-People are looking for a magic bullet to make the whole re-occurring debt crisis go away, and they think they found it in a platinum coin worth a trillion dollars.
-Much like a dollar bill, is just a piece of paper, this coin is what the government and society say it is worth. So if the government & society say it's = to a trillion dollars, then it is.
But if government and society cease to exist, then it's only worth the platinum this trillion dollar coin is made from.
-It's not dumping a trillion dollars into the marker, it's not a trillion one dollar bills which go out to everyone. It's just going to sit in a bank, so that the government doesn't have to raise the debt ceiling but they can go on spending the way they would.
Click Here to Listen to MarketPlace Podcast on the Trillion Dollar Platinum Coin
I think this is just a crazy ass idea. I cannot believe it is a serious proposal. It's great fodder for us though!
ReplyDeleteit is 100% crazy. But the craziest part is from a macro-economic stand point it's not crazy. It's just about manipulating ideas and beliefs. That is crazy.
ReplyDeleteOk and craziness ensues. Check out this link to read a very concise breakdown of the trillion dollar coin. Thank you Gawker! http://gawker.com/5973717/your-guide-to-the-trillion+dollar-platinum-coin-that-obama-can-mint-to-save-the-world [unfortunately I cannot make this a direct link so you must copy and paste. mea culpa!]
ReplyDelete