The Trillion Dollar Coin Is a Great Idea!
SF Gate explained in a recent editorial that the "'trillion dollar coin' idea is worthless."
But, of course, it's not. It's a great idea! I'll tell you why in a minute.
The SF Gate editorial gives us the background. "The idea of a 'trillion-dollar coin' came from the Internet, where a few political observers noted that the White House might be able to avoid the upcoming fight over our national debt ceiling by simply minting a platinum coin with a face value of $1 trillion."
These observers understood that legally the Treasury could mint and issue platinum coins in any denomination it chose. Thus evolved the idea that the Treasury could simply create a coin and deposit it with the Federal Reserve of the Bank of New York to cover significant US debts.
This is because the US government owes the Fed and other debt-holders trillions. If the Congress refuses to pass a debt-ceiling increase then the US is technically defaulting and could lose its current strong rating, which would cause the cost of money to rise.
The SF Gate editorial labels such an idea "crazy." Here's more:
Unfortunately, the fact that Washington is gearing up for a fight over the debt ceiling is equally crazy - so the "mint the coin" movement moved from the Internet to the Beltway at warp speed, and it's become an element of political strategy. At a Jan. 9 news conference, White House spokesman Jay Carney wouldn't say that a coin was illegal or that the idea of minting one had been ruled out.
The coin might sound like a great idea to Democrats, who are rightly frustrated with House Republicans for threatening a showdown over the debt ceiling. And it would be absolutely calamitous for Congress to refuse to raise the debt ceiling, which would mean a U.S. default on bills to creditors all around the world. Failing to raise the debt ceiling would have massive consequences for the United States in terms of our credit rating, our interest rates, and our global credibility.
But the problem with the coin is that it takes a political problem - Congress' inability to act responsibly - and turns it into a financial one. The United States can't just print money just because Congress doesn't want to behave responsibly. The world's most powerful nation can't afford to act that way.
"Minting the coin" comes with its own legal and political dangers, too. It could terrify investors, possibly leading to a dip in our credit rating and a spike in interest.
SF Gate claims that the solution is not printing a trillion dollar coin but "political responsibility." However, I'm glad the trillion dollar coin idea has been brought up.
I think it's a good idea not from a practical standpoint but an educational one. It draws attention to the one thing the mainstream media – and the power elite that stands behind the media – never, ever wants to discuss. And that is the "power of the purse" that governments have created for themselves over the past century.
Today, unlike in the past, over 150 central banks print money recklessly. The Federal Reserve is surely the worst offender because of the dollar's reserve status. Because nations need dollars to buy oil, officials around the world need to hold dollars. The US can print massively without feeling the immediate result from price inflation.
Of course, price inflation happens – and is happening. More is yet to come because US officials have been so reckless. That's why I think the trillion dollar coin idea is a good one. It illustrates the insanity of the modern money system where people accept bits of paper as money simply because they've been printed by the government.
Money, ultimately, is NOT paper, not historically anyway. For thousands of years the market determined that the best medium of facilitating trade and servicing a transportable store of value is gold and silver. Not one or the other, but both.
Historically, gold served as the primary money metal for larger transactions and storing larger amounts of wealth. Silver, on the other hand, tended to better serve smaller transactions. Together they worked to satisfy the basis of trade and commerce around the world and left unhampered, they would still do that today.
However, there are others more desirous of using the levers of monetary control to manipulate the financial system and, like parasites, feed off the productive, thus draining the wealth and productivity of nations. And they have done a great job of spreading their government-sanctioned central banking disease all over the world.
You see it today in the Middle East and throughout North Africa where the US Department of State, hiding behind various front groups such as the Alliance for Youth Movements (AYM) is hastily building an Islamic Crescent to support the "war on terror."
The real reason the US – the world's leading Bad Boy enforcer – along with NATO and the rest of the Western Powers (and yes, Russia and China are part of the same crowd), is because the intergenerational families that set up the central banking edifices in the first place use its powerful benefits to fund their control of mainstream media and the larger military-industrial-political complex.
They do this with but one agenda ... to create WORLD GOVERNMENT. But there is one factor they didn't expect: The Internet and today's Reformation – the Internet Reformation, if you will – that is spawning an awakening.
This is giving millions of people (who choose to see) an understanding of how Dominant Social Themes have been used to cement memes into our collective brains. Today, hope is in the air for millions who are waking up. The "reformation" is inspiring many to act. And they should!
