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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