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.
More on Money Now
- Why Americans are buying more TVs
- Did GM just unveil the best sports car ever?
- More bad news for JC Penney
no matter how great the country, no matter how great the ideals, no matter what, anything built by men will crumble, die or fall. Such is the case with the USA.. Greed, sin and worldly materialism has ruined our great nation. We compromised and now its being ruined by liberalism and debauchery.
Invite God back into our nation and into our individual hearts and maybe we still have a chance. With the current homosexuality, liberalism and ungodly behavior, we are in trouble.
Bernie Madof is a convicted thief. What is the difference between him and the government? He only stole a few paltry billion, and he got prosecuted. The government has stolen trillions, and will get off Scot free.
will the political morons learn in time that they are to work for the people, not on them????
why not reduce welfare, do away with the senate and house lifetime salary for 1 term, cancel their golden health care and let them do as they have legislated for the rest of us??? do away with all the foreign aid??? how can they do these things when the 28th amendment states that they cant legislate anything for themselves that doesnt apply to the citizens and cannot legislate anything for the citizens that doesnt pertain to them??? the politicians have already imposed their own socialism... its time to revolt! ! ! ! !
These 'cash it in" schemes always end up hurting us more than helping. This is a short-sighted gimmick to make todays legislators look better by borrowing against our future. Privatization never benefits the people, It puts money in to pockets of the legislators and may get a government out of a small problem, but they always lead to greater disasters, economically, at some future date.
We need to strengthen our government, not weaken it. Padding the wallets of well-connected businessmen never makes the government better. It is a form of theft. Politicians who propose (or worse, vote for!) such schemes should go to jail for public malfeasance at the least, and for RICO conspiracy to commit a crime charges if at all possible.
Vote such bums out of office, they are worse than thieves.
So now we got to start pawning ****.
Great Adminestration.....woo hoo.
This plan could work...
If America operated like an oversexed unemployed drunk college freshman living away from home for the first time.
Copyright © 2014 Microsoft. All rights reserved.
[BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +18.70. The stock market is on track for an upbeat open with futures on the S&P 500 trading just below their best levels of the morning (seven pts above fair value). Futures held slim gains during the early part of the night, but climbed to highs shortly after markets in Europe opened for business. Like U.S. futures, European markets trade near their best levels of the day with earnings in focus. ... More
More Market News
Pipeline owners are making big profits on oil coming from North Dakota's Bakken fields. But a lot of natural gas continues to be flared due to low prices.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'