Let Me Fix That Headline For You

The Simpsons had an episode where Mr. Burns "liberated" a trillion dollar bill from the US government.

That was a time when one could laugh about things like "debt ceiling".

http://www.snpp.com/episodes/5F14

The inmates are running the asylum!!

The stone heads in the photo have more collective intelligence than the current Administration's combined.

How long will it take until vending machines are set up for the "teracoin?" Will it be accompanied with a "terabill?"

What a great idea, I'm going to "create" a work of art worth $200K and give it to my bank and tell them we're all square.

Should be free and clear by the end of next week.

(Snort)

Forever to be known by the catchy name "Krugermarands"'.

It's hard to believe that the Financial Post would allow their site to be used by this crank Joe Wiesenthal, whose sole qualification for writing a " financial " blog seems t be his authorship of a play satirizing the philosophy of Ayn Rand ( submitted to the NY Fringe Festival ).

He is another member of the radical Left who infiltrate institutions under totally false pretenses, in this case, claiming an expertise in economics and finance, while in truth he is simply a Leftist scribbler attempting to hoodwink the public into believing his nonsensical view of the world.

you know you are getting old when;
1. the mother-in-law gives you the clapper for Xmas
2. canada drop the penny, USA mints platinum
3. SDA mimics The Onion
4. Harper does a Martin
5. Russia undercuts the French Socialists
6. CBC Rex outs Al Gore as sellout

They should be made to mint a million $1 million dollar coins just to illustrate the absurdity.

What Kate?
Headstones are a great '90s band.
Ideological stuff annoys me.

Favorite song is "teeth and tissue"

What I think of that Island?

Darwin was correct.

dwright

It's hard to believe that the Financial Post would allow their site to be used by this crank Joe Wiesenthal

So far, Mr. Weisenthal has used the phrase "What You Need to Know" more than 1200 times in headlines and subheads. He uses crutch phrases constantly in headlines, like "Sorry, but..." and "Here's What Really Happened." His articles frequently contradict each other - like when he said that the stock market tanked one day because everyone was watching the World Cup, and then a couple of days later he said the market tanked because the World Cup was over.

If Mr. Weisenthal tells you where to invest,
Please take your money/stock, put it in a glass jar, and stick it under a tree root in your fish pond.

I think it's a great idea.

Mint the coin, with 'bama's image on it and call it The Dickhead.

A true testament to monumental cowardice and stupidity.

That should be the Chimp in Chief's image on the front, Jamie MacMaster, and "Weepy's" on the back.

But did you notice that Congress has to approve the image on the coin for it to be legal? However, with "Weepy" still in charge, I'm sure that won't be a problem. As I have said before, the Grand Old Party is nothing more than the opposite end of the same steaming turd that is the Democrat party. Civil war is the ONLY way this mess can possibly be set right.

Talking about the mint's constitutional duty to circulate hard face value currency is pointles in a world ruled by skanks like Geithner and his magic printing press. There is so much opportunity for hiding inflation with a printing press - hard currency leaves a trail.

If we ever did go back to the gold/platinum standard, the firt coin should depict the treasury chaiman dogging a consumer.

A more apt analogy would be to those Micronesian large round stones, Rai stones, used as currency. Some weigh up to 4 tons.

Darkmatter is right on this one. He's best known for how many times he contradicts himself. Most ridiculous of all in his article is this gem:

"But what’s sillier is a rich nation having a debate on whether it will pay what it owes"

What's silliest of all is assuming that the current US administration has any intention of ever paying back any slightest part of what it owes. What Joey doesn't understand is that the ability of the US to accumulate debt is not infinite. At some point, the REAL fiscal cliff happens when creditors will not buy US debt at any price. It's happened to every empire in the world in the past, and it will happen to the US as well if they don't get their spending under control.

The idea is not even original. He plagiarized it from Paul Krugman's blog:

http://krugman.blogs.nytimes.com/2013/01/02/debt-in-a-time-of-zero/

cgh

Nice, man.

dwright

math is hard

that fool's head is soft, couldn't even finish the BS article

Obama was right when he talked about "fundamental change" before his first term. That appears to be on more than one level. First. he is turning the US into a socialist state. Second, he is overseeing the financial ruin of the US.

Btw Kate, that was a great comment in the Financial Post.

I just saw a segment on Sun News that talked about the one trillion dollar coin. Apparently, according to some economist, it would be legal to mint this coin that would not be put in circulation, but would not solve the problem of too much debt.

