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« Moody's, Fitch, S&P Reaffirm Notre Dame's #1 Ranking | Main | Video: Krugman Calls For Space Aliens To Fix U.S. Economy »
Tuesday
Jan082013

Krugman Joins The $1 Trillion Coin IDIOT Brigade

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Reader Comments (13)

The Ultimate Totally Over-the-Top Paul Krugman Attack on Peter Schiff

http://www.economicpolicyjournal.com/2012/11/the-ultimate-totally-over-top-paul.html
Jan 8, 2013 at 1:38 PM | Registered CommenterDailyBail
Paul Krugman Explains Why He Feels Comfortable Making Things Up in His Columns and Posts

http://www.economicpolicyjournal.com/2012/12/paul-krugman-explains-why-he-feels.html
Jan 8, 2013 at 1:39 PM | Registered CommenterDailyBail
Jan 8, 2013 at 2:03 PM | Registered CommenterDailyBail
Doesn't Zimbabwe have something similar?
Jan 8, 2013 at 2:35 PM | Unregistered CommenterJohn
I kind of like the idea of a $1 trillion coin. We could pay off that portion of the national debt that's owed to the Fed with just 7 coins. "Here ya go, Ben. Don't spend 'em all in one place. Have a nice day."

Additionally, I like the idea of introducing mom and pop to the fact that our financial system is just one huge Ponzi scheme in the form of a commemorative coin, like presenting the Jonestown tragedy in a Norman Rockwell painting.

As it is, the division between our daily Disneyworld existence and the gruesome reality is well, it's just too abrupt. Invariably the fraudulent machinery lurking just behind the scenes goes hawire and rips through the shiny fabric of TV and iPhones occasionally, like in June 2009 when 2 Japanese travelers were caught with bonds and notes totaling $134.5 billion stashed in a luggage compartment.

http://seekingalpha.com/article/143462-strange-inconsistencies-in-the-134-5-billion-bearer-bond-mystery

That episode was akin to the kids seeing Pluto and Minnie rutting away behind a Coke machine with their costumes crumpled on the ground. It's upsetting, and then the parents have to make up ridiculous lies (daddy Geithner) or pretend it never happened (mommy media).

Talking openly about a $1,000,000,000,000 coin is much healthier than pretending that a wallet stuffed with $1,000,000,000 Fed notes was never headed for Switzerland.
Jan 8, 2013 at 5:18 PM | Registered CommenterCheyenne
Cheyenne

It helps bring attention to the US Ponzi, on this I agree. But it's also freaking out our foreign creditors in Japan and China. They will run screaming, while dumping Treasuries if we were to implement something so stupid.

It's just another excuse to spend borrowed money without restriction.
Jan 8, 2013 at 8:01 PM | Registered CommenterDailyBail
Why stop at 7 trillion. Mint 225 of the coins and the unfunded liability is gone.
Jan 8, 2013 at 8:02 PM | Registered CommenterDailyBail
I still remember when Krugman was a pom-pom waving cheerleader for NAFTA thinking it was a fantastic idea for the US economy. Don't hear much of that now. Basically, all of his opinions can be gleaned from a high school copy of Introduction to Economics..
Jan 9, 2013 at 3:58 AM | Unregistered Commenterhidflect
Just mint 300 million of them and give every American one. We'll all be trillionaires! FU Bill Gates.
Jan 9, 2013 at 4:08 PM | Unregistered CommenterMr. Mojo
I think between you and Krugman I will go with the Nobel Prize winner. Some of these comments are funny, Can you say arm chair quarter back? There is a reason he writes for the times and you are writing a blog. The fed has had their boot on our neck since 1913. Only sheeple would hear the coin idea and freak out and sweat their panties wet. The money has ALREADY BEEN SPENT. IT’S ALREADY BEEN SPENT. What they are arguing about is whether or not to write the check to pay the bills that have already been incurred. So the argument that this will increase inflation is RIDICULOUS. Our country did best when we issued our own currency. I think some of you need a serious history brush up lesson.
Jan 10, 2013 at 12:25 PM | Unregistered CommenterD
D

My objection to the coin is twofold - It makes us look ridiculous on the global stage, and by eliminating the debt ceiling showdown, you also remove all pressure on congress and the deficit president to make spending cuts. These debt ceiling battles seem to be the only time to gain traction on cuts.
Jan 10, 2013 at 12:35 PM | Registered CommenterDailyBail
D, you are horrendously misinformed. Yes, the money has been spent. This does not mean that printing money will solve any problem, and any economist of note (i.e., not Paul Krugman) will warn against what you support. This is not writing a check to pay off bills. This is printing paper to which you assign a value. It has no true value. Economists by and large ignore the ramblings of Krugman. So, in conclusion, I will choose the author of this blog over the Nobel "winner" who has done nothing of value to economics or to society. The Nobel Prize in any field has lost all of its prestige.
Jun 7, 2013 at 3:14 PM | Unregistered CommenterDamien
With the exception of course that they give you a gold medal and a couple of bucks that you can use at the local carnival for the fish toss.
Jun 7, 2013 at 7:47 PM | Unregistered CommenterSKINFLINT

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