Skip to main content

View Diary: Wake Up Progressives: The Bad Guys Are Trying To Steal the Trillion Dollar Coin for the 1% (34 comments)

Comment Preferences

  •  Sheesh, I bet the bad guys wouldn't be (1+ / 0-)
    Recommended by:
    Nautical Knots

    trying so hard to steal it if it were made out of plutonium!  Or maybe ebola-laced plutonium.  That ought to keep would-be thieves at bay.

    What's with all the fixation on platinum?  Just saying, I just read the constitution and it doesn't say "platinum" even once.

    •  Well, the law about commemorative coins didn't (2+ / 0-)
      Recommended by:
      Dustin Mineau, Roadbed Guy

      mention plutonium. Would have been a lot more fun if it did.

    •  At best a collectors item... (1+ / 0-)
      Recommended by:
      Roadbed Guy

      Sort of like stealing the Mona Lisa.  

      You could not do anything but sell it on the black market as a collector's item.  Every bank would know it was stolen.  No seller would accept it as payment at face value knowing it was stolen.  So, as long as none are legally put into circulation a trillion dollar platinum coin stolen from the Fed vault would be a black market collector's item and nothing more.

      Not sure what it would be worth to a collector on the black market.  But, I doubt it would be more than a couple million assuming only very few were made.

      •  I'm sure somebody would steal the Mona Lisa (0+ / 0-)

        in a heartbeat if given the opportunity.

        But more to the point of the coin, if it is NOT put into circulation, that surely seems to go against the spirit of the law that enables the entire scheme in the first place:

        The proposal stems from a line in federal law that allows the Treasury Department to “mint and issue platinum bullion coins and proof platinum coins” in any size or denomination it chooses.

        That loophole, intended to allow for collectors’ coins, theoretically opens the door to the trillion dollar coin

        .

        Read more: http://www.nydailynews.com/...

        •  Laws evolve. Everything evolves. It may (1+ / 0-)
          Recommended by:
          Roadbed Guy

          have been conceived one way but it is not illegal to use it in another way and we should.

          "When in doubt, do the brave thing." - Jan Smuts

          by bunnygirl60 on Tue Jan 08, 2013 at 01:11:47 PM PST

          [ Parent ]

        •  The law says nothing about collector coins... (1+ / 0-)
          Recommended by:
          Roadbed Guy

          The law does not say anything about the coins being only collectable and even all coins minted, even if they are intended for collectors are legal tender.  

          Courts only get involved in intent of the law discussions when the letter of the law is unclear.

          Yes, some one might steal it, but only as a collectors item to be sold on the black market.  Just like some one who stole the Mona Lisa.  It would not be worth a trillion dollars because no one would accept as a trillion dollar payment or deposit since it would obviously be stolen and anyone accepting it would be subject to felony prosecution for knowingly trafficking in stolen property.

          So, it would depend entirely on what the black market collector value is for s (several?) trillion dollar coin.

          Among other reasons, this is why I prefer that a single $60 trillion coin be minted.  In addition, to the fact that it might get a wedge against the idea that a sovereign nation that is the sole issuer of the currency has to acquire currency via taxation or borrowing.  Not sure how those being taxed or lending get the currency that only the government can issue.

          For some reason, in war time this is never an issue, but when it comes to actually doing something for the citizens of this country suffering under crippling unemployment it is ridiculous.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site