Trillion Dollar Coins. Seriously?

by Ryan on January 6, 2013

in Economy,Media Bias,Politics,Pop Culture,Stupid government

New York Democrat Representative Jerry Nadler and others are supporting the idea of the Treasury minting a trillion dollar platinum coin a few times and merely depositing them at the Federal Reserve so as to avoid a debate over the fiscal cliff.  What could go wrong!

How did a rule mostly used for the creation special commemorative coins (like one with Grover Cleveland on it) turn into a dangerous ploy by the left to circumvent our government’s responsibility to deal with the debt ceiling?

You got me.  The White House is floating this gimmick and the wizards-of-smart who seem to get monthly jobs reports wrong (unexpectedly, of course) nearly every month want to diminish Congress’ constitutional role as holders of the government’s purse-strings.  Ruling-class technocrats can coin what they like and avoid pesky things like debate, all while playing games with our monetary system that will hopefully work out.

I remember not too long ago this stuff used to be a joke:

Now, our leaders want this fiat monetary approach to solve our fiscal issues and marginalize the branch of government most closely tied to the people.  This isn’t good policy or principle.  As the old saying goes — the last official act of any government is to raid its own treasury.  We’re not too far off if an idea like this is being taken seriously.

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