“The U.S. Treasury could utilize the very same loophole to coin currency made from glass, ceramics, plastic or tree bark…”
Using a loophole large enough to drive 20,000 tons of platinum through, the Obama Administration’s idea of actually minting a $1 Trillion platinum-backed coin is gaining acceptance, as reported by Mike Flynn of Breitbart.com on Jan. 6, 2013.
Citing that American law in regards to the printing and coining of money only covers paper, gold, silver and other metals, there is no such provision for platinum.
Didn’t Thurston Howell III Do The Same Thing On Gilligan’s Island…?
Theoretically, the U.S. Treasury could utilize the very same loophole to coin currency made from glass, ceramics, plastic or tree bark.
As Flynn correctly points out regarding the solvency of a platinum-based $1,000,000,000,000 coin:
“If one actually wanted to issue a coin back by $1 Trillion worth of platinum, one would need roughly 20,000 tons of the stuff, based on today’s prices.
The total annual US production of platinum is about 3 tons.
That obviously isn’t possible, so the move to ‘mint’ a coin amounts to little more than simply declaring there is an extra trillion or so in the government’s accounts.
It’s an understatement to say such a move could be inflationary.”
Not The First Time…
In Post-WWI Germany, the hyper-inflation was so critical the government printed paper Rentenmarks as high as the 100 Trillion denomination note.
The government’s creation of essentially worthless currency resulted in many Germans using the Rentenmarks to start their cooking fires.
The south African nation of Zimbabwe recently printed one hundred trillion Zimbabwean Dollar (Z$) notes.
That, coupled with a nation inflation rate of 89,700,000,000,000,000,000,000%, a single egg costs upwards of Z$50,000,000,000 (fifty billion).
Keeping Things In Perspective…
The reality of $1,000,000,000,000 would be best described as stacks of $100 bills three feet high, palletized.
The amount of pallets of hundred dollar bills would have to be double stacked and as many stacks as it would need to cover every inch of a standard football field to equal $1 Trillion (seen here).
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