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Old 01-11-2013, 05:51 PM   #1 (permalink)
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Trillion Dollar Coin?

Quote:
Could another standoff over the nation’s debt ceiling be avoided with some loose change?
Advocates for a new trillion dollar platinum coin don’t find that idea so outlandish.

New York Rep. Jerrold Nadler is the most prominent politician arguing that minting a trillion dollar coin to pay some of the nation's debt is a better option than another fight over raising the U.S. debt ceiling that could result in default.

And with Washington bracing for yet another game of brinkmanship in less than two months over the $16 trillion debt limit, the seemingly far-fetched idea seems to be gaining currency.

Influential columnist Paul Krugman argued for minting a coin to avoid default on Monday, saying the U.S. is faced with “a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous.”

Read more: http://www.nydailynews.com/news/poli...#ixzz2HiovzTC3


Thoughts? Anyone seen anything concrete about the impact on inflation?
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Old 01-11-2013, 06:56 PM   #2 (permalink)
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Re: Trillion Dollar Coin?

More absurdity:

1. The article mentions that we are $16 trillion in debt. Doesn't that mean we would have to mint 16 such coins, as opposed to only one?

2. Oops! I accidentally used my $1 trillion coin as a quarter to pay for parking! Woe is me!!

Seriously:

This might be the stupidest thing I have heard of yet. I thought it was illegal for congressmen to take drugs. Or maybe they didn't take any drugs to concoct this most absurd plan and they are just plain MORONS. Do you have any idea what kind of inflation would occur if such a minting took place?



Yeah, that's it.
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Old 01-11-2013, 07:09 PM   #3 (permalink)
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Re: Trillion Dollar Coin?

I've been googling around and it seems like it wouldn't be inflationary because it isn't really being spent. Paying back creditors doesn't necessarily put more money into the economy. I think that's a very rudimentary explanation.
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Old 01-11-2013, 07:14 PM   #4 (permalink)
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Re: Trillion Dollar Coin?

What is it worth if its not going to be spent though? They'd have to spend it otherwise its worthless since it isn't their currency.
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Old 01-11-2013, 07:25 PM   #5 (permalink)
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Re: Trillion Dollar Coin?

I'm not an economist, you guys can google around for an explanation. Try to find credible sources though, it's easy to find bloggers on both sides that have no idea what they're talking about.
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Old 01-12-2013, 12:20 AM   #6 (permalink)
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Re: Trillion Dollar Coin?

Quote:
Originally Posted by Nimreitz View Post
I'm not an economist, you guys can google around for an explanation. Try to find credible sources though, it's easy to find bloggers on both sides that have no idea what they're talking about.
I am just relying on my college economics, which I minored in.

BlakeJesus has a point, if its not going to be spent, what's the point of even minting it? Everyone will know its a gimmick at that point, and it won't be worth a slug.

Which brings me back to my original point. If its minted to pay down the debt, inflation will ensue and at a very high rate.

I think the whole idea is just plain dumb.
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Old 01-12-2013, 02:09 AM   #7 (permalink)
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Re: Trillion Dollar Coin?

Technically speaking we're already monetising the debt. I guess this just removes the pretense.
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Old 01-12-2013, 05:53 AM   #8 (permalink)
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Re: Trillion Dollar Coin?

Quote:
Originally Posted by Nimreitz View Post
I've been googling around and it seems like it wouldn't be inflationary because it isn't really being spent. Paying back creditors doesn't necessarily put more money into the economy. I think that's a very rudimentary explanation.
Why not just pay off the whole debt with fake money if its not going to have any ill effect?



Of course it would cause inflation. Come on.
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Old 01-12-2013, 04:18 PM   #9 (permalink)
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Re: Trillion Dollar Coin?

Treasury: No, we won't mint $1 trillion platinum coin to avoid debt ceiling

So much for that fantasy nonsense.
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