Timeline for How would the trillion-dollar coin save the United States' economy?
Current License: CC BY-SA 3.0
9 events
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| Oct 17, 2013 at 4:51 | comment | added | Anixx | It is possible to make coins 1 billion dollars each. They would be easier to spend. | |
| Jan 7, 2013 at 19:30 | comment | added | SoylentGray | @DVK - A trilion dollar coin isn't going to be very useful unless you can find an industry that regularly makes trillion or close to a trillion dollar transactions. - That is my problem with his answer. It is the first line and stands as its own paragraph. If it were at the bottom and said it could be if... that would be different. The next answer is why the first paragraph is right. The last line of his answer is the only one that is correct. But that is an aside | |
| Jan 7, 2013 at 19:25 | comment | added | user4012 | @Chad - it would either count as debt (thus not reducing total indebtedness at all - an accounting gimmic as you stated yourself), OR count as asset money which would be inflationary. Either way, Sam's answer is correct. | |
| Jan 7, 2013 at 19:11 | comment | added | SoylentGray | @DVK - That is the point you an IOU is debt that would count against the limit. If you have an asset to back the debt then that asset works in reverse... at least that is the idea. It would bring the total indebtedness down by 1 trillion allowing for spending of borrowed money. Its an accounting gimmick that only works when you can make your own money. I suspect that evenually the supreme court would rule against the administration on this but that will take time to get there. | |
| Jan 7, 2013 at 19:07 | comment | added | user4012 | @Chad - too bad you can't downvote a comment. You can't "back" debt issuance with a coin whose value is determined by fiat. This is no different financially than depositing a paper IOU that says "1 Million <cue Austin Powers>... Trillion US Dollars". The whole point of collateral backing the debt is that it has tangible value. | |
| Jan 7, 2013 at 19:00 | history | edited | Sam I am says Reinstate Monica | CC BY-SA 3.0 |
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| Jan 7, 2013 at 18:53 | comment | added | SoylentGray | I downvoted because you do not understand the point of the trillion dollar coin. If you have the reserves you then it does not count against the debt limit. So the coin would be held in the Fed as backing for secured debt issuance... bypassing the congressional advise and consent. | |
| Jan 7, 2013 at 18:47 | history | edited | user4012 | CC BY-SA 3.0 |
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| Jan 7, 2013 at 18:40 | history | answered | Sam I am says Reinstate Monica | CC BY-SA 3.0 |