Seems like the treasury can mint coins whenever it wants? https://www.law.cornell.edu/uscode/text/31/5111 …
-
-
Replying to @ManishEarth
"As needed to meet the needs of the united states" isn't the same as "whenever it wants". It means at the discretion of congress, to fund itself, or to replace coins taken out of circulation. If you look at section 5112 there's a special provision for commemorative coins
1 reply 0 retweets 1 like -
Replying to @sgrif @ManishEarth
You can also reverse this logic -- if they could just mint any coins whenever they want they wouldn't have looked at using the trillion dollar commemorative coin loophole to work around the debt ceiling
1 reply 0 retweets 0 likes -
Replying to @sgrif
well, it's "in amounts the secretary decides are necessary" I read 5112, it doesn't seem like (k) provides additional discretion over the general one given by 5111 (a)?
2 replies 0 retweets 0 likes -
Replying to @ManishEarth @sgrif
my impression was that it would just cost too much to do this with "normal coins"
1 reply 0 retweets 0 likes -
Replying to @ManishEarth @sgrif
but icbw, i'm not a lawyer, could be that the practical effect is that 5111(a) means "congress needs to authorize it" but 5112(k) bypasses it
1 reply 0 retweets 0 likes -
Replying to @ManishEarth
That all depends on if you think a judge will side with you on whether your decision actually fits "to meet the needs of the united states"
1 reply 0 retweets 1 like -
Replying to @sgrif
yeah fair. what my reading of that was that 5111(a) applies to everything in 5112, so the needs thing also applies to 5112(k)
1 reply 0 retweets 0 likes -
Replying to @ManishEarth
I think the best way to make the point is to reverse the reasoning here again. If that were true they would just use bills
2 replies 0 retweets 0 likes -
Replying to @sgrif @ManishEarth
The issue here is conflating the treasury with the federal reserve. The treasury in general can't just poof money into existence and dump it in a gov account. The rules for why are slightly different for bills and coins, but the result is that currency goes into circulation
1 reply 0 retweets 0 likes
As opposed to the reserve who can just poof money into existence to provide liquidity for banks... This is all getting far too pedantic honestly. Your original point was correct except for coins being special for the fed. *Commemorative* coins are special for the treasury
-
-
Replying to @sgrif @ManishEarth
because of a loophole that lets them actually poof money into a treasury account
0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.