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There is now a White House petition requesting that President Obama mint a $1 trillion dollar national coin to effectively avert another national debt crisis. The twitter hashtag #mintthecoin has also gone viral (I can't currently check twitter to see if it is trending but the hashtag is number 1 on the Yahoo trending list.). This article by Business Insider reports on how the idea has suddenly grown in popularity and explains why it would be a perfectly good solution to the debt problem that would not have any serious adverse consequences.

I think it is a no-brainer to take this action rather than let a batshit-crazy congress to again threaten the economic stability of the nation and the world with a potential default. Please let your voice be heard by clicking the petition link above and adding your name. You will need to create an account with the White House petition site if you don't already have one.

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Comment Preferences

  •  strikes me that the article dodges the issue (0+ / 0-)

    entirely -- acting as if the issue is spending money that we actually have, but is being held in abeyance by the House.

    And the point about the $100 trillion coin misses the point as well. The current economic constraint is not what we can raise or spend, but rather a dumb law (the debt ceiling) that we would like to get around legally. A $1 trillion coin accomplishes this goal just as easily as a $100 trillion coin does. Remember, the constraint isn't money, the constraint is law.
    The issue isn't constraint; the issue is debt.  This isn't money we want to spend -- this is money that is spent (to this point the above quote is exactly wrong -- it IS about what we can raise).

    As to inflation, they dismiss it as a piffle rather than address it.  I am not informed by the article (more of a quip, really) in the least; certainly not convinced.

    It seems curiosity has killed the cat that had my tongue.

    by Murphoney on Fri Jan 04, 2013 at 12:15:57 PM PST

  •  Why not 16 (0+ / 0-)

    Then we could wipe out the debt. Simple.

    •  make it 17. take one for yourself... (0+ / 0-)

      because that is a great idea.

      But the article that the diarist points to says that you are missing the point and, so, next question except there are no reasonable questions and bob's your uncle.

      It seems curiosity has killed the cat that had my tongue.

      by Murphoney on Fri Jan 04, 2013 at 05:30:07 PM PST

      [ Parent ]

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