The Congressional spenders and the President are thieves. They pass laws to take our money in the form of a progressive income tax and redistribute it to people who don’t lift a finger to earn it. They print money to dilute the value of our investment accounts. They implement debt-ridden programs in order to buy votes.
The latest scheme to get around what’s left of the idea that there is such a thing as “sound fiscal policy” is a proposal to mint trillion-dollar coins. Should Congress fail to extend the U.S. debt limit for the umpteenth time, the president could ask the Treasury to begin minting trillion dollar coins.
Like so much our government does, it’s a form of monetary sleight of hand. Here’s what is being seriously proposed:
While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint, melt, and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills.
That last line made me laugh: “until the time comes to pay the bills.”
Read more at Godfather Politics. By Gary DeMar.
Photo credit: NedraI (Creative Commons)