Whoever sent me the anon ask with the Kardashians reference, I’ll answer you in private but I don’t want to post the answer to that ask in public.
If you don’t care, that’s cool too.
I’m drunk, bored and it’s between Tuesday and Wednesday. Ask me about liberty, anarchy, business, science, or general life advice.
openourminds-deactivated2013022 asked: i'm sorry. you know everything. even the potential outcomes of anything. but you're right; there is no want to end the grasp on the fed from the outside. if there is, they can send us whirling down depression like the did post JFK... duh.. hence obama not passing the trillion dollar coin. had he, your fear of leveraging the FED more would have been far from reality for if that were true it would be a lot less opposed. if THE coin did so: it would have passed under obama. but he doesn'thave balls
I never said I know everything.
But I do know that creating a fiat asset out of thin air in order to use it as leverage to borrow more of a fiat currency from a private bank is no way of ending the stronghold of that bank.
It’s the equivalent of needing more money from your bank so you forge a paper that says you own China and taking that to the bank as an asset to secure a loan against. You don’t actually own China, just like THE Coin wouldn’t actually have a trillion dollars worth of assets behind it. If the US Government actually had a trillion dollars worth of assets, they would just use them and not have to mint a stupid coin in the first place.
The entire reason we need to mint THE Coin is because we are going to hit the debt ceiling and the House might not allow the Federal Gov’t to borrow anymore money so since it can’t borrow anymore, it will just invent it’s own money, because it has the power to still mint certain forms of currency like a platinum coin, and then it will send that coin to the Federal Reserve as a deposit so that it can write out checks.
I don’t understand why this much is hard to understand and where you’re getting the ridiculous idea that minting THE Coin would be the start of ending the Fed. It would not be. Not in any way, shape or form. We would use THE Coin as a deposit with the Federal Reserve bank.
Here’s the grim reality: We (The Federal Gov’t) have already spent money. We are now being invoiced for our expenditures. The problem is that we are flush out of cash. We need to borrow more to pay for what we’ve already consumed. The problem is that the House, the arm of government that must approve all spending, won’t let us use the credit card anymore (borrowing) by not increasing the debt ceiling. So we have one of two choices, find another way to pay for these items or default on the debt. So Obama can, in theory, ask the Treasury, who he personally appoints the director of, to help him out and go around the House and the legislation.
This is like going to a restaurant with your wife, ordering all sorts of things you aren’t going to eat and then when the check comes, you have no cash in your pocket to pay for it. In fact, you have no money at all, your bank accounts all read zero and you don’t even have a single red cent in your couch cushions. So, you now have to ask your wife, who has all the family credit cards, to hand one over, but even these are maxed out because you’ve been spending like crazy. So you ask her to call and ask for a higher spending limit and she says ‘no way’.
But you have to pay for the dinner some how, right? And you’re running out of options. So you ask your son to help you out, and he will, because you pay his allowance and he’s on your side. So your son fabricates a deed for an item you don’t actually own and uses it to borrow money from the bank and gives it to you to pay for dinner.
Well, that’s exactly where this country is right now. We already ordered and ate our dinner but we haven’t paid for it yet and we probably can’t unless we either have our wives get another credit card or invent another fiat asset.
So, in short, no, the trillion dollar coin is a stupid idea but so is a debt ceiling when dealing with a fiat currency and so is dealing with a fiat currency when you have zero fiscal responsibility or recourse.
In other words, the whole system is bullshit and the possibility of THE Coin being a real thing proves it.
openourminds-deactivated2013022 asked: LOL. no the coin doesn't have to be a trillion dollars. just like the FED loaning $ doesn't have to be backed by any standard. just a few keyboard crunches. the coin would be issued to PAY THE BANKS BACK with money we create out of thin aoir just as they do. it's playing their game back at them. we pay our debt back, issue a real SOVEREIGN MONETARY SYSTEM and the banks don't twist our arm like after JFK did the same. a trillion dollar coin with real value? LOL. you're too into the head space.
You’re right, the coin doesn’t have to contain a trillion dollars worth of platinum (or even be backed by a trillion dollars worth of platinum or anything for that matter). But, you would essentially be creating another fiat currency if it wasn’t backed by anything.
I also think you’re very confused by who wants and benefits from the Federal Reserve and a fiat currency system with valuation based solely on confidence. The Federal Government does not want to end the relationship with the Federal Reserve. The Reserve helps debt disappear and gives the government endless money to spend while the government lets the Federal Reserve leech off profits via the taxation arm of the government all while the government protects the value of that currency through the military arm of the state.
So, no, THE Coin isn’t trying to End the Fed, it’s giving it more power. We aren’t trying to “pay our debt back” with THE Coin, we are trying to borrow even more money by using THE Coin as leverage to obtain more Federal Reserve notes.
GO ON ANON AND ASK ME THE MOST AWKWARD QUESTION YOU CAN THINK OF. IF I CAN’T PUBLISH IT, YOU WIN.
I got hundreds of followers but zero asks. Why?
What would you rather have?
Safety through enslavement or the dangers of liberty?
It’s TMI Tuesday. You could literally be asking me anything. And you’re just staring at your dash.
Well, what the hell. Never done this before.
Speak up, people.
Anonymous asked: Sup Coach, I'm the guy who sent you a message last time asking about my ECON paper. Again, do you have any example social science papers that I could follow? I saw your post with the MEME and decided not to respond, but it looks like I still need your help. The goal of the paper is to show that I understand the technical models (AD/AS/Loanable Funds/Planned Investments/etc.) using macroeconomic domestic and/or international issues in the past 6 months.
I’m not sure what, exactly, you’re looking for (what you’re asking for is pretty broad is that’s why it’s an entire class and not a blog post).
How much time do you have? Read Economics in One Lesson and Human Action.