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View Diary: Of Blazing Saddles and platinum coins: Why minting a $1 trillion one is neither smart nor necessary (216 comments)

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  •  One very useful thing could come of it (8+ / 0-)

    Money and debt wouldn't be treated so damn seriously.

    It's serious when you don't have food. It's serious when you don't have water. It's serious when you will freeze in the cold.

    Money, however is a convenient tool to make trades.

    Banks make more of it out of thin air when they increase their loan portfolio. Wall Street outfits make more of it when they increase their leverage. And the Fed makes more of it, too.

    What's real are the land, water, buildings, goods, services and jobs the money represents.

    Dems need to focus on the real things. Printing money will never make up for a decline in the real stuff, so we must take care of the real stuff. However, if we kill jobs when we're under full employment, to service debt, we are being fools of the worst sort. We would be acting like Republicans.

    I kind of like the idea of minting the coin but Obama tells no one and keeps it in his pocket like a Monopoly "Get out of jail free" card. It's better than default and Republicans would surely impeach in the House if he pulled a Lincoln.

    look for my eSci diary series Thursday evening.

    by FishOutofWater on Fri Jan 11, 2013 at 06:36:30 PM PST

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    •  our government just made it out of thin air (14+ / 0-)

      when they bailed out the banks to the tune of 16 trillion, 770 billion. apparently that wasn't silly or difficult, but finding 1 or 2 trillion to keep the country running is impossible.

      If you can magic 16 trillion out of thin air to save the damned banks, why can't you magic 1 trillion or 2 trillion out of the air to write down people's mortgages and create jobs?  Or, at the very least, keep the Republicans from holding the entire fucking economy hostage?

      if necessary for years; if necessary, alone

      by SouthernLiberalinMD on Fri Jan 11, 2013 at 08:07:17 PM PST

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      •  Right ON (3+ / 0-)
        Recommended by:
        SouthernLiberalinMD, emal, Bisbonian

        Second this righteous rant!!

        Modern GOP: Birthers and Deathers Teabaggin' in a widestance on astroturf

        by Wrench44 on Fri Jan 11, 2013 at 10:21:30 PM PST

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      •  Same point made (1+ / 0-)
        Recommended by:
        chrismorgan

        here by Glenn in a comment over at New Economic Perspectives.

        His version:

        The government issued a 16 trillion dollar credit as an electronic ledger entry to bail out the banks. There was no corresponding debt issued at that time, as this would have been apparent by inspection of the national debt at the time this credit was added to the ledger. [emphasis added]

        There is no question that this is what happened. The question is whether the government thinks we, the people, are as important to it as the banks are.

        Money is a concept that is valid as long as we believe in it. Its physical instantiations are merely symbols representative of the concept, whether the symbols be paper, electronic ledgers, coins, or any other symbol the people of a society are mutually willing to suspend their disbelief about.

        So, the Gov't comes up with $16T for Banksters -- but for "We, the People", the Gov't is broke ??

        We need to start by correcting our own assumptions regarding the relation between government, "We, the people", "We, the corporations" -- in particular, "We, the banks".

        United We Understand

        by dorkenergy on Sun Jan 13, 2013 at 12:56:10 AM PST

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