New budget fix: Pawn Mount Rushmore?
Hey, the country has been talking about minting a massive platinum coin. Could selling a giant granite tourist trap be any more ludicrous?
According to a petition filed with the White House, the government should pawn the mountain to the Federal Reserve if the Treasury Department can't pay the interest on the federal debt.
"Now that #MintTheCoin is dead," reads the petition, referring to the movement to mint the trillion-dollar coin, "our best option is clearly to sell Mount Rushmore to the Fed, and buy it back later once our cash flow problem is solved."
How much is Mount Rushmore worth? The entire project, which began in 1927, took 14 years and cost just $1 million. The sculpture was a transparent play for tourism money, and it worked: About 3 million people visit each year.
All six of South Dakota's national parks, of which Rushmore is the largest, contributed $168 million in economic benefit in 2010, according to the National Park Service. In fact, Jay Leno joked last year that Mount Rushmore is the only thing to see in South Dakota. Here's the text of a fake narrated commercial that ran on the "Tonight Show," according to the Rapid City Journal:
"Spend a week in South Dakota. On Monday, see Mount Rushmore. On Tuesday, see Mount Rushmore again. On Wednesday, visit the gift shop at Mount Rushmore. And on Thursday, relive your first experience, at Mount Rushmore."Clearly, Mount Rushmore is priceless to South Dakota. And perhaps the federal government could get a pretty penny for selling it to the Federal Reserve.
The proposal is obviously going nowhere. Only seven signatures had been collected by the petition Monday night, and 25,000 are needed by Feb. 13.
But the idea has been embraced in social media, with the #PawnTheMountain hashtag gaining steam in some circles on Twitter. The idea may have come from Jordan Weissman, a business writer for The Atlantic who suggested it on Twitter as a way to avoid default. An associate editor at The Atlantic, Matthew O'Brien, wrote Monday that the Treasury could really sell anything valuable enough to the Fed with the agreement to buy it back later. O'Brien may have started the White House petition, in fact.
"This kind of repurchase (repo) agreement would give the Treasury cash flow if it's running so low that it can't pay the interest on our debt," O'Brien wrote.
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This is the dumbest idea ever. We already allow forein nationals to purchase property. Few nations allow this. We have sold so much of our realestate to foreign owned companies and indivuals that it would be suprising if a majority of lands were not already owned by foreigners. Get with it America!
Let's sell Cape Canaveral to the Chinese. Who cares if we put a remote controled car on Mars.
Would save millions. The Chinese would then have to buy their parts off us, and create jobs.
Let's sell the National Arts buiding and all the art in it. Have you see the junk we're paying millions for?
Let's do away with the Bureau of Indian affairs. They are all born Americans. They don't need to be subsidized. Let's do away with all subsidies. Let's do away with al the Navy boats other than submarines and aircraft carriers... maybe a few destroyers to protect the carriers. The rest aren't needed. Let's nationalize all land not owned by American Citizens. Merge the Marines into the Navy, the Army and Air force. Would save millions. Everyone would have to have the same basic training as the Marines...
Now, with the above done, we've just solved the national debt. Simple stuff this goverment.
You can sell it, Native Americians still have a penting claim for the land.
Let's sell congress and the people in it. The building is only a cost to Americans. The people inside do nothing to serve Americans. If we sold the Capital Building, the over spending might stop, and by all means, make it a one way deal. Who ever bought the Capital building has to take the Senators and Representatives there to their country. That way we would have to pay their enormous retirement benefits. If we sold Mt. Rushmore, it's just a rock, but if we sold the Capital building, we would cut at least a half a trillion dollars in pork spending a year. Look at the Sandy Hurrican fund. There is $400 million dollars in pork waiting to be passed with the bill. Get behind me now. Sell the capital building but who ever buys it, has to take the congressmen out of the country with them.
Fixing goverment is easy. It's a positive intelligent decision followed by action.
Keep Rushmore American
If anything sell "Debt Bonds" to American citizens. Similiar to WAR Bonds the Debt Bonds would pay interest to U.S. citizens and not foreign governments. Their purpose would be to pay off the national debt. Of course a provision would have to be a law, (barring a national emergency) that forces the U.S. Government to live within its means
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
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