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: BBC, Fox News, CNN, PIMCO’s Bill Gross, Paul Krugman, Reuters, The Guardian, Wall Street Journal, The Economist, Bloomberg, MSNBC, CNBC, NBC, CBS, ABC, The Australian, Ria Novosti (Russia), Stephen Colbert, The 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.
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]