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Dot Com Pho – Trillion Dollar Coin Edition

written by John Chow on January 5, 2013

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Last week at Dot Com Pho OC, Stephen Fung brought the Vancouver rain and forced us indoor. This week, he’s back in Vancouver and weather in Orange County have returned to its normal sunny state. However, when I got to Pho Ba Co, I found that the attendees were inside because the weather outside, while sunny, was “only” 60F. When it comes to weather, the OC is full of wimps!

After forcing everyone outside, we got down the important business of minting a trillion dollar coin to help pay down the US Federal debt. We also talk about what a job is, and Sally goes skiing for the first ever, and mastered it in 30 minutes.

Next week’s Dot Com meetup will be in Las Vegas. See you there!

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{ 12 comments }

Warren Buffet January 5, 2013 at 6:33 pm

Ah, the $1T coin. Probably 99% of the population doesn’t understand how our money system works: mostly (other than currency) we use debt (created of out nothing by banks) as money (a scheme that throughout history usually collapses after about 70 years or so).

This video explains using debt as money: http://www.youtube.com/watch?v=jqvKjsIxT_8

This great video shows what happens when govts print extra money to repay their debts: http://www.youtube.com/watch?v=U4aRuiO1OuQ

Fredrick January 5, 2013 at 10:36 pm

Exactly!

As a result of the fractional reserve banking system, there will never be enough money in the system to pay back the debt with interest.

If, for example, the original amount injected into this type of debt monetary system was 10 trillion dollars, the government has to pay it back with interest. If there is only 10 trillion dollars in the economy, where is the money to pay the interest on top of the principal supposed to come from?

The debt monetary system is perpetual and doomed to fail, just like any ponzi scheme.

It would be cool, though to see a trillion dollar coin. I saw a Canadian million dollar bill on display at the Canadian National Exhibition in Toronto, Ontario. It was just a one off thing for show but it was still a fascinating thing to see.

The

Warren Buffet January 6, 2013 at 5:42 pm

> there will never be enough money in the system to pay back the debt with interest.

Actually, it is possible to repay the debt+interest through the bank’s profits being spent back into the economy. This error is addressed in later versions of the “money as debt” videos.

Steve January 6, 2013 at 11:19 pm

Agreed, but private banks [and their shareholders] funneling their profits back into the economy is a reasonable solution? I’m a skeptic but I’ll have to view the “money as debt” videos first before I can make further educated comments.

In the mean time, I hope the “bubble” does not burst while I try to build my empire from JC’s tips.

Warren Buffet January 10, 2013 at 5:38 am

Agreed, a “possibly sustainable” monetary system does not seem ideal, or even desirable.

Eric January 5, 2013 at 8:47 pm

Trillion dollar coin! Seriously, this is the first that I have ever heard of this one. But I would not put it past US Congress to pull something like this. Though, I really like your idea John why stop at only 1 trillion dollar coin. Let’s go for more…just like our debt!

What do you honestly think about the US federal debt? and where things are heading?

faisal January 6, 2013 at 8:15 am

Another awesome dot com pho, but what about talking about newer gadgets, hopefully next edition will talk about CES

Jason James January 6, 2013 at 1:50 pm

you shouldn’t care about the US govt. debt as long as you live a comfortable life with a slice of the pie for yourself.

Tiffany Dow January 6, 2013 at 5:40 pm

Our country is painfully ridiculous right now in Congress. Need to scrape it all and start over. I’m disgusted with everyone – including the magic coin. LOL!

Sally looks precious skiing, John!

Adam January 6, 2013 at 9:32 pm

Merica, stay amerrican.

Ben Hebert January 7, 2013 at 7:06 am

Looking forward to the meetup and seeing you all in sunny Las Vegas.

Marbella apartments January 7, 2013 at 7:35 am

I’m sit in Marbella – Spain – Europe and here are people from all over Europe and all saw that U.S. Congressmen is a shame for the USA and they think only of themselves and not for the best for the people of today and tomorrow.