Very important political things in the news today
17. Hugo Chavez… LOL
openourminds-deactivated2013022 asked: trillion dollar coin: pay banks back: reinstate sovereign monetary system; banks stop loaning to state, state loans to banks now. problem beginning to be solved.
I don’t think THE Coin is to become a loaning agent from State to Bank. It’s the opposite, actually. THE Coin becomes an asset which we (The Federal Government) will use to leverage with the Bank (The Federal Reserve) so that the Bank will loan us more money so that we can continue to spend.
This is the exact opposite of what we should be doing. In fact, not only are we now creating money out of thin air, we would also start creating assets out of thin air.
You see, if THE Coin isn’t actually made of a trillion dollars in platinum, it is just a fiat currency, but we aren’t using it as such. instead, we are using it as collateral or leverage to obtain another fiat currency, US Dollars, from the Federal Reserve.
Anyway, I haven’t yet looked into THE Coin with much detail because I’ve been dismissive of both the idea and the possibility that our government is that stupid or irresponsible. Minting THE Coin would be a public admittance that our currency and our system are completely arbitrary and our money is valueless and our system is imaginary.
Maybe I should look into the idea more because you never know just how crazy politicians are, but as far as I’ve read, we’d mint THE Coin and send it to the Fed as a deposit for more federal liquidity.
I may be completely wrong on this but as far as I know, that’s how it would work out.
Barack Obama using veterans and elderly as political pawns to strong arm the GOP into raising the debt ceiling, which I predicted four days ago:
Uh…no. That’s not “strong-arming”. That’s “telling the truth”. Obama doesn’t have the ability to control Social Security, medicare, etc.; fact of the matter is, they would be delayed in accordance with the inability of the federal government to be able to reap funds without a debt-ceiling increase. It would happen regardless of who was President at the time. It happens independently of the President.
President Barack Obama’s blanket statement Monday that “Social Security checks and veterans benefits will be delayed” if Congress doesn’t raise the debt limit masked the options open to the government if it is forced to operate in a severe fiscal pinch. There are many, although none pleasant. If Washington can’t keep borrowing to ensure all its bills are paid, it will need to decide which expenses to cover and which might have to slide until a deal comes together.
It’s possible, but not preordained, that Social Security recipients, veterans and beneficiaries of other cherished programs would take a hit. The administration has choices in how to spread the pain.
Highlighting a threat to the most popular products of the government is a time-honored Washington tactic for turning up the heat on the other side to negotiate and settle
Who actually gives a shit about the National Debt?
Why, especially, do any libertarians care?
I say, lower all taxes to zero, and raise the debt limit to infinity. Let the US government borrow as much as it is able, as long as it is able, to fund its craziness.
That’s pretty much what it does already. Who gives a shit about a “balanced congressional budget”, tho? I say, spend spend spend spend. If The country goes broke, good. If the country manages to stay afloat on nothing but borrowing, well then we all get free shit so that’s good too.
Since money doesn’t exist and it’s just value-through-perception, this is somewhat possible as long as all the countries of the world are willing to keep up the illusion.
Then again, what happens when all that money floods through the system and inflation kicks in, worldwide?