“A bullion coin would in fact require $1 trillion worth of platinum, according to Luther”
Nonsense. A US $100 note costs .14 cents to produce and does not have $100 worth of anything in it.
A $1 trillion dollar coin could be made out of copper, zinc, pot metal, or it could even just be printed as a $1t note.
There is no legal requirement whatsoever for US currency to be backed by anything more than faith.
Krugman was right and Luther is an ass.
he was specifically referencing a platinum bullion coin. The tweet is hyperlinked. Krugman wants a “platinum” coin. If you were reading correctly you have noticed that.
““mint a platinum coin with a face value of $1 trillion.”
“A US $100 note...does not have $100 worth of anything in it.”
Exactly! Just like $100 bills from the Confederate States of America, Zimbabwe, and many other currencies printed into oblivion.
A $100 note is made with $350 worth of debt.
Luther is an ass for making an argument? I didn’t see anything insulting or disrespectful about anything Luther said. It was Jon Stewart that was making the jokes. All Luther did was quote a passage from the Constitution. He could be wrong. Krugman could be wrong. None of the bills or coins used as a medium of exchange are issued by the federal government. They are Federal Reserve notes. The Federal Reserve is a bank. US currency is backed by the credit of that bank.