At the very least people should transfer out of harm's way by exchanging devaluing paper money for real honest money – gold and silver. There is no time to delay.
In my book, High Alert, soon to be released in a 4th edition and available free to all members of The Daily Bell, I postulated that the 2 percenters were the battleground where most of the "great discussion" has traditionally occurred – far outside the mainstream living rooms around the world. As the truth began to circulate on the 'Net, it would become inevitable that we would experience an addition to the 2% number.
Anyway, like the Gutenberg press before it, the Internet is blowing a wind of truth across the world. People feel it and as they become aware, they want to free themselves from the "machine." And as they are becoming free they are dumping the "inflationary" monopoly paper money and moving into the "unable to be created out of nothing" honest money.
I strongly encourage readers looking to protect themselves and hedge against the "system" to transfer out of the devaluing mess and obtain physical holdings of gold AND silver.
Buy it from an honest dealer with no intent on leveraging you into speculative coins – numismatics – or leveraging your currency exchange (because that is what it is) into gold and silver weight that you cannot afford should the price of either metal go down in the short term. Just keep it simple. Transfer out of the monopoly fiat into gold and silver on an even up basis.
Thanks to the Internet, in particular, there are plenty of illuminating arguments about what money is and should be.
I have nothing against competing money systems – even fully fiat ones – within the context of monetary competition. But we've always written that gold and silver would likely find their rightful place within monetary competition, as they have for thousands of years.
People trust gold and silver because they are malleable, beautiful, transportable and rare. Money competition long ago decreed these two metals as "winners." And today they remain as much in demand as ever.
Some things never change.
P.S. – Later this week I intend to release a new Special Report in which I will introduce my recommended source for physical gold and silver purchases in the Member Zone. If you aren’t already a member, click here to register – it’s free.
Posted by James Jaeger on 02/28/13 03:05 PM
WHY YOU ARE A SLAVE TO BANKERS
by James Jaeger
Chances are if you live to 85 you wont leave an inheritance for the next generation you will leave a debt!
This is because the banks have siphoned off this technological progress with fiat currency.
As tech makes it easier to produce products, there ARE more products out there. All should be good, and getting better for all. If the products of the world out strip the population growth of the world, everyone should have more products to aid them in the mission of survival, no matter what those products are.
But what happens is this. The bankers know that if the supply of products grew and they did not grow the money supply, the purchasing power of each unit of money would increase. Fewer dollars chasing more products. If the purchasing power of the world's monetary units increased, the banksters would have no justification for printing up yet more money. This would thus deny them their methodology of stealing from the productive public through inflation, a hidden tax.
So what the bankers do is this: every time a savvy techy makes a new computer or writes a new program that enables the society to make more, better products using fewer resources, the banksters print up enough money to neutralize the excess production created. In other words, they increase the money supply as the product supply increases.
How are they able to do this?
They are able to do this because they have suckered the public into a meme that's simply not true. This meme says that you have to increase the money supply commensurate with the increase in the product supply in order to maintain price stability. In deed this is the stated mission of the Federal Reserve System: 'maintaining price stability through an elastic currency.' I have paraphrased, but go to their site and have a look.
But here's the problem.
When the banking elite prints up the new money "justified" by the do-gooder claim of maintaining price stability, WHO gets to use the new money first? Well, here's who. The people who are physically closest to the US Treasury (Washington DC) and high in priority in the government's budget. And who claims to have the highest claims in the government's budget? Obviously the immediate employees of the government -- the President, the Congress, the Supreme Court (and their tens of thousands of staffs and assistants) but also everyone in the Pentagon AND all the multinational corporations that the Pentagon contracts to manufacture and maintain its weapons. So, all of THESE people (the "elites") get use of the newly-printed Federal Reserve Notes right as they come off the press.
Then what happens?
