{"id":13591,"date":"2013-01-04T19:11:14","date_gmt":"2013-01-04T19:11:14","guid":{"rendered":""},"modified":"2013-01-04T19:11:14","modified_gmt":"2013-01-04T19:11:14","slug":"liberals_eye_platinum_coin_strategy","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2013\/01\/04\/liberals_eye_platinum_coin_strategy\/","title":{"rendered":"Liberals Eye Platinum Coin Strategy?"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: Jeff in Maplewood, New Jersey, Open Line Friday. Great to have you here, sir. Hello.<\/p>\n

CALLER: Hi. Mega dittos from the .0005% of callers that get through here.<\/p>\n

RUSH: (laughing) Thank you, sir.<\/p>\n

CALLER: I just want to bring up, you were talking earlier about Ali Velshi talking <\/a>about how the American people finally get the debt and understand the debt.<\/p>\n

RUSH: Isn\u2019t it a beautiful thing, isn\u2019t it a beautiful thing, they finally understand it.<\/p>\n

<\/a><\/p>\n

CALLER: Yeah, and you did a tongue-in-cheek piece on it with the Entertainment Tonight clips and that was very nice, but I want to point out they have nothing on some of our representatives. I cite Mr. Jerrold Nadler of New York who\u2019s a graduate of Columbia, Fordham law school, and they\u2019re proposing that in order to solve our debt problem — actually, the debt limit problem, that we issue trillion-dollar platinum coins and deposit them in the Treasury. I know this sounds like some sort of joke or something —<\/p>\n

RUSH: Wait, wait wit, Jarrold Nadler you\u2019re talking about here?<\/p>\n

CALLER: Well, he\u2019s one of them. But this is actually a real story. In fact, I\u2019ve been on hold for a while now and I was Googling around. It\u2019s actually on the Drudge website now, but it\u2019s been floated around for a while. It was actually proposed by some idiot law professor up at Yale —<\/p>\n

RUSH: A trillion-dollar platinum — but Ali Velshi says that the debt limit doesn\u2019t have anything to do with spending, so why do we need to do anything?<\/p>\n

CALLER: Well, at some point the Treasury does have to write a check, and right now the only way they can do that is the Treasury department has a checking account at the Federal Reserve —<\/p>\n

RUSH: Yeah. (crosstalk)<\/p>\n

CALLER: — the mother of all toasters when they make deposits and stuff, but they —<\/p>\n

RUSH: You get the money from the ChiComs.<\/p>\n

CALLER: Yeah. Well, they basically only get money in two ways: The receipts from tax revenues or when they sell normally bonds and T notes and things like that.<\/p>\n

RUSH: Right, right.<\/p>\n

CALLER: Well, the problem is we can\u2019t issue any more T notes or bonds or whatever until Congress or if Congress —<\/p>\n

RUSH: But we can sell trillion-dollar platinum coins?<\/p>\n

CALLER: I don\u2019t believe it\u2019s legal. I do have a legal background, but I don\u2019t believe it\u2019s legal, but the way it works is there\u2019s a —<\/p>\n

RUSH: Hang on. Hang on. I gotta take a break here and I\u2019m really interested. I know it\u2019s on Drudge. I didn\u2019t click on that link. I haven\u2019t read it so you are going to be informing me and everybody else about this.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Okay, we\u2019re back and I got Jeff here in Maplewood, New Jersey. Jeff, I clicked on the link, and here\u2019s what I got. This is what I see. In a nutshell, there are limits on how much paper money the US can circulate, and there are rules that govern coinage, gold, silver, and copper, but the Treasury has broad discretion when it comes to coins made from platinum. There aren\u2019t very many restrictions there. So, the idea would be that the US Mint would create a bunch of these trillion-dollar platinum coins that Obama would order deposited at the Fed, who would then put the coins in the Treasury so they could pay all their bills to avoid a default. Is that pretty much how you understand it?<\/p>\n

\"original\"CALLER: That\u2019s probably 99% accurate. I would just add one thing. You sort of disappoint me, Rush. I mean, it disappoints me, I thought I was gonna be able to teach the great one something, and here in 30 seconds during a commercial break you were able to get up to speed on that. That\u2019s very impressive. But the one thing I would add is the statute that they\u2019re using there, the whole point of the platinum coins was not that the Treasury could mint any old number of platinum coins for regular use, in other words, walk around with a bunch of platinum coins in your pocket. The idea was that you could mint certain special commemorative coins and things like that, but they never specifically in the statute stated that it was strictly for commemorative purposes. So now some smart alecks have come along and said, “Oh, well, okay, we\u2019ll print up a few trillion-dollar platinum coins.” I don\u2019t know why they stopped at two trillion. Why not go for a full $16 trillion while you\u2019re at it.<\/line><\/p>\n

RUSH: Yeah, just wipe out all the debt.<\/p>\n

CALLER: That\u2019s what I mean.<\/p>\n

RUSH: Print enough coins and say that they\u2019re worth $16 trillion and be done with it.<\/p>\n

CALLER: Yeah, I know, and of course there wouldn\u2019t be $16 trillion worth of platinum in it. There would be like a dollar\u2019s worth of platinum or whatever, and the idea is simply that when they deposit it at the Fed that creates — a little accounting lingo here — but it creates an asset on the Fed side of the books and on the liability side, the Treasury gets a trillion dollars worth of checking account money to play around with to write out checks. The reason I don\u2019t think it\u2019s legal is the part that you mentioned first. By law, the Federal Reserve controls how much coins and currency can be put into circulation, not the Treasury. And this would in effect, if there was a coin put into circulation, which they say they wouldn\u2019t do, it would be bypassing that law. And if, on the other hand, the Fed\u2019s just gonna hold onto it for now until whenever, then it becomes sort of a de facto IOU. It\u2019s basically what they\u2019re issuing now, and only Congress can issue the IOUs, the bonds —<\/p>\n

