The Movement To Mint A Trillion Dollar Coin

Have you heard about the Trillion Dollar Coin? No joke, there’s serious talk in Washington about minting one. Joe Weisenthal explains at Business Insider:

There are really two stunning things about the movement to mint a trillion dollar coin to avert a debt ceiling crisis.

FIRST: the movement has gone absolutely nuts.

Everyone is talking about it.

Media outlets and individuals include: BBCFox NewsCNNPIMCO’s Bill GrossPaul KrugmanReutersThe GuardianWall Street JournalThe EconomistBloombergMSNBCCNBCNBCCBSABCThe AustralianRia Novosti (Russia), Stephen ColbertThe Washington Post. That’s just a partial list.

SECOND: Despite the supposed absurdity of it, and despite the fact that it flies in the face of everything everyone thinks about money, there are virtually no good arguments against it.

The only real argument is: it sounds silly. Virtually nobody disputes the economics, and the legality is now pretty much unquestioned.

Furthermore, attempts at rebuking the coin have made people sound like fools. Think about that, you’re going up against a trillion dollar coin, and it’s you who ends up sounding like a fool.

Here’s the National Republican Campaign Committee revealing that it doesn’t’ understand the way coin seigniorage works…

[continues at Business Insider]


Majestic is gadfly emeritus.

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11 Comments on "The Movement To Mint A Trillion Dollar Coin"

  1. Ted Heistman | Jan 9, 2013 at 8:57 pm |

    wouldn’t it be funny if someday somebody gets it back in their change instead of a quarter? Happened to me once with a Sacagewea.

  2. One Coin to Rule them All…

    • massagrabber | Jan 9, 2013 at 10:04 pm |

      Its the shinny symbol of the NWO aspirations.
      It also invite you to believe that it is a direct line to power.
      It also allows you to point at it and finally conclude who is to blame for our river of tears.

  3. VaudeVillain | Jan 9, 2013 at 9:17 pm |

    Of course anyone who tries to rationally argue against it looks foolish, it’s a stupid idea. So stupid, in fact, that it doesn’t warrant arguing against at all.

    The real question is: what would a trillion dollar coin actually solve? If fiat currency is the problem, then how does the most ridiculous fiat currency of all time fix that problem?

    Don’t get me wrong, I absolutely LOVE this idea as the premise to a political satire… but when supposedly serious journalists and politicians entertain supposedly serious discussion of something like this, i’m just left wondering where the fuck we went so wrong. Maybe they’ll cap it off by discussing the possibility of commercial mass cannibalism as a solution to ethnically correlated poverty.

  4. This new coin will prove how fake our economy is. I say lest mint it, then someone can put it into one of those penny squishing machines that spits out souvenir trinkets and destroys currency. Everyone wins!

  5. Calypso_1 | Jan 9, 2013 at 11:00 pm |

    16 mcg of anti-H would be worth about a trillion.
    Some condensed matter post-doc boffin could probably manage a smiley face in the slush.

  6. The end is nigh.

  7. "Big" Richard Johnson | Jan 10, 2013 at 8:41 am |

    Sometimes the only solution to the absurd is more absurdity.

  8. “What’s the difference between a dollar bill from the federal bank, a dollar bill counterfeited by the Mafia and a painting of a dollar bill by Andy Warhol and a photocopy of a dollar bill? The key is that the Federal Bank have a magic wand which they wave over *their* dollar bills which makes them real. And we all believe that the Federal Bank has one of these magic wands and they’re the only people who have one.”

    – Robert Anton Wilson


  9. Upon hearing of this, I was reminded of the hyperinflation in 1922 Germany. People had wheelbarrows of cash, suitable as kindling for fireplaces or wallpaper.
    But, of course it can’t happen here. Right?

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