As all this new fiat currency floods into the above elites' coffers, these people go out and buy new wardrobes, new cars, new furniture, new houses, new boats, new jets, new islands, et cetera AND they get all these items at the PRE-inflation prices. Why? Because, as their money floods through the economy, it drives the cost of all of the above cited items UP. The new money in circulation is so plentiful, it devalues the purchasing power of all the previous money in circulation. More money chasing fewer products. This means it thus takes WE THE PEOPLE more Federal Reserve Notes to buy OUR wardrobes, new cars, new furniture, new houses, new boats, new jets, and new islands, et cetera. So WE lose to the elite that prints and uses the new fiat currency. The premium we must pay in order to enjoy the same standard of living as the elites operates like a TAX. This is why inflation is a hidden tax. This is how and why THEY LIVE.(1)
So this is how you're being screwed. This is how they live. This is how your PRODUCTIVITY -- your new computer tech and programs -- are getting siphoned off by the elites that surround the banks (as Jefferson warned).(2) This is why your wages have not risen since 1971, why your wife must now work, why college tuition is ridiculously high, why you have no health insurance, maxed out credit cards, $4 gasoline, monopolistic Internet service providers and why you drive an old car and rent. In sort, this is why you are an economic slave in this scum activity called "life." Is it any wonder so many, who don't understand what's happened to them, pick up guns and blow the shit of anyone they can place a bead on?(3)
(1) Click to view link
(2) Thomas Jefferson once said: "I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- Thomas Jefferson, The Debate Over The Recharter Of The Bank Bill, (1809)
(3) If you don't know what I mean, watch a little movie I made in 2006 called FIAT EMPIRE. It's at http://youtu.be/5K41O2QfpjA
Posted by Agent Pete 8 on 01/15/13 02:42 PM
dave jr, thanx for wells wished. Affirmations are a really good part of the balanced process.
Agent Revolver comes out and says it chrome platedly, cool enough to freeze vodka.
Meanwhile the site/thread/topic deserves the focus rather than the specific actors.
Please continue with gusto...
Posted by Agent Pete 8 on 01/15/13 01:51 PM
Posted by dave jr on 01/15/13 12:36 PM
If you have something to say, why not say it?
Posted by dave jr on 01/15/13 12:35 PM
Agent Pete 8,
Your link took me to a place that I was not referring to, but was considering the gaming nature of heddinout. amfm laid to rest any suspicion of a covert opertion.
I saw a pattern of style, was curious, and asked a question. Curiosity can kill the cat and also make him annoying. I hope you know I have no malicious intent.
I wish you well.
Posted by Agent Revolver on 01/15/13 04:11 AM
What's the beauty of being a DB reader?
If you need to correct your post, there is no need to search for "Edit" button when you post. Just address the Mod, like this.
01/15/13 03:54 AM I've posted Agent Weebley's link. It's left in my cache.
But the Youtube video link in _my_ post should be http://youtu.be/YaA0NwA0NiQ .
Be God on your Cloud. Put the above link instead. Thank you, you are doing great job."
Posted by Agent Revolver on 01/15/13 03:54 AM
It's really troublesome for Cutters, and for Divers as well (-: , to follow the paths of Casters because of mud that their self-respective grunting clientele has left after themselves. Luckily there are places where a better hopes for the best. Luckily, it's #1's SuperHyperRadioProActivity that points at the dry spots here and there.
So hot they are!
And yes, even a hundred bits packet of sense at ARG MetaPhoria is packed in a pocket to rocket the racket to Hackett to back it to rocket to pocket... yours. Just trying to speak metaphorically.
I believe that's why we tend to post so many Youtube videos (-:
Ah. Offtop. Talk about Gold and its Great Mystery. OK, IT's @1:44.
Click to view link
Posted by Agent Weebley on 01/15/13 01:11 AM
Hi Agent Pete 8,
This is the only place I can speak to you right how, since I am in the future . . . a nice Cuckoo Cocoon here at The Daily Bell, I would say.
Something real solid is going to happen on boards.ie soon . . . I can feel it. Maybe everyone will carry on as if nothing is there . . . or is it me just feeling some needles and pins . . .
Click to view link
And I'm really enjoying [em]your[/em] posts too!
Posted by Agent Weebley on 01/15/13 12:43 AM
I'm really sorry that I've barely responded to you all since Christmas. It's nothing personal, but when you guys (and gals) all speak, it makes me think . . . a lot . . . and replying is sometimes difficult . . . you all make my mind go a mile a minute. But everything you all say is always taken on board.
And thank you so much, Ingo, for confirming my theory about gold backed paper as currency. I had temporarily suspended your "given" that definitions of money and currency are separate terms in your mind. Everyone's been unduly hard on you on this thread, but your premise really comes down gold as being a reflection of "honesty." I know you mean well, and your heart is in the right place, but to you, gold is the only "physical" honesty.
