Comment: Minting such a coin and using it to settle debts...

(See in situ)


Minting such a coin and using it to settle debts...

...is no different than printing a trillion federal reserve notes and using them to settle debts: i.e. massively inflationary. This proposal has been around for a long time, and it's usually promoted by the greenbackers. What is the greenbacker, you ask? A greenbacker is someone who hates the Fed as much as we do, and wants to abolish it, but only so that the power to print can be given directly to Congress. Dennis Kucinich is an example of a greenbacker. The people who made the "Money Masters" documentary are greenbackers. They don't understand basic economics.

Anyway, the solution to the debt problem is not to create money (whether coins or notes) to pay off the debt. The solution is to cut spending enough to not only balance the budget, but have a surplus, with which to start paying down the principle OR (best option) to default on the debt altogether.

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