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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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  •  And it's all fiat money (2+ / 0-)
    Recommended by:
    Lestatdelc, wsexson

    Is a $100 bill with Ben Franklin's mug on it any more "official" or less silly than a shaped piece of platinum?

    Government and laws are the agreement we all make to secure everyone's freedom.

    by Simplify on Sat Jan 12, 2013 at 03:27:57 PM PST

    [ Parent ]

    •  Yes, politics is as much perception as anything (2+ / 0-)
      Recommended by:
      chrismorgan, ConfusedSkyes

      If the trillion dollar coin is PERCEIVED as a gimmick then it is probably not politically advisable.

      My speculation is that it would be perceived as a gimmick (and probably an unlawful one despite what Tribe and other experts might say to the contrary) by the vast majority of people who don't pay a lot of attention to the details.

      •  AS long as our fiat currency is not understood, we (3+ / 0-)
        Recommended by:
        wsexson, dorkenergy, chrismorgan

        will never have a progressive fiscal policy.

        So, the coin's gimmicky, then our monetary system is gimmicky.

        Which I would, sadly, agree is the perception.

        Because people don't understand our money.

        •  But our money is not PERCEIVED as gimmicky (0+ / 0-)

          The coin would be.  That's my main point.

          Getting a bit off track, but what would you consider to be a "progressive" monetary system?  Are you of the Keynesian school?  The Monetarist like Friedman?  Austrian?  The so-called New Monetarist?

          •  I like Modern Monetary Theory and Steve Keen (1+ / 0-)
            Recommended by:
            dorkenergy

            the best.

            The coin is perceived as gimmicky, and when you tell people we have a fiat currency, and what that means, it's perceived as gimmicky.

            And until people realize we haven't been on the gold standard for a long time, and aren't going back, then they will continue to assume the fed budget is analogous to the household.

            And that's a problem.

            And related to this, they'll continue to assume that China is our banks and we borrow dollars from China so we can have dollars.

            Cuz people don't understand that dollars can only come from US, and China must earn dollars by giving us stuff, and so then already HAS dollars witch they then park in Treasuries.....

            If people understood that  ALL money, both dollars and private credit money, is just pulled out of a rabbit's hat -- just like the coin, THEN ---  the coin is seen as money, like any other money.

          •  PS, if people realized that ALL money is pulled (1+ / 0-)
            Recommended by:
            dorkenergy

            out of thin air, then MAYBE they would stop confusing tokens for the REAL economy, which is what most progressives say they support.

            But it does NOT help that most progressives then turn around and jump on the band wagon of keeping the fact that ALL money is created out of thin air a secret.

            It's very frustrating, cuz we rob ourselves of the very BEST argument for concentrating on the real economy.  

            Rather than tokens -- which are produced at will -- out of thin air.

            Including private bank credit tokens.

            But....  only the coin is "gimmicky" ?????

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