Jan
08
2013
16

I propose calling the Trillion Dollar Coin a ‘Gresham.’

Mostly because calling it a ‘friedman’ is just a bit too obscure to be proper black humor; calling it a ‘keynes’ actually maligns a guy who would be freaking out over what Obama’s done to his economic policy*; and calling it a ‘fiat’ will cause people to confuse it with the car**.

Anyway, basic details here (H/T Jim Geraghty): if you’re not familiar with what’s going on, essentially there’s a movement among the innumerate wing of the left-pundit class to have the President ‘pay’ for the debt ceiling by having the Treasury mint a platinum coin or coins (that last bit is usually carefully not emphasized) of one trillion dollars apiece.¬† The government deposits the coins, they use the money to pay their bills… (more…)

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