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Robert thanks so much all right moving on we picked up on an interesting idea to solve the debt crisis here it is have the government mid two platinum coins.
And assign a value of the trillion dollars to deposit those -- directly in the Federal Reserve -- well.
Like magic we are two trillion dollars further away from hitting the debt ceiling and under current op.
This -- perfectly legal our money our panel is back to discuss economist Peter breezy Fox News contributor Jonathan Hoenig from capitalist -- dot com.
And shepherds and chief economist with can't can't macro advisors.
What do you think I mean this is a serious idea that's out there being floated around.
On the and that the Peterson Institute -- -- -- folks out there saying.
It there's not as obviously economically problem about it what do you think literally go up.
-- surprised there's a lot that's problematic it's equivalent of printing money.
Essentially it's it that's all -- is basically make calling you hated that it Federal Reserve and it turns around and puts a trillion dollars in your bank account which you start spending.
It's a way around the debt ceiling problematic as you basically gives Barack Obama the right to print money to spend as much.
Makes but there is one catch married his one point they make it's that it's not we're not printing it to spend money we Barney spent this money I mean it's gone.
But know we're just sort of like -- control -- amassing probably gonna find you can make three trillion dollar comes -- you know which is why won't happen also.
The reason when I was politics because if they do this and and get away from the debt ceiling thing -- -- -- Republicans often look at you know from Obama's perspective.
Letting -- letting a deal not happen and -- over the cliff all the polls show the Republicans got blamed for about why you wanna avoid that.
John I think there's some obvious inflationary problems at best somebody following us on Twitter says he'll need it to buy a loaf of bread singer -- -- -- yeah.
Well I mean average.
This is a one ounce platinum -- and you know you can put any value on it that you want but it actually has a real value that is 16100 dollars an -- Mean honestly most of the think that this plan works.
I either have to be an achievement gains or maybe believe in the Tooth -- -- delusional on its face any reality exists it can't speak on -- is the panels pointed out they have explicitly inflationary.
You need to one point two billion of these -- actual platinum coins to make two trillion dollars in wealth if you can't.
Happened you what do you grab and we did a little map and if you're trying to do it the real what you would -- 78 million pounds of -- -- been -- to get this done.
What -- 78 million pounds let's take a look.
From 7800 African elephants or 151600.
Ford F 150 pick -- also we -- -- 312 million a quarter batters with -- those were also.
They would also all add up to about the same way but we're really saying is obviously that's.
Wait it it's -- do you mean it's like dollars that that's the real ideas you have to point out there -- you say boom you know we're -- this.
It's kind I think the point I don't from an intellectual point of view is that it's not that different.
From all the other hijinks that there were polling right now and I mean thousand weak print money.
We were putting out dead I mean you have the treasury putting out dead by you know of Federal Reserve bite back and forth I -- we're doing so many tricks and gimmicks anyway.
What -- -- what we're doing in this in that at this.
The question of enormous scale and of course it would -- political maneuver as well it wouldn't be an economic out policies objectively a political stunt which -- why sucking up -- it's a great idea my -- my hat off to the guys -- discover that -- -- legal but it's just not gonna.
I think it what do you think we do it just go along with me -- I think it's even more delusional listening to I don't know that I'd I'd -- dollar bill is just a piece of paper with the right ironic this actually has a value at sixteen dollars announced she can't just say well now it's a truly amounts actually -- I mean it is completely delusional and of course the base is the very notion of what money is an inflationary directs the economy in the process Peter -- delusional.
But so everything else we're doing right now I think that's my point.
I mean well -- ocean of the debt ceiling and raising an -- -- say you know spending our children's money off everything we're doing is insane right now.
I agree with that it's a way around the debt ceiling problem is that a printing bonds you create this calling see you don't have to get the debt ceiling raised.
I think that -- ceiling is the one last point of restraint that we have in this just that about it because this stuff like this but.
But the members of the public monopoly token and -- the coin has will be at checkers piece of -- are you know I got irritating you today apparently right.
OK guys we don't get out thanks to all of you you are fantastic you'll have to come back in the air power panel like at.