It's all politics aboard the U.S.S. Ponzi.
As a card-carrying Keynesian proselytizer, Joe Weisenthal is generally not willing to consider spending cuts, so Friday on CNBC he attempted to make the case for the $1 trillion platinum coin as a means for Obama to avoid a debt ceiling showdown with Republicans.
Joe makes his full case here...
Now, putting the sheer legal idiocy of the proposal aside, and CNBC's John Carney has written a good article about why it is indeed, legal idiocy, the simple reality is that for this retarded idea to work, there has to be some justifiability, or even remote credibility of the "legal tender" backing the value. Sadly as the chart above shows, there can't possibly be such justifiability. Unless...
- Krugman Joins The $1 Trillion Coin IDIOT Brigade
- Paul Krugman's Blog - Get Ready to Mint That Coin!
- Krugman: We Could Do 'Moral Obligation Coupons Instead' (Say what?)
- White House Trillion Coin Petition Reaches 6,000 Signatures