Over at the Huffington Post they have achieved a heretofore thought impossible level of stupidity. They have what they think is a new way to avoid the debt ceiling. Behold:
Well, what about a magic trillion-dollar coin, wrought from platinum? Would that help?
Actually, in an interview with Capital New York’s Reid Pilifant, Rep. Jerrold Nadler (D-N.Y.) suggests that it is possible to mint just such a coin, stick it in the Treasury, and stick a fork in the coming debt ceiling crisis before it begins. “I’m being absolutely serious,” Nadler told Pilifant, adding, “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”
Yes, it would be good to have some “things” you can do to save the planet from the debt ceiling psychopaths.
Of course the platinum in the coin wouldn’t be worth a trillion dollars. It would simply have a face value of a trillion dollars. For that reason, it doesn’t matter if it was platinum; it could be made out of silver or copper. In fact, it could be made out of wood; or written on the back of a napkin. Actually, there is no reason to mint a coin at all. Just declare the money in existence and use this newly created money to pay off Treasury Bond Holders. I am sure they won’t mind being paid with dollars conjured up out of thin air. That would teach the “debt ceiling psychopaths” in Congress! I mean, who the hell do they think they are trying to have a voice in fiscal and monetary policy?
It gets better. A petition has been launched at WhiteHouse.gov to get people to demand that Obama take this step. On Twitter, supporters are using the hashtag #mintthecoin.
— Tony Boyles (@AABoyles) January 4, 2013
I like the idea. But why only make 1? #mintthecoin
— Will Williams (@ww1249) January 4, 2013
— Brian Jenkins (@bonkydog) January 4, 2013
#mintthecoin I agree to this approach, rather than continually bowing to extortion demands from Congress over the debt ceiling.
— Kevin Broom (@KevinDBroom) January 4, 2013
The beauty of #MintTheCoin is its simplicity. It’s easy for average folks to grasp.
— Hesiod Theogeny (@Hesiod2k11) January 4, 2013
#mintthecoin is silly. Defaulting on our debt is even sillier.
— Kal (@Kalbelgarion) January 4, 2013
No Kal, the coin is just another way to default.
Of course the reality is that quantitative easing is exactly the same as minting the coin, just not as blatant. It also does not bypass the power of Congress to control the federal budget. I know, just details.