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Sorry, now that I got that out of the way. This was not Obamas idea, as many have alluded to, such as you in your title. It was conceived of at least two years ago if not earlier, I remember seeing some article on CNN during the debt ceiling fight of the Summer of 2011 I believe. While I'm sure Obama is taking every option under consideration he is also a smart man and would not actually do this as it would have even more dire consequence IMO than a default. I don't know why I even spent two minutes to answer you but I did. Now only if the House stopped being stupid we wouldn't have to even talk about a coin.
Sorry, now that I got that out of the way. This was not Obamas idea, as many have alluded to, such as you in your title. It was conceived of at least two years ago if not earlier, I remember seeing some article on CNN during the debt ceiling fight of the Summer of 2011 I believe. While I'm sure Obama is taking every option under consideration he is also a smart man and would not actually do this as it would have even more dire consequence IMO than a default. I don't know why I even spent two minutes to answer you but I did. Now only if the House stopped being stupid we wouldn't have to even talk about a coin.
It is his plan if he is considering it. I hope Obama read history on Germany.
So is this going to be another thread where people fail to realize banks do the same thing? Or right only 4X that much, 70-80% for mortgages.
To get to full employment banks were creating lots of money from thin air for housing bubbles. Is that what we want?
What is the plan anyway?
What is the exact right amount of money, and for the 100th time, what about ZIRP?
Hello? Anyone out there but zombies?
If money supply is growing at 10-15% of GDP annually (as it did 1980-2007), and GDP 3% or so, you can be fairly confident the problem doesnt lie in too little money supply, its somewhere else.
The right money supply/debt should never 'run away' from GDP. Unfortunately, this can only occur on a pure capitalist system where debts are defaulted on and written off. Periodically cleansing the system of inefficient allocation of capital, and restoring Debt:GDP.
Given we'll never have a truly capitalist economic system, the abolition of debt:money seems to be the only way to go.
It is his plan if he is considering it. I hope Obama read history on Germany.
There is no record of Obama ever considering it. I read that it was a joke that first popped an internet blog called Pragmatic Capitalism, during the last debt ceiling negotiation. Bloggers had a field day with it, knowing it was a joke, but it really started to go somewhat viral when commentators, mostly extreme conservative ones, on those blogs obviously didn't "get it" and started posting all sorts of inflammatory comments all over the net. It didn't help that liberal economists like Paul Krugman picked it up and wrote up tongue and cheek articles discussing the joke as a viable option.
When you want so desperately to believe the worst about someone, the joke usually winds up on you.
How about voters play this game & mint million dollar bills to pay off mortgages & car loans?
Obama magic beans are more looney than the tax hikes.
That's a big coin.
It is not Obama's idea though, the idea came from form an economist who was playing with the idea of Treasury coining a trillion dollar coin to pay debt with.
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