Friday, January 4, 2013

The Platinum Option

It is time we restore the rightful motto of America and dump the Cold war version cooked up by Billy Graham Evangelistic Association.
In the Federal Reserve I do not trust.

In general, the Treasury Department is not allowed to just print money if it feels like it. It must defer to the privately owned Federal Reserve's control of the money supply. But there is an exception: Platinum coins may be struck with whatever specifications the Treasury secretary sees fit, including denomination.

According to 31 USC § 5112 - Denominations, specifications, and design of coins section, K:
The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

Instead of taking a chainsaw to Social Security and Medicare President Obama could direct the Treasury to start issuing Trillion Dollar Platinum coins to pay the Federal Reserve. In fact there really isn't any good reason we couldn't just pay off the entire debt this way over say the course of 4 or 5 years. So claim this would be inflationary, however these same people sure didn't seem to mind when the Federal Reserve lent out $19 Trillion at virtually zero interest to the same Wall Street crook that wrecked the US and World economies.

Bottom Line

By issuing these Trillion Dollar Platinum coins we would put an end to this debt ceiling hostage taking and wipe out the 4th biggest expense we have, interest on the national debt.


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