Posted on 01/07/2013 6:33:46 AM PST by 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.
(Excerpt) Read more at businessinsider.com ...
I have the same question as you. They can make all the coins and money they want. But when they mint money, they give it to someone who needs it as a symbol of value. For example, a bank, who then gives it to a customer who then uses it to buy an iPhone. Government doesn’t get an asset until the people who use those dollars pay taxes to the government. So how does creating the coin out of thin air create an asset that the government can use on its books? It seems to me it creates a debt, not an asset. But what do I know?
We shouldn’t use the T-Coin to collateralize more debt.
We should simply send Krugman to China with it and have him tell the Chinese, “Here, this will pay off a trillion of our debt today. We’ll mint some more and bring them over as needed for you to put in YOUR treasury and pay off additional debt.”
After Krugman’s body is returned, I’m sure we can always find another Democratic volunteer to carry out additional payments.
Please explain to me how the government is going to get procure $1T worth of precious metals without raising the debt by $1T? The economics do now work out.
They aren't talking about using $1T of material for a $1T coin. They are talking about using maybe $170 dollars to make a $1T coin. The rest would be seignorage.
You are right - of course it does not work out. The proposal is to simply ignore the national debt. My contention is that if the government can simply wipe out the debt, why do we have to pay any taxes at all?
The coin proposal is a smokescreen on the part of the left. There is no reality here.
Either budgets mean something or not. Call them on it. Make a mockery of it.
Please sign and let others know about the petition!
One other article talked about a 40 ton coin that had to be moved by a semi. These idiots have no qualifications to rule a dog pound let alone a country.
Mountainlion - I think you’re missing the point. The trillion dollar coin idea is ridiculous. This points out its absurdity by taking it to the next level, while attacking the left’s tax message.
Obama’s AttackWatch site was supposed to be useful but it turned into a mockery as the right started using Alinsky tactics on it. The White House petition site is another attempt at showing the American people that O “cares”. Target it, immobilize it, and mock it.
The other day I got sarcastic and they took me wrong and today I eased off and am still not understood. I think saying that it took a semi to move a coin was sarcastic.
Got it! All good. The whole idea is so insane it can be skewered from any number of directions.
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