...and Krugman fancies himself as Hari Seldon.

http://www.guardian.co.uk/books/2012/dec/04/paul-krugman-asimov-economics

LET IT BURN

Looks like a shelf of Obama statuettes . . . And about as useful.

You mean "Stoned" Heads doncha?

Stopping spending might help the US economy. Something Barry doesn't get.

But, of course, that's the plan.

What's in your wallet? Not a trillion dollar coin because it would weigh about 40 million pounds.

But instead of minting 1 to avert the debt ceiling, why not 16 to pay off the debt or eighty-twelve of them for future spending.

It is my scholarly contention that liberal political scientists should be lined up and shot on general principles.

With the obvious exception of guys like Captain Capitalism, I am thinking we should reload and do the economists too. If this is truly getting serious consideration from the Obutthole Administration (and it probably is) - Americans are right to be stocking up on food, supplies and ammo.

Big Bad Jim-

yep.

dwright

one trillion coin, sixteen trillion coin it really doen't matter. the end result is the same as printing or digitally producing a trillion dollars. there is no production of real wealth to back it.

After being a life-long conservative of the Libertarian variety to some extent, I have recently had an epiphany. It struck me the night of the last presidential election.

I no longer believe that the right has a clue nor any balls. So .... I have decided to adopt some leftist thinking so that I don't feel so bad about the state of affairs in the Western World and specifically in the USA.

It goes like this .....

I have my jelly donut and any government austerity will suck some of that fine jelly out of it .... so ... let's keep this debt thingy going until I am gone (sometime in the next 20 years ... I am getting old) and then, someone else's grandkids can pay for it.

I, smartly, didn't bother to have kids, so no grand kids either. My wife and I are DINKS and life is good. We worked hard and saved a lot of dough over the years, by ... guess what? ..... Staying out of debt and living below our means.

We have been fortunate enough to have been born and lived during the most prosperous, modern, comfortable. free and wondrous time in human history. We will l leave what is left to the local SPCA. I would rather help dogs and cats than the less-motivated, self-impoverished, humans who vote liberal for free stuff.

Thank you, thank you very much.

It's really very simple. By minting this supposed trillion dollar coin, and pushing it as a magical solution to all of our financial problems, they can inflated away the dollar to their hearts content.

Essentially, this allows them to confiscate the savings of every individual and business in America. But since they're not CALLING it confiscations, and most people aren't educated well enough to understand it, politicians and the media will fawn over the idea.

It reminds me of an article I read way back during the 2008 election - sadly I can't remember where. A journalist objected to someone labeling Obama as a socialist. When confronted with the facts (what socialists believe, and what Obama was proposing), the objection was that, essentially, calling him a socialist was 'mean'.

We're doomed.

What is holding the USA afloat is the current low interest rates. One person I saw on Fox opined that if interest rates went up 1% point, the interest on the debt would completely crush the US economy. If it were to rise say 4%, the US would be bankrupt forever. The idea that the government of the US can continue to spend and spend and spend is delusional at best. barry has to know that he is teetering on the edge but just doesn't seem to care. Why else would he spend $3.6 M on a return flight to Washington just for the fiscal cliff deal. And that fiscal cliff thing is just a drop in the bucket compared to what will happen when interest rates start to rise.

what a joke... a stamp on a piece of metal is worth a hundred billion times my labour for a year.

But at least they're not spending it!

Katrina and the South Central LA riots we’re a microscopic look on what's coming down the pipe.

Did you really think you could fill your nation with drug infested, uneducated, entitlement ghettos’ then endlessly borrow money to keep them safely locked away on the federal plantations or in private prisons FOREVER?

The biggest solace is that justice will be served on those closest to their own Frankenstein creations first.

Stunning lack of understanding on the part of the author.

It's all about debt/equity ratios. Printing coins of any currency and putting them down as security with the fed is putting the assets and other guarantees that the US has behind honouring that coin should it ever need to be redeemed. It is in essence an IOU from the US govt. if the govt issues too many ious relative to its assets/equity, lenders to any one wishing to get debt based on US currency (and thus the guarantee of the US to pay on demand) will have to pay a higher interest rate. Of the US does to much coin issuing then the interest rate goes sky high - iow hyper-inflation - something that hurts the poor far more than those of wealth.

Just seriously discussing the idea of printing trillion dollar coins hurts the US credit score. And I have little doubt that it will be discussed by this administration.

