Friday, May 15, 2015

Let's Put Paul Krugman on the One Dollar Bill



I see where a group calling itself, Women on 20s, has announced the results of a poll they conducted and that those who voted (online) have chosen Harriet Tubman as their choice to adorn the $20.00 bill. Over a period of 10 weeks, more than 600,000 people cast votes. Tubman received 118,326 votes and beat out Eleanor Roosevelt and Sarah Barton, among others.

The rules for putting someone's portrait on the US currency were established in 1929 by U.S. Code, Title 31, Section 5114 (b)

For someone's portrait to be placed on US currency that person has to be dead for at least two years. That person also has to be recognizable to the general public.

If these two criteria are met, lawmakers may order a person's portrait be put on a current denomination of the currency or a new denomination, by an Act of Congress. An even simpler way is to get the Treasury Secretary to do it. He can do so by direct order.

This got me thinking. Why not put Paul Krugman on the one dollar bill? The man is as strong an advocate of money printing as there is out there. To be sure, he is still alive. But why not have Treasury Secretary Jack Lew put the order in now and have the currency printed up now, to be issued immediately two years and one minute after Krugman follows his cats and expires

My long term strategic thinking here is that the value of the dollar is going to eventually suffer from an inflationary collapse thanks to the money printing advocacy of Krugman, and other Keynesians.

Eventually the one dollar bill will become worthless and with Krugman's portrait on the bill, it is not hard to believe that the term "Not worth a Krugman," will be used across the land.

There will thus always be a reminder of the crazed money advocacy that got Krugman on the bill and, ultimately destroyed the currency.

Decades into the future, perhaps young students, the smartest in their classes, will do research on how the term "Not worth a Krugman," came about and learn of the disastrous advocacy of money printing that led to the destruction of the value of the Krugman.

 -RW

6 comments:

  1. With the additional benefit that when paper currency becomes worthless, it's often used as toilet paper.

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  2. A three dollar bill would be more appropriate.

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  3. Keynes clearly should be on the three. Not that there's anything wrong with that :-)

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  4. He should be on a wooden nickel, giving life to the saying, "That ain't worth a plugged nickel."

    Also, there should be an EM08 (econ meltdown 08) Mt. Rushmore: Keynes, Greenspan, Bernanke, Krugman, with honorable mention to Jim Johnson/Franklin Raines, (S)Hank Paulson and (Quivering Quim) Tim Geithner.

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