And not just any random bunch of dumb-ass Republicans. This is your National Republican Congressional Committee (NRCC), the arm of the GOP that’s in charge of getting more Republicans elected to the House.
Every time I think it’s not possible for them to be any dumber, they prove me wrong.
:walks off, shaking head:
Yeah, that amount of platinum might be enough to tip Guam over.
Actually, if my math is correct, Titanic could have carried that much platinum. At current prices of about $1600 an ounce, if my math is right (and it might not be) $1 trillion worth of platinum weighs about 20,000 tons. Titanic could probably have carried 20,000 tons of cargo, if you loaded it right and cleared all the other shit out.
Of course if you just dropped a 20,000 rock of platinum on a big boat you’d cause a disaster, but you could sink a ship with something a lot smaller than that if it was in the wrong place so who cares?
I don’t think I’ve ever seen an internet photo so full of wrong.
“Liberals want…” Wait, really? Is this actually a common call among liberals? The “mint a trillion dollar coin” idea is one I’ve heard before, but it’s pretty fringe, isn’t it? I would imagine most people have never heard of it, or if they have don’t recall it or don’t take it seriously. Paul Krugman likes it (kind of, he’s not super serious about it) but Krugman is not God and his avid fan following doesn’t even represent a majority of liberals.
“…to pay for his spending.” This is not technically the point of the idea even among people who take the idea seriously. The idea is to prevent the debt ceiling crisis from happening again.
“The amount of platinum…” Of course, you do not need a trillion dollars’ worth of platinum to mint a coin. Shit, you don’t even need the coin to be made out of platinum.
“…sink the Titanic.” As I have pointed out above, a ship the size of RMS Titanic could in fact have carried $1 trillion worth of platinum, if loaded correctly.
I won’t even count as errors the fact that you cannot sink a ship that has already sunk, or that the Titanic is pictured sinking during the day and from the bow.
This is why I never use large bills. Trying to haul around the 100 dollars worth of paper that the 100 dollar bill is printed on just sounds too inconvenient.
It was pretty fringy a couple months ago, but it’s gotten pretty mainstream in the lefty blogosphere lately. (Not that it has universal support even there - cf. Kevin Drum - but it’s got a lot of support there.)
No, to pay for *the spending legislated by Congress. * As someone else said in the past day or so, Obama can’t deposit a $1 trillion coin at the Fed and use it to pay for $1 trillion worth of high-speed rail lines, because Congress hasn’t authorized that spending. That’s not how the U.S. system of government works.
Note: My math is a bit different and I’m not sure if the guy was using short (2000) or long (2240) tons. Nevertheless, to get a high enough intrinsic value, one would essentially such up the world supply and then some.
Ever try spending a $1 trillion coin? First the clerk looks at you funny and calls over his supervisor. Then they point out the sign that says “only $20 in change in the register.” It’s not like I was trying to run the guy out of ones. I specifically asked for billion dollar coins as change. I had even added a pack of gum that I didn’t need to my purchase just so I wouldn’t be wasting the guy’s time!
It’s nothing but a big hassle, I tell you.
Wait, aside from nearly every word of the linked item being incorrect, we’re supposed to make decisions on economic policy based on the Internet equivalent of a bumper sticker? That certainly makes things easier, eh?
Of course its stupid. Having to resort to such legalistic flim-flam is stupid. Having no choice but to resort to such to prevent a small coterie of rabid ducks from using blackmail to get their way is beyond stupid.
The Republican threat to sabotage our credit in the world is so stupid, not many people believe they will actually go through with it, that its a threat for leverage. Trouble is, they are standing on the ledge threatening to jump, and we are there too, and handcuffed to them. So if this stupid ploy will obviate that threat, I say goody gum-drops.
It’s a cartoon. I don’t see why literary license can’t be assumed here. They’re trying to make a point about the magnitude of what some idiots are proposing.
The reporters on NPR’s NewsHour gave the same info last night when they did their blurb on this. Might as well open a pit thread about them, too.
Lighten up, Francis. 
Turns out you do need to make it out of platinum. The whole platinum coin thing is based on a section of the US Code that says that executive branch has complete discretion to mint solid platinum coins. Other types of coins need legislative approval. The intent was apparently to allow for the creation and sale of novelty coins for collectors, but that is not specified in the legislation.
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I’m a liberal, and I’m for minting one $1 trillion dollar coin for every one trillion dollars of debt run up during a Republican Administration featuring the face of the President who presided over the running up of debt.
What do the physical dimensions of $1 trillion worth of platinum have to do with the magnitude of what the Republicans are proposing?
If they actually suggested that a $1 trillion platinum coin would have to contain $1 trillion worth of platinum, I hereby add them to this Pitting.
And I extend this Pitting anyone of note who gives more time and attention to ridiculing the idea of a $1 trillion platinum coin, than to explaining the potential consequences of refusing to increase the debt limit.
Yeah, a trillion-dollar platinum coin sounds like a joke, but if one can avert a full-blown disaster by doing something totally absurd, then doing something totally absurd is the order of the day, wouldn’t you say? If I could magically make this GOP-manufactured debt ceiling crisis magically go away by walking the length of Pennsylvania Avenue at noon tomorrow wearing nothing but clown make-up, I’d do it in a heartbeat.
Are we absolutely sure this wouldn’t work? What if we all wore clown make-up on top of Boehner masks?
Seems worth a shot to me.
If it doesn’t work, let’s threaten to knock over the Washington Monument unless the GOP raises the debt ceiling.
I’d want at least one chance in ten that it would work! 
I’ve got to wonder if some Wall Street bankers have taken positions that will profit them immensely if the U.S. defaults on it’s obligations, and it’s credit rating is trashed. That would make the Republican threat quite real.
Is it a foregone conclusion that the Federal Reserve would credit the coin to the Government’s account balance? I assume there’s a law somewhere that says the Federal Reserve must accept currency created by the Treasury in this way–but is that assumption correct?
We were this close to a scheme that would save us, but now we’re all eating Kibbles and Bits because some smart-ass on the SDMB had to open his big, fat mouth!
thinks for a few hours
RTFirefly, my first friend, I am sorry to report that our odds are only one chance in seven.
I would dearly love to see the coin on display in the Smithsonian someday, centerpiecing the “Yes, That Domed Building on the Hill Really Is Run by Fucking Morons” wing.