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Author Topic: If the USA can't raise the debt ceiling in time what will happen to the price?  (Read 1151 times)
TiagoTiago
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July 31, 2011, 05:04:02 PM
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What do you expect will happen to the price of BTC if the USA can't raise the debt ceiling in time?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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Andris
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July 31, 2011, 05:10:04 PM
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Not much.

The 14th amendment does specify that debts must be paid. This means Social Security and debt servicing such as interest. Word is bond-holders have already been made aware by the Obama administration to pursue this route if necessary.

Sucks for potentially everything else in the US budget, sure, which won't be good for the economy. But the government is still good for its debt.
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July 31, 2011, 05:19:23 PM
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Also, Title 31, sec. 5112, paragraph (k) of the U.S. code explicitly authorizes the Treasury department to issue as much money in the form of platinum coins as it wishes, at its discretion.  So, in a pinch, Geithner could always just stamp out a few platinum coins marked "ONE TRILLION DOLLARS" each, and make the debt problem go away.

(Source: http://www.law.cornell.edu/uscode/31/5112.html; some discussion at http://www.alternet.org/news/151718/there%27s_a_solution_to_the_debt_fight_that_could_avert_catastrophe_--_why_is_everyone_ignoring_it/)

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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July 31, 2011, 05:32:57 PM
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Also, Title 31, sec. 5112, paragraph (k) of the U.S. code explicitly authorizes the Treasury department to issue as much money in the form of platinum coins as it wishes, at its discretion.  So, in a pinch, Geithner could always just stamp out a few platinum coins marked "ONE TRILLION DOLLARS" each, and make the debt problem go away.

Lol it's funny cause it's true.
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July 31, 2011, 08:05:41 PM
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Also, Title 31, sec. 5112, paragraph (k) of the U.S. code explicitly authorizes the Treasury department to issue as much money in the form of platinum coins as it wishes, at its discretion.  So, in a pinch, Geithner could always just stamp out a few platinum coins marked "ONE TRILLION DOLLARS" each, and make the debt problem go away.

(Source: http://www.law.cornell.edu/uscode/31/5112.html; some discussion at http://www.alternet.org/news/151718/there%27s_a_solution_to_the_debt_fight_that_could_avert_catastrophe_--_why_is_everyone_ignoring_it/)

How is that not a default?
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July 31, 2011, 08:15:25 PM
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Also, Title 31, sec. 5112, paragraph (k) of the U.S. code explicitly authorizes the Treasury department to issue as much money in the form of platinum coins as it wishes, at its discretion.  So, in a pinch, Geithner could always just stamp out a few platinum coins marked "ONE TRILLION DOLLARS" each, and make the debt problem go away.

(Source: http://www.law.cornell.edu/uscode/31/5112.html; some discussion at http://www.alternet.org/news/151718/there%27s_a_solution_to_the_debt_fight_that_could_avert_catastrophe_--_why_is_everyone_ignoring_it/)

How is that not a default?

Only because the debt would have, legally, been paid.

Of course, those receiving the trillion-dollar platinum coins would probably be a little upset.

Or they might just deposit them, flooding the USD market, and life would go on, albeit with a new surge of inflation.

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July 31, 2011, 08:53:18 PM
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Only because the debt would have, legally, been paid.

Of course, those receiving the trillion-dollar platinum coins would probably be a little upset.

Or they might just deposit them, flooding the USD market, and life would go on, albeit with a new surge of inflation.

Only two coins would be minted, and they'd largely be symbolic - i.e. you can't steal them. It's only inflationary if the currency they pay for enters common repeated circulation, which simply isn't happening at this point.
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August 03, 2011, 01:40:30 AM
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Also, Title 31, sec. 5112, paragraph (k) of the U.S. code explicitly authorizes the Treasury department to issue as much money in the form of platinum coins as it wishes, at its discretion.  So, in a pinch, Geithner could always just stamp out a few platinum coins marked "ONE TRILLION DOLLARS" each, and make the debt problem go away.

(Source: http://www.law.cornell.edu/uscode/31/5112.html; some discussion at http://www.alternet.org/news/151718/there%27s_a_solution_to_the_debt_fight_that_could_avert_catastrophe_--_why_is_everyone_ignoring_it/)

How is that not a default?

Only because the debt would have, legally, been paid.

Of course, those receiving the trillion-dollar platinum coins would probably be a little upset.

Or they might just deposit them, flooding the USD market, and life would go on, albeit with a new surge of inflation.


Yes... I assumed that if this happened, they'd have been deposited in the U.S. Treasury's account at the Fed...

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

Donations accepted at:  17twYNyqTiCTM2gJmumkytvhZh4sCVSKNH
Viking
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August 06, 2011, 10:33:50 AM
 #9

Only because the debt would have, legally, been paid.

Of course, those receiving the trillion-dollar platinum coins would probably be a little upset.

Or they might just deposit them, flooding the USD market, and life would go on, albeit with a new surge of inflation.

Only two coins would be minted, and they'd largely be symbolic - i.e. you can't steal them. It's only inflationary if the currency they pay for enters common repeated circulation, which simply isn't happening at this point.

As much as I think the Fed system is a screwup, this is false. The money are already in the economy, they entered when they was borrowed.

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