{"id":5958,"date":"2015-02-24T06:50:05","date_gmt":"2015-02-24T11:50:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5958"},"modified":"2015-02-24T06:50:05","modified_gmt":"2015-02-24T11:50:05","slug":"forget-the-1-trillion-platinum-coin-heres-the-10-trillion-stone-coin","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5958","title":{"rendered":"Forget The $1 Trillion Platinum Coin–Here’s the $10 Trillion Stone Coin"},"content":{"rendered":"

Forget The $1 Trillion Platinum Coin–Here’s the $10 Trillion Stone Coin<\/b><\/a><\/span><\/i><\/h3>\n

The point I’m making with the $10 trillion stone coin is that if money is a social contrivance, then it should be distributed to those creating goods and services.<\/i><\/p>\n

You’ve probably heard of the\u00a0$1 trillion platinum coin<\/a>\u00a0proposal:<\/b>\u00a0the basic idea is the U.S. Mint issues a $1 trillion platinum coin, and returns the difference between the cost of minting the coin (trivial) and the face value attributed to the coin ($1 trillion) to the United States Treasury General Fund.<\/p>\n

This difference is known asseigniorage<\/i>. The federal government could then spend the $1 trillion without having to borrow the money by selling Treasury bonds–the usual mechanism for funding federal deficit spending.<\/p>\n

The idea was originally proposed as a way of avoiding more federal borrowing:<\/b>\u00a0rather than borrow another $1 trillion to fund federal spending, the Treasury would be handed $1 trillion\u00a0in freshly created cash<\/i>\u00a0as seigniorage proceeds from the $1 trillion coin.<\/p>\n

Is the idea legal? Some scholars say yes, others are doubtful.<\/p>\n

The point of the $1 trillion platinum coin is to create money out of nothing and do so outside the Federal Reserve<\/b>, which creates money out of nothing but balances that debit by buying Treasury bonds, which are booked as an asset.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Forget The $1 Trillion Platinum Coin–Here’s the $10 Trillion Stone Coin The point I’m making with the $10 trillion stone coin is that if money is a social contrivance, then it should be distributed to those creating goods and services. You’ve probably heard of the\u00a0$1 trillion platinum coin\u00a0proposal:\u00a0the basic idea is the U.S. Mint issues […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[303,305,536,3731,538,843,3564,2202],"class_list":["post-5958","post","type-post","status-publish","format-standard","hentry","category-economics","tag-fed","tag-federal-reserve","tag-money","tag-money-creation","tag-money-printing","tag-us-government","tag-us-mint","tag-us-treasury"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5958"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5958\/revisions"}],"predecessor-version":[{"id":5959,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5958\/revisions\/5959"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}