Absolutely it should feature Obama's mug, and not just any mug. You know that one of him in profile, where he's cocked his chin up and glancing down at the rabble under his feet? The one where he's channeling Mussolini? There is no more appropriate image for this coin.

Posted by: cgh replied to comment from dwright on January 5, 2013 1:36 PM | Reply

Accusing me of being Cappy Cap (Captain Capitalism )
is not an insult.

He is my age, give or take a few years. I call it a few stiff drinks .

He likes martinis, I like Whiskey, 50/50 neat. potatoe, potato.

we got canadian tire "money"!!!

dwright, and that's not a criticism. There's a great deal to be said for the strategy of not maximizing income but getting only what you need and saying nuts to paying government taxes. Martinis and whisky, eh? Me, it's gin-tonics on a smokin' hot day.

puddin n pie: that Canadian Tire money may end up being worth more than the US dollar as long as CT continues to honour it.

There is, of course, no need to comment on this platinum coin solution except to confirm that it comes from Joker Krugman not this joker.

But, there's no shortage of whacky financial ideas out there.
Why, just an hour or so ago, I read a piece at The Prudent Bear (sent to me) which included this howler:

The issuance of new debt is balanced by purchases, so, you see, there's no risk of inflation.. Paraphrased but accurately.

Needless to say, I re-read the sentence 2-3 times to assure myself that my reading comprehension hadn't fallen off a cliff.

"The best way to destroy the capitalist system is to debauch the currency." Vladimir Ilyich Lenin as attributed by John Maynard Keynes. I expect the Obamunists will mint several.

Cgh >

“There's a great deal to be said for the strategy of not maximizing income but getting only what you need....”

You’ve made some spot-on comments on this thread.

I used to see that philosophy or strategy as “nuts” when I was younger, but can actually appreciate it now.

I’ve spent the bulk of my adult life working overseas with advantages such as foreign tax credits to help along. I am just now in the process of repatriating this year back full time into the Canadian workforce and have had to turn down several otherwise lucrative offers due to taxation and other infringements (like moving house to higher provincial taxes) verses rewards.

I’m currently settling on a 4th offer in as many months, for a lower industry position with far less responsibilities and liabilities than I had before, also LESS taxation, more time off, along with very good pay and benefits for the efforts that I will be required to produce.

I’m not feeding Canada’s pot smoking welfare class, or China’s & India’s space programs any more than I’m forced too. It’s time to kick back and ride on what I need now, which isn’t much at all anymore, piss on the rest.

cgh

Don't mind a gin-tonic myself.

Good gin is expensive here in Christie's BC though.

"Carbon taxes" and such.

dwright

Zimbabwe the future awaits you.
When govt taxes a thing, its cause they want less of that action.
Thats why canada has such high taxes on productive people.
Every spring, Stats Can proudly states, productivity in canada has fallen yet again.

“There's a great deal to be said for the strategy of not maximizing income but getting only what you need....”

I'm self employed and have been doing that for years. I can't tell the govt how to spend tax money, but I can make damn sure they don't get much of mine. Besides, time is more valuable than money. Spending more time with your kids is a lot better than buying them more 'stuff'.

Knight (sigh) I too used to laugh at the notion of "wage slaves". Being much older now, it's now blindingly obvious how true that concept is. I used to be in the whole business of maximizing my professional income. Now I work for myself, run my own business, doing just enough to live comfortably. What's the point of more when we have the so-called progressive income tax? I'd rather be out on the golf course. And Ontario has just about the most "progressive" tax in the country. Thanks in large part to McGuinty's "Health Care Surtax", which of course is nothing of the kind. It is dumped straight into general revenue to overly enrich the salaries of useless teachers.

I could go on, but what's the point? You know the whole dreary list at least as well as I do.

dwright, just think of how much more expensive things like good gin will get when the Dippers win the next BC election.

MND, that quote is priceless. It's another sure and certain sign that a significant part of the so-called social science called economics has gone terminally insane. Riddle me this; if the social sciences (economics, politics, psychology and sociology) had never been invented, would the world be any different?

cgh

2013 Is the year I move to Sask.

Might offer Kate a drink. (In a nice way)

She seems like a nice Lady.

In a hooked up, non single kind of way. :0)

dwright

Or they could just dig ditches and fill them in again.

Their hero Keynes thought that would work.

cgh

BTW Parasites always exist.

Do we have the force of will to stop them?

Time will tell...

dwright