By Ian Katz
Jan. 8 (Bloomberg) -- The looming showdown between
President Barack Obama and congressional Republicans over
raising the $16.4 trillion federal debt limit has made
alternatives including minting a trillion-dollar coin or
invoking a constitutional amendment to pay the bills part of the
So far, the Obama administration isn’t participating.
The proposal is for the Treasury Department to mint a platinum
coin worth $1 trillion and deposit it at the Federal Reserve to
give the U.S. enough money to pay its debts.
OK, If this happens what's your money worth?
"What's in your wallet?"
I vacationed in Brazil in the 80's...I know what hyper-inflation and currency devaluation looks like.
Buy food, water and a gun. - Think of it as an insurance premium.
Have you tried to buy a gun or ammo lately? Most everything is sold out or is selling for a premium. It's like a run on banks. Everyone is afraid that Obama is going to limit gun ownership or restrict ammo sales. I wanted to buy a new Sig 9mm semiauto with laser gun sites but I'm going to wait until the hysteria has died down.
you were the one advcating for the colonic....
This is a spending problem, I do think the debt ceiling must be raised...but services must be cut and fraud must be stopped.
- new anacedotal evidence, I was speaking to a friend of my family who tells me his brother is collecting welfare (or some check from the US govt.), he is not a citizen and now back in the Domincican Republic. The money hits his bank account here and he accesses the funds via ATM in the Dominican Republic. - Now go Advocate for THAT.
They had an expert on the air last night and he stated the coin would have too weigh as much as a jet airliner. Raising the Dept Limit has been a give-me for ever until this admistration got into power, just another power struggle.