Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling standoff

[beretta304]

Imagine sitting around the kitchen table, trying to figure out how you're going to pay off that next-generation HDTV you just bought.

Then someone has an idea. Brush off one of the old checker pieces in the attic, assign it a value of, say, $2,000 -- and use that newly minted "coin" to pay the credit card.

Such an absurd idea is, pun intended, gaining currency as a technically legal way for Washington to avert a looming fight over the debt ceiling. A Democratic congressman, a Nobel-winning economist and several prominent writers are now floating the idea that the Treasury Department should use obscure powers to mint a $1 trillion coin if Congress does not permit an increase in the debt ceiling.



Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling standoff | Fox News

 

[g5000]

As he was the creator of the very first trillion dollar budget, the coin should have Reagan's face on it.

And it should be used to pay for this year's defense budget.

 

[CrusaderFrank]

Reagan proposed closing the Department of Education.

True story

 

[nodoginnafight]

Monitizing the debt is dicey at best. I know the theory that because this coin would never be in circulation, it won't cause inflation, but it's a dubious strategy.

But I can understand the effort to take the air out of the political football.

 

[TakeAStepBack]

How did I know that Paul Krugman would be in this article?


Economist Paul Krugman called it a "gimmick," but wrote that "since the debt ceiling itself is crazy ... there's a pretty good case for using whatever gimmicks come to hand."

Such as say, preparing for a fake alien invasion from Space, Paul? That kind of gimmic.


Fucking guy is a full blown retard.

 

[CrusaderFrank]

It's like Obama running his own meth lab

 

[Katzndogz]

Imagine sitting around the kitchen table, trying to figure out how you're going to pay off that next-generation HDTV you just bought.

Then someone has an idea. Brush off one of the old checker pieces in the attic, assign it a value of, say, $2,000 -- and use that newly minted "coin" to pay the credit card.

Such an absurd idea is, pun intended, gaining currency as a technically legal way for Washington to avert a looming fight over the debt ceiling. A Democratic congressman, a Nobel-winning economist and several prominent writers are now floating the idea that the Treasury Department should use obscure powers to mint a $1 trillion coin if Congress does not permit an increase in the debt ceiling.



Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling standoff | Fox News

It's the Zimbabwe solution.

Zimbabwe bank issues $10million bill - but it won't even buy you a hamburger in Harare | Mail Online

Forget the glitzy restaurants of New York and London: only in Zimbabwe would a hamburger actually cost millions of dollars.
The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation's highest bank note more than tenfold.
Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars.

 

[Freemason9]

How did I know that Paul Krugman would be in this article?


Economist Paul Krugman called it a "gimmick," but wrote that "since the debt ceiling itself is crazy ... there's a pretty good case for using whatever gimmicks come to hand."

Such as say, preparing for a fake alien invasion from Space, Paul? That kind of gimmic.


Fucking guy is a full blown retard.

I don't like Krugman's partisanship, but he's right about the craziness of a Congressional debt ceiling debate. Let's face it . . . every dollar spent in the budget comes from Congressional action--and then, they refuse to fund their spending bills? Yeah, that's crazy. It qualifies.

I personally like the coinage idea. It would satisfy existing indebtedness to ourselves--which, currently, is simply a way of extorting money from the working class and sending to the "investment" class that is taxed at lower capital gains rates.

 

[g5000]

Imagine sitting around the kitchen table, trying to figure out how you're going to pay off that next-generation HDTV you just bought.

Then someone has an idea. Brush off one of the old checker pieces in the attic, assign it a value of, say, $2,000 -- and use that newly minted "coin" to pay the credit card.

Such an absurd idea is, pun intended, gaining currency as a technically legal way for Washington to avert a looming fight over the debt ceiling. A Democratic congressman, a Nobel-winning economist and several prominent writers are now floating the idea that the Treasury Department should use obscure powers to mint a $1 trillion coin if Congress does not permit an increase in the debt ceiling.



Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling standoff | Fox News

It's the Zimbabwe solution.

Zimbabwe bank issues $10million bill - but it won't even buy you a hamburger in Harare | Mail Online

Forget the glitzy restaurants of New York and London: only in Zimbabwe would a hamburger actually cost millions of dollars.
The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation's highest bank note more than tenfold.
Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars.

Not the same thing. The $1 trillion coin would be one of a kind, not printed as circulating notes.

 

[TakeAStepBack]

How did I know that Paul Krugman would be in this article?


Economist Paul Krugman called it a "gimmick," but wrote that "since the debt ceiling itself is crazy ... there's a pretty good case for using whatever gimmicks come to hand."

Such as say, preparing for a fake alien invasion from Space, Paul? That kind of gimmic.


Fucking guy is a full blown retard.

I don't like Krugman's partisanship, but he's right about the craziness of a Congressional debt ceiling debate. Let's face it . . . every dollar spent in the budget comes from Congressional action--and then, they refuse to fund their spending bills? Yeah, that's crazy. It qualifies.

I personally like the coinage idea. It would satisfy existing indebtedness to ourselves--which, currently, is simply a way of extorting money from the working class and sending to the "investment" class that is taxed at lower capital gains rates.

Good one, man!

 

[g5000]

Reagan proposed closing the Department of Education.

True story

It had just been created when he took office. If ever it was going to be eliminated, it was while it was still in the cradle. But he never made it a priority.

His successor, Bush Sr., liked the Dept of Ed. And so that was that.