Trillion dollar coin

Metal Brain

Debates

14 Jan 13

normbenign

The Catbird's Seat

Joined: 21 Oct 06
Moves: 2598

15 Jan 13

Originally posted by rwingett
Chump change. Zimbabwe eventually topped out at a 100 trillion dollar banknote.

http://thejetpacker.com/wp-content/uploads/2011/01/Zimbabwe_100_trillion_2009.jpg

So is hyperinflation "just a gimmick"?

Lets say you have a few thousand saved for a rainy day, and hyperinflation makes it enough to buy just next week's groceries. You gonna be happy about that?

Soothfast

0,1,1,2,3,5,8,13,21,

☯️

Joined: 04 Mar 04
Moves: 2709

15 Jan 13

Originally posted by Metal Brain
Paul Krugman has brought attention to the idea of the Treasury Secretary having a trillion dollar coin made to bypass the debt ceiling.

http://krugman.blogs.nytimes.com/2013/01/08/rage-against-the-coin/

Investment guru Michael Reese says the fiscal cliff deal is horrible and congress is doing a lousy job.

http://www.retiringwell.tv/show-archive ...[text shortened]... ury Bonds will be toxic.

Krugman says go deeper in debt and Reese says not to. Who is right?

Here's my economic plan:

1) Crash the economy, and make the dollar nearly worthless.

2) Pay off the national debt with 2 euros.

3) Reboot.

caissad4

Child of the Novelty

San Antonio, Texas

Joined: 08 Mar 04
Moves: 618778

15 Jan 13

Just what is our economic system really based upon ?? What ???
Raise the ceiling , kick the can.
Just what will happen should we not ?
Make decisions over just who will suffer and possibly die ?
Raise the ceiling, kick the can.:'(

Metal Brain

Joined: 07 Dec 05
Moves: 22644

15 Jan 13

Originally posted by Soothfast
Here's my economic plan:

1) Crash the economy, and make the dollar nearly worthless.

2) Pay off the national debt with 2 euros.

3) Reboot.

That might not be far from the plan that is being implemented.

History will probably be written like this:
"Congress would not cut spending or raise taxes enough to contain fiscal irresponsibility, so the Federal Reserve System was forced to act with Quantitative Easing. The US Dollar was devalued as a result. It was the only solution that was left because Americans wanted low taxes, expensive social programs as well as a strong military that was not compatible with reality."

This way the FRS can do what it loves to do without taking the brunt of the blame it deserves and the news media will blame the American people for wanting to have their cake and eat it too.