The Treasury prints the design. The Senate will never pass it. Seven Democratic votes stand between Trump's face and your wallet, and those votes do not exist.
Too bad trumps felony convictions didn't allow for "it's never going to happen" when it came to his running for office again. Never, in the future, should anyone with a felony conviction be allowed to run for the office of president or vice president, nor be allowed to stand as Speaker of the House.
At the White House Thursday monetary policy experts confirmed that President Trump is 83.3 times phonier than a 3 dollar bill. The government printing office will provide the proof.
And therein lies the rub. Will the Mango Mussolini destroy the 250 year old democracy we are supposed to be celebrating in order to appease his own childish ego.
He's never felt that laws apply to him so why should this one be any different?
I do know this: I, personally, will never TOUCH that bill if it is created and we will be rejecting at our store as "funny money."
Once again, thanks for explaining this topic so well. I'm so relieved that you think his fucking face will never get on our currency. Although, I might buy one of him behind bars on a bill, just for a souvenir!! Lol.
The only thing, if ever approved, his face should be on is a copper penny!! That would be totally ironic, and the fact is, he's not even worth one single red cent. Plus, Lincoln is on the penny, someone with honor. Trump doesn't have even a teeny tiny bit of honor in one of his bone spurs. Lol. OMG!! I've gotten so mean this past, what, year and a half now!! Not my usual nature. So everyone please forgive me, I just cannot hold in his absurdity anymore. I will not stand in silence.
Skipping the idiocy about putting Trump's face on anything, the idea of a $250 or $500 bill is actually good economics for the US (a coin would be even better) but bad for law enforcement -- let me explain. When the US Bureau of Engraving and Printing creates any paper currency this immediately goes onto the balance sheet of Federal Reserve as a liability of the US government, which has to issue bonds to cover the debt. However, large denomination bills primarily circulate overseas in economies where cash is still king (ie Asia, Africa, South America). High denomination bills also have a much longer life span than $5s and $1s, since they are not casually stuffed in someone's pocket or wallet. These bills circulate for decades and most of them are effectively an export, which rarely come home to be repaid. They are, however, a boon to money laundering schemes, drug and human trafficking rings, and any other criminal enterprise that needs to move cash from place to place. A better choice would be to create a $500 or $1000 coin. Coins are created by the US Mint and directly issued by the Treasury. They don't enter US government accounts as a debt, but as an asset through the magic of seigniorage. What is that? Profit from creating money is called seigniorage. Historically, kings and governments earned revenue by minting coins from metal worth less than the coin's official value. The term comes from the French word seigneur ("lord"), because the ruler enjoyed the profit. Here's an example. Suppose the Mint makes a Quarter coin. The metal and manufacturing cost are perhaps 15 cents each but the face value is 25 cents. The Treasury records the difference as profit or seigniorage of10 cents. This is why Trump decided to stop making the Penny. The government was losing 4 cents on each one. What the Treasury ought to do is issue a bunch of $250 and $500 coins with 90% silver. Even with the jump in the price of silver, the seigniorage would be considerable -- the government would make money and criminals would be less likely to tote around a clinking bag of $500 coins.
Thanks Mitch. Most commentary this week centers on the "outrageousness" of the proposal. True to form, you give us the fact-anchored analysis. I enjoy your writing.
As a pragmatic addendum let me ask, who in the world would be willing to ACCEPT this bill? On the occasions that I use cash at a store, $100 and $50 bills garner close scrutiny, and often enough even $20's get a swipe with the magic pen. What merchant is going to be comfortable that its cashiers can judge the validity of a large, unfamiliar bill? Accepting a $250 bill for a twenty dollar bottle of wine seems pretty risky. Even Mobsters will inspect every greenback in the suitcase.
Too bad trumps felony convictions didn't allow for "it's never going to happen" when it came to his running for office again. Never, in the future, should anyone with a felony conviction be allowed to run for the office of president or vice president, nor be allowed to stand as Speaker of the House.
At the White House Thursday monetary policy experts confirmed that President Trump is 83.3 times phonier than a 3 dollar bill. The government printing office will provide the proof.
The only reason we could possibly have for a $250 note is to pay for groceries.
"No, not lawfully."
And therein lies the rub. Will the Mango Mussolini destroy the 250 year old democracy we are supposed to be celebrating in order to appease his own childish ego.
He's never felt that laws apply to him so why should this one be any different?
I do know this: I, personally, will never TOUCH that bill if it is created and we will be rejecting at our store as "funny money."
Monopoly game money would be worth more!!! Lol.
😊♥️ Judy
Where are you? I'll shop at your store!
Dear Mitch,
Once again, thanks for explaining this topic so well. I'm so relieved that you think his fucking face will never get on our currency. Although, I might buy one of him behind bars on a bill, just for a souvenir!! Lol.
The only thing, if ever approved, his face should be on is a copper penny!! That would be totally ironic, and the fact is, he's not even worth one single red cent. Plus, Lincoln is on the penny, someone with honor. Trump doesn't have even a teeny tiny bit of honor in one of his bone spurs. Lol. OMG!! I've gotten so mean this past, what, year and a half now!! Not my usual nature. So everyone please forgive me, I just cannot hold in his absurdity anymore. I will not stand in silence.
😊♥️🐾🌿🌎🔆💦
Skipping the idiocy about putting Trump's face on anything, the idea of a $250 or $500 bill is actually good economics for the US (a coin would be even better) but bad for law enforcement -- let me explain. When the US Bureau of Engraving and Printing creates any paper currency this immediately goes onto the balance sheet of Federal Reserve as a liability of the US government, which has to issue bonds to cover the debt. However, large denomination bills primarily circulate overseas in economies where cash is still king (ie Asia, Africa, South America). High denomination bills also have a much longer life span than $5s and $1s, since they are not casually stuffed in someone's pocket or wallet. These bills circulate for decades and most of them are effectively an export, which rarely come home to be repaid. They are, however, a boon to money laundering schemes, drug and human trafficking rings, and any other criminal enterprise that needs to move cash from place to place. A better choice would be to create a $500 or $1000 coin. Coins are created by the US Mint and directly issued by the Treasury. They don't enter US government accounts as a debt, but as an asset through the magic of seigniorage. What is that? Profit from creating money is called seigniorage. Historically, kings and governments earned revenue by minting coins from metal worth less than the coin's official value. The term comes from the French word seigneur ("lord"), because the ruler enjoyed the profit. Here's an example. Suppose the Mint makes a Quarter coin. The metal and manufacturing cost are perhaps 15 cents each but the face value is 25 cents. The Treasury records the difference as profit or seigniorage of10 cents. This is why Trump decided to stop making the Penny. The government was losing 4 cents on each one. What the Treasury ought to do is issue a bunch of $250 and $500 coins with 90% silver. Even with the jump in the price of silver, the seigniorage would be considerable -- the government would make money and criminals would be less likely to tote around a clinking bag of $500 coins.
Math is so cool!
Thanks Mitch. Most commentary this week centers on the "outrageousness" of the proposal. True to form, you give us the fact-anchored analysis. I enjoy your writing.
As a pragmatic addendum let me ask, who in the world would be willing to ACCEPT this bill? On the occasions that I use cash at a store, $100 and $50 bills garner close scrutiny, and often enough even $20's get a swipe with the magic pen. What merchant is going to be comfortable that its cashiers can judge the validity of a large, unfamiliar bill? Accepting a $250 bill for a twenty dollar bottle of wine seems pretty risky. Even Mobsters will inspect every greenback in the suitcase.
Another crisis du jour to add to our angst.