Suddenly, Lots Of Influential People Are Talking About The Trillion Dollar Coin Idea

[Bill USA]

22. I read the article and it's as "unblock" has said. the author is offering a silly tool as a way of

circumventing the idiotic requirement of raising the debt ceiling for liabilities already incurred by the Government as a result of laws passed by the Congress itself. The author is merely saying, the law is stupid so let's take a similarly idiotic idea like a trillion dollar coin to circumvent the nonsensical law.

solution (Nadler has an above-average understanding of economics in our experience).

Josh Barro at Bloomberg is now endorsing it, and that's spread a huge conversation about it among DC journalists and policy folks on twitter.

(emphasis my own)

"Barro explains why it's the perfect "solution" to the debt ceiling fiasco:

Hitting the debt ceiling isn't an option. It's no way to run the country, and Republicans know that. So, a debt-ceiling increase shouldn't count as a "concession," and it's nutty for Obama to have to give substantive policy ground to get one.

Monetizing deficits through direct presidential control of the currency, in lieu of borrowing, is also no way to run a country. It's silly, and it's perfectly legal. Agreeing not to do so is therefore the ideal "concession" for Obama to offer in return for Republicans agreeing to end the threat of a debt-default crisis.

This is basically the right way to think about it. Yes it's silly to think of funding yourself with a coin, but it's even sillier to think that defaulting might be a good idea, so you might as well do it."

Read more: http://www.businessinsider.com/suddenly-lots-of-influential-people-are-talking-about-the-trillion-dollar-coin-idea-to-save-the-economy-2013-1#ixzz2H2nnKYwB


which earns OP a recommend from me.