Click to view link
Our premise is that only a "group of people" that need to be honest.
Currently, that list is short. We have, through much steganographic chatter, discovered 4 ego-less people . . . amanfromMars, Agent Pete 8, Agent Revolver and myself. And all of us came together on The Daily Bell. This group could be much larger, if only more people were to join our "mental headspace." It will happen. The group began as one - amanfromMars, then expanded to 2 - me, then 3 - Agent Pete 8, then 4 - Agent Revolver. We are steganographically vetted by the existing group, and if any one of us were to "go rogue," that person would be reigned back in . . . or eventually ejected.
And thanks for stopping by boards.ie a while back, Ingo. It thoroughly freaked them out: http://www.boards.ie/vbulletin/showpost.php?p=81045612&postcount=66
The main reason I am posting right now, is that the strangest thing has just happened . . .
To put it briefly, I connected what my daughter, Nerfy, posted yesterday: Click to view link
. . . with what dave jr posted here today (01/14/13 01:47 PM) about our ARG MetaPhoria being a "dissociative identity."
That dual definition term: "dissociative," got me thinking about a more finely tuned explanation of our site.
The premise of our site is help facilitate a better life for the 7 billion of us living here, as well as the infinite number of people not really living here right now, but having a profound effect on 'the living' in subtle ways.
Our site is Fractal.
While searching for an explanation of our site's goal, I found a nice tight clip . . . Agent Pete 8's suggested "hive mind" clip of Loren C Carpenter's 1991 groupthink decision making process: Click to view link
. . . leading me to Benoit Mandelbrot: Click to view link
And since I am half English, half Irish, half Canadian, and half MetaPhorian, you will have to hear the rest someplace else, as I could go on forever and wear out my welcome here!
I still may be in Wormhole 7: Click to view link
Posted by Agent Pete 8 on 01/15/13 12:27 AM
In reply to you, Taxesbyanothername, I did, We should, No rush mate, make the most of your time, dont worry, but be 'open to the opportunities', in the how spaces you see can be filled.
dave jr, that is a very interesting question possibly more appropriately worded:
Humanity is smothered by a cocoon of dissociative identity, trained by sustained abuse.
Click to view link
Some people get used to being abused, I still haven't, even after 48 years.
Wow Agent Weeble sorry dude, missed your recent posts as I was using an 8" screen. Hi!
Re-reading all of it from the beginning now...
Posted by taxesbyanyothername on 01/14/13 11:01 PM
From your earlier post I guessed that you lived way up north on the Coromandel. Perhaps we'll meet someday, though I doubt that it will be anytime soon. Can't leave here while my mom's still around. Also, we have got to stuff that codex back in the box somehow.
Posted by taxesbyanyothername on 01/14/13 10:52 PM
Guess I'm to old for y'all. Can't even count how many times and ways you lost me.
Posted by dave jr on 01/14/13 04:17 PM
Fair enough. thankyou amfm.
Posted by amanfromMars on 01/14/13 03:33 PM
"Is heddinout a cocoon of dissociative identity? Just whundren." ….. Posted by dave jr on 01/14/13 01:47 PM
Probably, whenever necessary, although it is nothing to be unduly worried about unless one be up to no good in fields which are not controlled or controllable with physical force and the thoughts of intellectually bankrupt earthed beings, dave jr.
Posted by dave jr on 01/14/13 01:47 PM
Is heddinout a cocoon of dissociative identity? Just whundren.
Posted by amanfromMars on 01/14/13 01:28 PM
"One of the biggest features of a "Great Deception" is that it is can easily be holed and sunk from any side, under the Light." …. Posted by Agent Pete 8 on 01/14/13 01:53 AM
Talking of a "Great Deception", is this ongoing one imploding nicely and identifying leading lights for the attention of the masses/anonymous lone wolves/abused and ill-used special force characters? …… Click to view link
And to quote the last paragraph of that Matt Taibbi, Rolling Stone article ….. "Other than that, the bailout was a smashing success."
Posted by Agent Pete 8 on 01/14/13 08:17 AM
Also, please consider how a truly, shared mantle of power between All, will eventually see any sub-group, as deficient, divisory, and guilty of missing the wider reach/acceptance needed to sustain such for All.
Yep IT's a bit of a mindbender, but hey, that is exactly what we need to change direction and find All the safer routes?
What really is your 'Brand', peer2peerable peeps, in relation to that Real and Sing-ularous Crowd?
