Liberals Eye Platinum Coin Strategy?
Okay, we’re back and I got Jeff here in Maplewood, New Jersey. Jeff, I clicked on the link, and here’s what I got. This is what I see. In a nutshell, there are limits on how much paper money the US can circulate, and there are rules that govern coinage, gold, silver, and copper, but the Treasury has broad discretion when it comes to coins made from platinum. There aren’t very many restrictions there. So, the idea would be that the US Mint would create a bunch of these trillion-dollar platinum coins that Obama would order deposited at the Fed, who would then put the coins in the Treasury so they could pay all their bills to avoid a default. Is that pretty much how you understand it?
CALLER: That’s probably 99% accurate. I would just add one thing. You sort of disappoint me, Rush. I mean, it disappoints me, I thought I was gonna be able to teach the great one something, and here in 30 seconds during a commercial break you were able to get up to speed on that. That’s very impressive. But the one thing I would add is the statute that they’re using there, the whole point of the platinum coins was not that the Treasury could mint any old number of platinum coins for regular use, in other words, walk around with a bunch of platinum coins in your pocket. The idea was that you could mint certain special commemorative coins and things like that, but they never specifically in the statute stated that it was strictly for commemorative purposes. So now some smart alecks have come along and said, “Oh, well, okay, we’ll print up a few trillion-dollar platinum coins.” I don’t know why they stopped at two trillion. Why not go for a full $16 trillion while you’re at it.