply and thus completely different from printing money. So if it isn't printing money then why do it? It is a backdoor way of raising the debt ceiling. That's all. So why use a backdoor way of raising the debt ceiling if you can just do it the normal way. Answer: The Republicans won't let them and they are willing to risk default to starve the beast.
4
Wonder why more and more countries want gold for their oil? noname2004standard 2013/01/09 at 6:10 AM ET
5
Yea... lets ask Libya what happens when you attempt to drop the US$ as the international currency standard. BackBushBillystandard 2013/01/09 at 9:27 AM ET
6
USA economic policy, print more money and if that doesn't work, borrow from China.
The USA has been playing a financial shell game for the last 20 yrs. Eventually the house of cards will fall and those who utilized their banks and evolving door of fraud called wall street will end up destitute, Just as they have in the past.
Buy gold and real estate and keep both the gold and the deeds safely tucked away. They are two commodities that don't need to be in a bank to obtain their inadequate interest payments and gain value. klink1standard 2013/01/09 at 5:17 AM ET
7(…) perception is everything in the world. shenanigans like this may be a sneaky way around the debt ceiling but it undermines public confidence in the US economy, their government and their currency. When china and japan own trillions of US dollars and US government bonds, they are not stupid in realizing QE and the resulting devaluation of the US dollar serves to make their holdings worth less.
There is a worldwide shift away from the dollar, and the US has no one to blame for this lack of confidence than themselves. c'mon man...standard 2013/01/09 at 10:22 AM ET
8
(…) borrowing more money (aka raising the debt ceiling) is also inflationary...
The only reason economies world wide are not suffering more inflation is that so much capital is being sucked out of the system to maintain banks since 2008.
Basically the inflationary borrowing is just keeping pace with the deflation of hyper-inflated assets (i.e. real estate, stocks) on which the whole banking (or bankster as some will have it) system has been gambling our currencies.
Minting a trillion dollar coin is just an end-run around Congress to borrow more money which will ensure the train wreck that is the global economy and death of capitalism continues in slo-mo (as opposed to the screeching grinding mess that will happen if the Republican Congress really has its way on this matter).
There needs to be some serious, serious reformulation on what we define our economies to be... and so far, it ain't happening yet.
As long as we maintain the status quo of allowing banks to "invest", aka "gamble" we are doomed (and last week's Basel agreement does just that). Life Is Shortstandard 2013/01/09 at 11:04 AM ET
9
According to some sources, the first gulf war had very little to do with the US worrying about liberating Kuwait, and everything to do with Saddam pricing his oil exports in $Euro/barrel, and not $US/barrel.
(…)
t.classifiedstandard 2013/01/09 at 5:11 PM ET
10
Buy gold and real estate
Good ideas. Unfortunately, governments have and can easily confiscate both.
Towjambstandard 2013/01/09 at 7:44 AM ET
11
The US Government did once make owning Gold illegal briefly..
InjectingSomeRealitystandard 2013/01/09 at 8:16 AM ET
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Well, not so "briefly" actually.
"Executive Order 6102...signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation". "The limitation on gold ownership in the U.S. was repealed...December 31, 1974." RustyBrownstandard 2013/01/09 at 10:10 AM ET
Wikipedia.
14
When the house of cards collapses so will everything else- banks, businesses, infrastructure. Then what do you do with your gold? It's running at about 1663 US today. If the house of cards collapses then so will the value of your gold. So then what is it worth? You certainly can't eat it. Then what happens to your real estate holdings? What would it be worth as an investment? Nothing. A house would become a place to live and nothing else. No other value to it. mike.poskastandard 2013/01/09 at 9:16 AM ET
15
printing more money is printing more money. Whether you use some loop hole and mint a plantinum coin , or you print truck loads of paper , you're still printing money. koconnor100standard 2013/01/09 at 6:25 AM ET
16
I believe this line of thinking led to Germans using stacks of trillion dollar bills as note paper and ultimately war. Donillesstandard 2013/01/09 at 7:09 AM ET
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the ~17 billion is only the federal debt if you add in all the debt by all governments
but if you add in all it liablities it is estimated any where between 120 trillion to 211 trillion
~17 billion operating expense dept
intergovernmental debt ~5 trillion
~+18 trillion social assistance under funding
~+38 billion for medicare under funding liabilities possible as high as 90 billion .
they ,the US, is only claiming the Debt they have to pay NOW,
and not including the debt they have to pay which is increasing every day as the population gets older.
example article that explains the difference
http://online.wsj.com/article/SB10001424127887323353204578127374039087636.html
think of it this way :
basically all they are claiming is their living expense ( ie food, electricity, transportation etc) and not including their mortgage. Uncle BoBstandard 2013/01/09 at 9:17 AM ET
*
HOW A $1-TRILLION COIN COULD SOLVE THE U.S. DEBT CEILING CRISIS
IDEA FLOATED BY NEW YORK TIMES COLUMNIST PAUL KRUGMAN
Mark Gollom
Jan 9, 2013
CBC News
http://www.cbc.ca/news/world/story/2013/01/08/f-trillion-dollar-coin-paul-krugman.html
Il y a 7 ans
