At least we can get back debating… well, anything else.
One option is coin seigniorage—aka, the “really-huge-coin workaround.” The United States has a statutory limit on the amount of paper money in circulation, but no such limit on coins. The Treasury secretary has the authority to mint certain coins of any denomination, with no need for the value of the metal to equal the value of the coin. (It gets a bit technical.) But the idea is that Secretary Timothy Geithner could order the Mint to make a, say, $5 trillion coin. It could then use the coin to buy back and extinguish debt from the Fed, pushing the country back under the ceiling. Or it could deposit it, and the Fed could counteract the inflation by selling government debt.
lol, that coin will just and up in Monty Burns pocket!
Somebody,
Interesting video. Pure crap, but interesting.
Basically, let’s all go back to the gold standard and Sharia Law!!
Go back to the gold standard and use coins only? Not enough gold in the world to do this.
Sharia Law? Yea, we want Sharia Law. Even devout Muslims with any money didn’t obey this. For centuries Muslims used Jews to process financial transactions because Jews could charge Usury while Muslims could not.
A millennia old workaround.
Wow they cut a deal, at the last moment no less, color me surprised.
# 42 Ah_Yea said,”A millennia old workaround.” Yes, indeed. Islam forbids charging interest! Yet, there are Islamic banks? How does that work? No interest loans but they charge a monthly fee for the use of their money.
Sometimes Mohammad just cries…
#36–jolly==whatsamadderyou? So many people can only maintain their dogma by running everything they hear/read/see thru their little spin machine. I didn’t say or mean “take everything” from the rich. I did say and mean “take what they have stolen.” That was hyperbolic humor for “taxes.”
The rich benefit and require so much more from society than the poor. Tax everyone to provide national security, police, and fire. what are they “really” protecting? Banks, homes, cars? If I have no money in the bank, no home, and a moped, isn’t it the rich who benefit from and should pay the lion’s share to protect such assets?
Yes–who “owns” America and needs it protected? Wealth is created by labor and transfered to capital. Thats how class warfare begins–right from the start.
Here’s a personal epiphany: respond to what is actually said.
No phone calls required.
#42 Ah_Yea said:
“Interesting video. Pure crap, but interesting.
Basically, let’s all go back to the gold standard and Sharia Law!!”
I hope you saw both videos. I obviously don’t agree with your assessment.*
But the question I would ask is, if Africa wants to trade in the dinar, should the fact that YOU disagree force a violent confrontation?
Would that justify the war in Libya?
It is a serious question because it is the real reason that “we” can’t get along with the Muslim world.
*And there is no point in rehashing this:
http://mises.org/efandi/ch17.asp
or this:
http://mises.org/media/6544/The-Ethics-of-Money-Production
Well thank goodness we don’t have to worry about minting that coin now. A compromise has been reached that assures that we won’t have listen to the news agencies drone on about the “Debt Ceiling” day after day after day…. until after the 2012 elections. But I am sure that date is just a coincidence.
http://latimes.com/news/nationworld/nation/la-na-debt-talks-20110801,0,3461991.story
The Tea Party and MoveOn.org both think the deal is immoral. We have agreement!
Next on the agenda: cutting the US’s credit rating. No implications there, right?
Fubar – “We have agreement!” Hah! Thanks for that.
I wonder if Moody’s and S&P’s will go ahead and downgrade our credit. It will be fun to watch the tap dances then as they explain why their wonderful compromise didn’t save our AAA+ status.
Politics would be so much fun if they didn’t screw so many people.
$240B/yr in cuts.
$1.2T/yr in spending.
“Cowboys & Aliens. Congress?”
Steve Martin on Twitter
It’s estimated that Boner and the Teabaggers have already raised the interest on the debt by 1/10th of a percent.
About $130B more in interest. Boner has agreed that amount shall come out if the defense budget. Yeah right.
Dallas, you need to work on your math skills and and stop parroting your glorious leaders.
How much extra interest do you think $2.4T is going to cost? Hmmm?
# 44 Animby said:
“Sometimes Mohammad just cries…”
Sure, there was hypocrisy where money was concerned. That was no threat to the system. The rising tide of Islamic fundamentalism, however, is a clear threat to the system.
http://youtube.com/watch?v=moQOFxMxTOM
As one person I read stated aptly, “In no way did we reduce spending. We simply reduced the increase in spending. Make no mistake. Spending went up just by a little less.”
Show me a fiscal year where the national debt dropped and I’ll show you a year when we actually had a balanced budget.