TCTI: Too Crazy Too Ignore
 Dave Ross
980obama31.jpg

No coin for you

BY Dave Ross  on January 14, 2013 @ 5:34 am (Updated: 9:31 am - 1/14/13 )

Well, so much for the trillion dollar coin.

The idea, in case you missed it, was to avert the coming debt ceiling crisis by using a loophole in the law on commemorative coins.

That loophole restricts the value of gold and silver coins but not platinum coins and could authorize the U.S. mint to go ahead and strike a platinum coin with a value of one trillion dollars.

It would then become legal tender, and be deposited at the Federal Reserve, instantly putting a trillion dollars in the U.S. Treasury's checking account. Allowing it to write checks without borrowing money, thereby inoculating it from the debt debate.

It would have been a monetary flu shot. Once the debt ceiling was raised, the coin would be liquidated, and everything would be back to normal.

I spoke to Philip Diehl, the former director of the Mint who helped write the coin measure.

"I've been watching the White House on this proposal very closely over the last week or so and (the president) has not ruled this out," said Diehl.

That was Friday. By Saturday the Federal Reserve which would have to recognize the value of such a coin for the scheme to work, said, no way are we taking your coin. And just like that, the idea was dead.

And you can see why. It would reflect too casual an attitude toward large amounts of money. It would be taking something with no real value and trying to pretend it was a real asset - something no real financial institution would ever do.

Well - they wouldn't do it any more.

Dave Ross, KIRO Radio Talk Show Host
Dave Ross is co-host of The Ross & Burbank Show on KIRO Radio (weekdays 9-Noon) and never too far from the spotlight.
More Dave Ross

MyNorthwest.com - Purpose of Comments statement
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.

Comments (45)


  • Add A Comment

  • TwoTrees wrote...
    'It would be taking something with no real value and trying to pretend it was a real asset.'
    January 14, 2013 9:13 am
    Oh...like carbon credits?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • calapete wrote...
    war aint cheap,
    January 14, 2013 10:35 am
    yet Republicans led us into war with no way to pay for it. However, that doesn't mean we should take it out on our creditors. Time to pay the bills.

    Boeher, grow up and do your job. You don't work for Norquist, you work for Americans.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    My presidential solution
    January 14, 2013 11:02 am
    Raise income taxes by 2% per year till we get to the level of the last balanced budget. Lower spending across the board by 2% per year till we get to the level of spending of the last balanced budget. Bring home all the troops in EVERY country in the world unless that country wants to pay all the costs associated with the military base in their country since that base is providing them protection from invaders. No pay, no protection. If you get attacked, make a deposit in the bank account of the USA and we will come bail you out. End the Federal Reserve. After the budget has been balanced, eliminate all payroll taxes and capitol gains. Have a flat tax on all income equally at what ever rate the spending is.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • A True Liberal wrote...
    yet Republicans led us into war with no way to pay for it....
    January 14, 2013 11:08 am
    Which war was that calapete? The same war that the democrats also voted and supported? Ahh ok...
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    War is not cheap.
    January 14, 2013 12:03 pm
    And all the Liberals approved the War under Mr. Bush. How many expensive Wars has your Dear Leader gotten us into?

    The rewrite of Liberal history right before our very eyes!

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • roomtemp wrote...
    @It's me! Ha ha!...
    January 14, 2013 1:30 pm
    Add Mali to the list. Obama is going to help the French kill some brown people in Mali now too. I know you're as deeply concerned with the Mali situation as I am.

    Still funding terrorists in Syria like he did in Libya. Moving troops into several nations in Africa. Still guarding poppy fields in Afghanistan. Still drone bombing civilians in Pakistan. There's more, but...

    Hey, did you know that whenever Obama kills any 'military aged male' with a drone bomb it's counted as an enemy combatant death? Even if it's a pizza guy! That ought to make those battle reports look good. I suppose that's why weddings are popular targets of opportunity. (I'm guessing they'd rather have the toaster or the cookware set then Obama's special gifts though.)

    O-bomb-a... He's an anti-war democrat you know. Just ask anybody... XD

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Raise income taxes by 2% per year till we get to the level of the last balanced budget. Lower spending across the board by 2% per year till we get to the level of spending of the last balanced budget
    January 14, 2013 2:58 pm
    Why raise taxes when we can lover the spending by much more than that?

    Taxes are not the problem. It is the so way out of control spending the Dear Leader and the party spends. That is a proven fact.

    CUT THE NEEDLESS OBAMA SPENDING TODAY!

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    Well HA HA
    January 14, 2013 4:11 pm
    If government employees like you didn't keep getting pay raises while the private sector takes cuts, perhaps we could lower taxes. As long as people like you gorge yourselves at the public trough, people like me have to pay increasing taxes.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Bondo wrote...
    All the Liberals/Democrats voted for Bush's War?
    January 14, 2013 6:43 pm
    FYI, the majority of the Democrats in the House voted AGAINST it. The majority of the Democrats in the Senate voted AGAINST it. Would you care for the tally?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Paul Kersey wrote...
    "Bush's War"
    January 14, 2013 6:54 pm
    was (and still is) a liberal progressive, NWO war.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Forrest
    January 15, 2013 6:33 am
    I won't tell you but rest assured that I have lost several thousand dollars of wage due to the ObamaDepression. The fact that I am paying more for my medical and retirement. Food Gas, etc and the amount of pay raise that I received the first time in over three years.

    I made less under Mr. Bush but comparably I was making as much then as now and a little more.

    No taxing issue, it is the ObamaSpending that is the problem. And Useful idiots like you gave me four more years of losing money!

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }