NOBEL PRIZE WINNER PAUL KRUGMAN: Obama Must Be Ready To Mint The Trillion Dollar Platinum Coin

TBI ^ | 1-7-2013 | Joe Weisenthal

[blam]

NOBEL PRIZE WINNER PAUL KRUGMAN: Obama Must Be Ready To Mint The Trillion Dollar Platinum Coin

Joe Weisenthal
January 7, 2013

The movement to mint a trillion dollar platinum coin gets its biggest backer yet: Paul Krugman.

In a new post up titled Be Ready To Mint The Coin he writes:

It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin.

As for whose face goes on it, he says it's obvious:

This still leaves the question of whose face goes on the coin — but that’s easy: John Boehner. Because without him and his colleagues, this wouldn’t be necessary.

[MCF]

Like I said before; they need to make the coin out of Fool’s Gold, it would be more appropriate.

[SampleMan]

Krugman is dumber than a bag of rocks.

If they mint one such coin, it won’t be long before they are coining them faster than arcade tokens.

Will a soda machine take a trillion dollar coin? Answer: It will in the near future.

[mountainlion]

We are having enough problems getting rare earth metals so taking them out of the industrial use. No more catalytic converters on cars would mean no more new cars. Oil production would cease because of the same catalysts. Who knows what else unintended consequences would happen?

[Cringing Negativism Network]

Unbelievable.

I am amazed people are even discussing this foolishness.

Buy American. Now.

[Sgt_Schultze]

Article 1
Section 8

The Congress shall have Power . . . To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

Clearly this power is not in the president's hands.

[CrazyIvan]

Why can’t we genetically modify unicorns to crap these on demand?

[Da Coyote]

A Nobel prize in a subject other than the sciences is a complete joke.

Examples: Obama - peace, Krugram - economics.

QED.

[chrisser]

Does anyone understand how this coin is supposed to work?

It reminds me of the Underpangs Gnomes in South Park:

Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profit

ie:
Phase 1: Make big platinum coin
Phase 2: ?
Phase 3: Solvency

[chrisser]

Does anyone understand how this coin is supposed to work?

It reminds me of the Underpants Gnomes in South Park:

Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profit

ie:
Phase 1: Make big platinum coin
Phase 2: ?
Phase 3: Solvency

[apillar]

I guess Krugman hasn't heard that the great “platinum coin” scam to bypass the congress on the debt ceiling has been debunked. Because even though the president can authorize a new currency, the law says the design of such currency has to be approved by congress before it can be minted, therefore Obama could never legally mint or issue the “platinum coin” without congressional approval.

[Buckeye McFrog]

Obama is already on record as saying he will not do this, nor will he exercise any extraordinary powers under the Constitution.

Apparently he is fully confident that he can roll Boehner and the Pubbies on this one.

[PJammers]

What do you mean it won’t work. Why just look at Zimbabwe for a perfect example of how to print your way out of debt....wait....what?

[Wyoming Cowboy]

He’s not a Nobel Prize winner. He got the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel which is awarded by the Swedish Central Bank in Nobel’s honor but doesn’t have anything more with the actual Nobel prizes to do than that the winner gets to sit at the same table as the actual Nobel winners. Also, economic “sciences” is about as scientific as astrology, and Krugman in particular is at the bottom of the barrel among those in that mumbo-jumbo field.

My point is, he’s an idiot and nobody should care what he says, unless they’re looking to be entertained at his expense.

[no-to-illegals]

Illusions work best when not recognized as an illusion.

[Joe 6-pack]

"A Nobel prize in a subject other than the sciences is a complete joke."

There was a time when the Nobel Prize for Literature meant something, but that committee squandered its credibility long ago.

[sickoflibs]

The debt limit really isnt the issue anyway, congress passes the spending and the tax increases and cuts.

So passing those with deficits means that money has to be borrowed, the House has to pass all those bills just like they passed tax cut extensions less than a week ago with some pork added, for them to happen (sure maybe at gun-point in some caes) ..

Here’s the question :

Why does holding off of allowing borrowing for spending already passed into law make more sense than just refusing to pass the spending and letting O and Reid shutdown the government if they want by ignoring the House spending bills because it doesnt have what they demand in it?

I think the problem is congressional Rs dont want to cut spending NOW, they want to cut entitlements ~ 10 years in the future, so they take credit for deficit reduction while a future congress gets the blame for the future cuts in benefits.

And I hope Republicans dont actually demand the automatic spending cuts get repealed, they already delayed them as part of the tax deal.

[allendale]

If such a “coin” were actually minted, American currency would immediately be devalued. The “coin” of course would not reflect any production of real wealth which is the basis for the value of a political entities currency. If Obama actually tried to use the “coin” to pay debts say to the Chinese, it would be a cause for war. Paul Krugman is a dangerous man. He is the guiding force behind Obama’s economic policies. It would seem appropriate that given his defacto role, he release his medical records and disclose what psychiatric drugs he has been prescribed.

[reefdiver]

We all will use them to buy bread

[Orbiting_Rosie's_Head]