Monday, January 7, 2013

Krugman Gives the Thumbs Up on the Minting of a Trillion Dollar Platinum Coin

Krugman prefers the Grey Lady.
Thanks to the tricks of the Grey Lady, Paul Krugman thinks he should stick with her, rather than head to Treasury. We should all be grateful. He has just come out in support of the minting by the Treasury of a one trillion dollar platinum coin. Better to do be an advocate in front of the old hag, than at Treasury. He writes for the Lady:
Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely.[...]
So if the 14th amendment solution — simply declaring that the debt ceiling is unconstitutional — isn’t workable, go with the coin.
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.
The near toothless wonder might get a chuckle from the last paragraph.  But perhaps, we should have Krug and the Grey Lady snuggling on the face of the coin.


  1. The jig HAS to be just about up. Anybody with absolutely no knowledge of economics, Austrian or otherwise, can intuitively understand what a stupid idea this is.

  2. 1. Isn't it odd that the "progressives" have latched onto Section 4 of the 14th Amendment which they claim makes clear that the entire debt MUST be paid by the executive without further congressional authorization AND that Obama has authority to mint a coin worth $1600 and use it to pay off $1 or $2 trillion in debt with it? Hmmmm.

    2. I always figured that the 2008 crisis would have been the end of the Keynesians. I never foresaw them coming back like a horde of aliens from the Sigourney Weaver flicks.

  3. Has anyone in DC considered how our owners in China might feel about this? It's really looking more and more like they are TRYING to destroy the dollar ASAP. I really couldn't thinnk of a quicker way to do it than to start minting trillion dollar coins.

    PS - I want one.

    1. The "China Factor" is something these clueless socialists forget.

      Such an action would be an (economic) act of war.

  4. Sure enough....and precedent to boot......BO can just make the exchange rate overnight by executive order ( like FDR) Of an ounce of platinum worth one trillion dollars. And, hell, the Fed won't even have to mint one.....I'll sell them one or more of mine. Would make me the first trillionnaire I think......and can give up paying the Powerball lottery. Is NOT the State just wonderful?????