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A "Trillion Dollar Coin Act of 2011"?


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A "Trillion Dollar Coin Act of 2011"?

A Congressional Deadlock Breaking Proposal that Will Benefit NEARLY EVERYONE!

To solve our "national debt problems", I suggest we use an idea mentioned in Ellen Hodgson Brown's book "Web of Debt" (2010 version). Our Congress could pass a "Trillion Dollar Coin Act of 2011" whereby, as specifically authorized in the US Constitution, Congress could authorize the US Treasury Department to mint "trillion dollar coins" (it doesn't matter what they are made of) without incurring any debt. Those "trillion dollar coins" could then be deposited in the Social Security Trust Fund account and other "Government securities" accounts to be used to pay off our Federal-Reserve-created "national debt" without incurring any further debt in the process. This would not contribute to inflation, because most of those "securities" are already being traded in various markets as if they were "cash." If anything, paying off those securities would contract the US dollar money supply, but further interest-free "trillion dollar coins" could be "minted" (possibly just electronically) to balance that out by using them to finance infrastructure projects throughout the US. In the meantime, our budget deficit would be reduced by no longer having to pay interest on those "national debt" securities once they have been paid off.

Personally, I think that a "Trillion Dollar Coin Act" has an attractive political ring to it, especially considering that those "coins" could be used to help lower our taxes.

In her book "Web of Debt", Ellen Brown effectively debunks Wall-Street-bank-inspired claims that government issued interest-free "money created out of thin air" (as opposed to Federal Reserve issued debt-based "money created out of thin air") would lead to "hyperinflation." In any case, given that the rate of increase in the interest we are paying (each year) on our Federal-Reserve-created "national debt" has now reached a "45-degree upwards slant-point" on the exponential curve of the annual interest payments on our compound-interest-sucking "national debt", it has now become clear that our nation's Federal Reserve System debt-based monetary system WILL bankrupt the United States within the next twenty years (even if we implemented all of the socially draconian/business-friendly recommendations of President Obama's "Deficit Commission")!

Christopher C. Currie, Pascoag, RI 401-568-8266 curriec@onesalt.com


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Last modified on Monday, March 21, 2011