Most interesting idea that is being floated in the US regarding the minting of a Trillion Dollar coin. The US Constitution gives authority to the federal treasury to mint coins and values and, theoretically, the minting of Trillion dollar coin would pay of the country's debt.
The only problem is whether the Federal Reserve would accept it. However, this would set up a showdown between the government and the Federal Reserve on who controls the government, currency and money supply. If they did not accept it, the US would have no choice but to establish a national bank thereby basically abolishing the Fed.
In many quarters, many argue that although it is constitionally legal and valid, given the inter-related nature of commerce and business such a move would de-stabilize confidence in the US dollar.
Ellen Brown disagrees (and did when Obama floated and researched idea) and argues that it is an idea whose time has come!
The current economic crisis cannot be solved with the thinking that created it. There is simply not enough money in the system to fund the services we desperately need, pay down the debt, and keep taxes affordable. The money supply has shrunk by $4 trillion since 2008, according to the Fed’s own website. The only solution is to add more money to the real, producing economy; And that means some congressionally-mandated entity needs to create it, either the Fed or the Treasury.
The Fed has declined. In flatly rejecting the Treasury’s legal tender, the Fed as representative of the banks is asserting itself as outranking the elected representatives of the people. If the Fed won’t acknowledge the coins created by the government, perhaps the government needs to charter a publicly-owned bank that will.
We have a chance today to end the charade of big money gridlock politics, as well as the reign of the big banks. We have the power to choose prosperity over austerity. But to do it, we must first restore the power to create money to the people.
The only problem is whether the Federal Reserve would accept it. However, this would set up a showdown between the government and the Federal Reserve on who controls the government, currency and money supply. If they did not accept it, the US would have no choice but to establish a national bank thereby basically abolishing the Fed.
In many quarters, many argue that although it is constitionally legal and valid, given the inter-related nature of commerce and business such a move would de-stabilize confidence in the US dollar.
Ellen Brown disagrees (and did when Obama floated and researched idea) and argues that it is an idea whose time has come!
The current economic crisis cannot be solved with the thinking that created it. There is simply not enough money in the system to fund the services we desperately need, pay down the debt, and keep taxes affordable. The money supply has shrunk by $4 trillion since 2008, according to the Fed’s own website. The only solution is to add more money to the real, producing economy; And that means some congressionally-mandated entity needs to create it, either the Fed or the Treasury.
The Fed has declined. In flatly rejecting the Treasury’s legal tender, the Fed as representative of the banks is asserting itself as outranking the elected representatives of the people. If the Fed won’t acknowledge the coins created by the government, perhaps the government needs to charter a publicly-owned bank that will.
We have a chance today to end the charade of big money gridlock politics, as well as the reign of the big banks. We have the power to choose prosperity over austerity. But to do it, we must first restore the power to create money to the people.
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