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Looking across the vast debt ceiling hellscape today, it appears that Speaker John Boehner will finally, finally get House Republicans to pass his two-tiered debt limit hike by tossing in modest balanced budget amendment to the United States Constitution. Let's just say that that doesn't improve the chances of getting out of this pickle with a bipartisan solution, with only four days remaining. What is to be done, instead? Just have Timmy Geithner mint a trillion dollar coin, obviously.
Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time.
Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
[POST NOTE FROM WJB: In 1999, GASB (Government Accounting Standards Board) changed the policy for showing revenue on the combined financial columns of the CAFR. Prior to 1999, it was required to show all income, investments, & revenue. The change starting in 1999, was now on the combined financial columns of the CAFR, it was required to show all income, investments, & revenue necessary to meet obligations of that local government. A big difference! It is important to get back issues to see what now does not show as of 1999 forward. The notes in the CAFR must be looked at closely for direction to other accounting reports whose revenue is not shown in the report you are examining.]
Now, I mentioned earlier, a Web site to get CAFRs downloaded: it's financenet.gov ... www.financenet.gov... Go to that site, & you'll be able to download some of your Comprehensive Annual Financial Reports. You will also, instead of putting cafr.htm at the end, if you put "reports.htm" you will also get other financial reports available.
Now, the game here has been played, regarding the obfuscation of the wealth, boils down to nondisclosure. The reports are available for viewing. The game was not making those reports not available; the game was "Don't discuss, don't talk, don't mention. If you don't know, you can't take effective action." So, request the report. [Require your local paper or politician to make continuous & open mention of the CAFRs]
Also, the news media, request that they make simple & conspicuous mention. There is no reason whatsoever for them not to do so except confirming their criminal culpability in nondisclosure. Any politician running for office - the governor, the congressmen, the senator, & the dogcatcher - I don't care. Any person running for public office - the sheriff - if he refuses to make simple & conspicuous mention of the Comprehensive Annual Financial Report from the podium, the platform, or in public forum, throw his materials in the garbage can & immediately look to another candidate. If that person running for office refuses to make simple & conspicuous mention of' the Comprehensive Annual Financial Report they are confirming their cooperation with the nondisclosure. They have ... they do not have your interests at heart, they only have their own. They want to become part of the inner circle & perpetuate the game. They're not for your ... they're not for your interests, or your family's or your children's.
Government has been getting into every aspect of taking money. The public's familiar with taxation, taxation is actually turning into a very small portion of government's take. Investment funds are their primary vehicle for revenue generation at this point in time, taxation's secondary. You have to start tracking down these investment funds. The next time you hear, "Well, we're going to have to shut the school down, it's got holes in its roof, we need to raise taxes for a million dollars," or "the police are under funded, we're gonna have to let half of 'em go," pop up with "Oh, by the way, they said they had to shut down the school, well, I see they have $42 million here in the local government investment pool. Why are you not using this?"
Now, Jesse Ventura, when he was mayor of... a... I think it was Menlo [Brooklyn] Park, the city wanted to have a tax increase of $260,000, a small increase, for the school districts. They said they were at a short fall of money. He looked & saw a $48 million investment fund sitting there, listed as idle funds, so he goes, "Here, take it from here". And he was the first person to openly admit as to the difference between the budgetary basis & the liquid investment funds. He was elected governor, & also the first step he did was to target $7 billion in surplus funds for return to the public. Now, legislature, ok, who has their hands very deep in the pockets here, went to block him on the $7 billion & he was only able to free up about $1.8 billion, which equated to about a $800 check for every person living in the state.