RUSH: You know whose idea this was?<\/p>\n

<\/p>\n

CALLER: The first I heard it was a law professor up at Yale. They have some wacky law professor —<\/p>\n

RUSH: Yeah, it was our old buddy Jim Pethokoukis at the American Enterprise Institute who heard it from somebody else. Now, he\u2019s a smart guy, Pethokoukis is a smart guy. This is above my pay grade. This all sounds like phony baloney plastic banana, good-time rock ‘n\u2019 roll to me.<\/p>\n

CALLER: It is, a hundred percent. I pointed out the legal thing. Monetarily it\u2019s a disaster because you\u2019re basically increasing the money supply by a trillion or two trillion, however many coins you print up, with no possibility of ever contracting the money supply.<\/p>\n

RUSH: Why would anybody believe these coins are worth a trillion dollars? You know, money\u2019s only worth what people believe it\u2019s worth. You\u2019re looking at —<\/p>\n

CALLER: Well, the theory is that it\u2019s not gonna be in circulation. It\u2019s just gonna be sitting in the —<\/p>\n

RUSH: But as I hear this, none of this is real. This is smoke and mirrors.<\/p>\n

CALLER: It is.<\/p>\n

RUSH: This is not even dealing with the problem.<\/p>\n

CALLER: But the problem is that there are real people out there, our representatives. I\u2019m in New Jersey. I get to hear that idiot Nadler speak periodically, and I shouldn\u2019t say idiot, trying to be kinder, gentler to some of our people. The people that don\u2019t quite understand economics, and I hear Mr. Nadler speak periodically, and he\u2019s behind this, he\u2019s talking about it. There are people, as I said, I\u2019ve heard law professors say, “Oh, this is a great idea.” And trust me, a lot of lawyers don\u2019t understand economics.<\/p>\n

RUSH: Yeah, well, let me tell you, there\u2019s another law professor at Georgetown who\u2019s suggesting that the fix for American politics is to give up on the Constitution.<\/p>\n

CALLER: Yeah, yeah, I read that.<\/p>\n

RUSH: Let me tell you something. We got enough lawyers gumming up enough of the works as it is without them getting involved in this stuff.<\/p>\n

CALLER: I know.<\/p>\n

RUSH: But, I mean, this is absurd. We just don\u2019t have the money to be spending the way we are. That\u2019s all it boils down to. And everything that tries to patch that is — unless you come up with the money, you haven\u2019t fixed the problem.<\/p>\n

<\/a><\/p>\n

CALLER: Well, yeah, this is totally phony. And that\u2019s what\u2019s so sad. That\u2019s why I called. I first heard it hit national prominence yesterday on the Neil Cavuto show. Prior to that I just figured, oh, it\u2019s a bunch of wacky law professors, you know, floating this idea. You know, just one of those things to keep \u2019em busy. But there are serious people talking about this, and it\u2019s economic idiocy. It\u2019s legal idiocy —<\/p>\n

RUSH: It doesn\u2019t impress me. There\u2019s serious people talking about a lot of stuff and they\u2019re dead wrong. The fact that they\u2019re serious doesn\u2019t impress me. It scares me, actually.<\/p>\n

CALLER: Yeah, well, it scares me because click on one of those links and if you go to the Huffington Post or something and click on what people comment, they\u2019ll say, “Oh, that sounds like a good idea to get around what the Republicans are doing.”<\/p>\n

RUSH: Oh, the hell with that. Why don\u2019t we just use Bitcoin, to hell with printing up a whole new platinum coin here. Just use Bitcoin, which is the currency on the Internet.<\/p>\n

CALLER: Yeah, why go to the trouble of having to get platinum? Why don\u2019t we just use, I don\u2019t know, bubble gum coins or whatever.<\/p>\n

RUSH: I don\u2019t know. Anyway, look, I appreciate the call. I enjoy discussing this esoteric stuff that just illustrates above all else how baseless all these fixes are. And that\u2019s really what they do. We\u2019re $16 trillion in debt. We\u2019re heading in another four years for 20, minimum, $20 trillion dollars in debt, and nobody\u2019s doing anything about it. We\u2019re just coming up with ways to get away with it. We\u2019re trying to kick the can down the road so that people who are alive today will not be when this has to be dealt with. Pure and simple. I appreciate the call. Thanks very much.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Boris in Queens. I\u2019ve got 45 seconds you\u2019ve been holding and I wanted to get to you. Hi.<\/p>\n

CALLER: Thank you so much, Rush. Happy New Year to you and all the listeners of your great show.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: It\u2019s an honor to be on your program.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: I\u2019m calling about the $16.5 trillion debt. There are only two ways to address the deficit. One is to have the GDP grow at an average rate of five or higher, 5% or higher for the next 20 years, which is virtually impossible under the current socialistic administration. The other one is to inflate the hell out of dollar about 50%, and then you effectively have $8 trillion worth of debt, not 16. They\u2019re already preparing the American public. There\u2019s a CIA report circulated that Chinese are gonna try to attack the US dollar, that the attack is imminent. Obama wanted to go over the cliff. That would help him to blame the Republicans, not Chinese, but that\u2019s what they\u2019re doing.<\/p>\n

RUSH: Well, he\u2019s right. We can\u2019t grow at 5% for 20 years, but we can inflate to get rid of some of this debt. That\u2019s gonna be the biggest tax increase low-information voters (laughing) have ever seen if that happens. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Jeff in Maplewood, New Jersey, Open Line Friday. Great to have you here, sir. Hello. CALLER: Hi. Mega dittos from the .0005% of callers that get through here. RUSH: (laughing) Thank you, sir. 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