Is anyone here wanting to invest/assist in something worthwhile and meaningful, without a specifically financially-vectored fast-buck return?
Perhaps Free Market Advancement can better be implemented/sustained/protected by a group/process/protocol and the wholer ideas that open shared agreement systems and their mandates bring.
Worded Weightless Way.
Posted by Agent Pete 8 on 01/14/13 07:09 AM
Thanks for that Taxesbyanothername, Milford Bay area is great, and just 25 minutes drive from me. with good snapper fishing too.
What I was about to type before nearly running out of e-juice, was about the notion of money/gold/apples/oranges being the 'best exchange' medium between people, is rather incomplete, when clearly the advantages of working the rest of the universe in to the plan, leaves a better result, eg environment (the real one, not the fake Carbon scam/hallucination.)
This cannot and will not be acheived by a Govt, or any miniscule subset microcosmic Clique, as they lack the Intelligence, skill and posture to see around that many corners.
The term 'Social Capital' hints at this vast, relatively untapped, increasingly-repressed 'shared resource'.
I do fear that term (social capital) may still be misunderstood as commie-speak. Need a better word/term please anyone?
Imagine though, a dual-factored currency, where there is a traditional money 'vector' and social/insert-better-word vector.
Go a step further, a massively multi-timbral post-cartesian space of values, and two-way tappable values.
Sound impossible? Not, fortunately and thanks to IT's ability to remove the temporal and interpersonal sticking points an individual finds when the going gets tough, in a discussion.
I would like to think that this articles' run of comments, shows clearly how the immediacy and pressures of sharing ideas delivers vulnerable humans, with egos and aspirations, to a less than productive place.
Technology and IT's Wizards have the important role now in facilitating a peaceful, lasting serias of confabs about, hmmm anything.
... including economics, or perceptions thereof.
That requires a more open philosophy, having capacity of acceptance of All others views.
The temporal convenience of email, for example, allows for de-fusing the time-pressure to create a better, more considered response.
The DB forums would be much different if it was via the old IRC chat, with everything said by all appearing on screen to immediately push the previous post along. Truly Scary, and past experience suggests - cliquey and repellant.
Remove the temporal immediacy/pressure and get more considered thoughts and words, less conflict.
There is a way, actually at least 7Billion+ ways, to re-draw the entire board game on which we depend so much.
Or do you still believe the meme that most people disagree on most things.
So my 'thing' is less about money-control or non, and more about a lasting platform assisting our interchanges of 'any' shared resources.
New Game: Rock Paper Scissors Aqua
(Hint: Aqua always wins.)
You read it here at the Daily Bell today.
Posted by taxesbyanyothername on 01/14/13 02:22 AM
Pretty cool Pete.
I was considering moving down there, till the food bill. I'll be planting some kiwis in April, the smooth ones, too cold here for the big ones. More partial to the cold lonely than you I guess. Was thinking Milford Bay or thereabouts.
Those cloisters are less shielded all the time. Still Red and Rocky though.
Posted by Agent Pete 8 on 01/14/13 01:53 AM
The problem stems from cloistered, unseen acts and actors operating the shared medium like it all belongs to them.
Remove consent due to 'deception', and it all falls away, fast.
Requirement to prove their wild claims falls back on the scammer.
Yes Kiwis are mostly mellow, but they do know how to stand up against idiots, when they can spot them.
Gold is like poop to me, having been a part of the successful 1980s/90s stand against gold mining in our beautiful Coromandel Peninsula.
'We' drove Barack Mining Pty Aust away from there, 20 million down, a shared success.
Gold/Money not always valued as some DB'ers do, some things are more important, seen over time vs quick buckery.
And our beautiful world-famous beaches are still relatively clean. Kids approved such investiture of non-money recently when we went to Tairua
'Value' is not necessarily a mathematical/financial concept: EG soak up this:
Click to view link
So if it is a shared resource with a gazillion facets to manage/monitor, then it's oversight needs to be shared as wwwidely as possible, between a gazillion 'watchers'.
Then you have a shared success system, with weight of consent to move forwards on most issues. If the system uses massively-shared language as its competetive basis, then it avoids the disease of mind-numbingly mathematical knowledge assymetry that ails most of us now.
One of the biggest features of a "Great Deception" is that it is can easily be holed and sunk from any side, under the Light.
More later - battery nearly flat.