11 votes

Paul Krugman actually wants a trillion dollar coin minted! Wow...

Proving for all time he has no clue what he's talking about.

http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint...

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"wave your loopty doopty wand"

...it's good to be the Great and Powerful Oz.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

So, basically... a block of

So, basically... a block of platinum as big as an apartment building?

Don't worry, The word is

they are going to make them from super-enriched Thorium in coins that are a little bit bigger than a silver dollar.

The ironic part is that people are already afraid to get their hands on the USD as it is.

(Jay Leno, if you steal this from me let this post advise you that it is MY original content. I accepts kinds words for Ron Paul and the Liberty movements and pure silver)

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How in the hell did this man

How in the hell did this man ever gain an audience for his nonsense? Are his followers all drunk?

The Stockholm School of

The Stockholm School of Economics has many students

Southern Agrarian

I would like to believe

that he really doesn't have an audience, it's just the mouthpiece of stupid ideas being artificially proped up and celebrated by the elitiests or the illuminati or whomever - but then I think about the way a loud minority can lead a silent majority and I think of all the obnoxious liberal-know-it-alls or the braindead morons that would believe that 2 + 2 = yellow if the right person said it in the right way.

Then it makes sens:, sad, sad sense.

"The more you sweat in training, the less you bleed in battle."

Unfortunately, all one has to

Unfortunately, all one has to do is visit Huffington Post and DailyKos to see his supporters in action. Horrible stuff.

From the comments section:

I do not understand why the WH has taken the 14th amendment option off the table, but hey, the president is the first one we've had since Madison who is a constitutional scholar

A very stealthy NY TIMES troll...

edit:
Here is a second.

Platinum coin seigniorage is less inflationary than the issuing of bonds since no interest needs to be paid.

The spending from the Treasury's account still needs to be approved by Congress.

Mint a $100T coin, end the nonsense of the US being on the verge of becoming Greece, and get to work building America for our children instead of worrying about the debt we leave them.

I'm really impressed. I could not match these gentlemen in their trolling effort.

Southern Agrarian

Argh...

...nothing I hate more than monetary cranks.

Platinum coin seigniorage is less inflationary than the issuing of bonds since no interest needs to be paid.

1. Issuing bonds in itself is not inflationary...at all...in any way. I'll be charitable and assume the author was referring to the Fed buying bonds with new money.

2. The Treasury Dept. creating $1 trillion to buy treasuries is just as inflationary as the Fed creating $1 trillion to buy treasuries. They are both inflationary by exactly...wait for it...$1 trillion!

Mint a $100T coin...

Seeing Obama's stupid grin on the world's first (and last) $100 trillion coin would almost be worth the complete economics collapse of the United States. F-king morons...

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Professional Trolls

Perfect job for all those english/journalism grads that can't find a job with their degrees.

"The more you sweat in training, the less you bleed in battle."

it's so surreal

that the entire world is going to collectively pretend that minting a coin makes everything ok.

How did we get to this point of mass self-delusion?

I've already seen Krugman say

I've already seen Krugman say a lot of crazy things so this is no shocker.

Southern Agrarian

I spoke too soon: "First of

I spoke too soon:
"First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default."

/facepalm

Debt > No Debt in Krugman world.

Southern Agrarian