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Tuesday, January 8, 2013

Champagne Wishes and Platinum Dreams versus Tea Party Steel

MMT'ers (Modern Monetary Theory) and all their soft currency brethren continue dreaming their big dreams of minting trillion dollar platinum coins to eliminate any U.S. fiscal debt limit. Meanwhile, the bogeymen of tightfisted Tea Party Republicans have heard the sound of $10 trillion platinum dimes being dropped and have gone on the offensive and pulled out their slashers. Congressman Greg Walden (R-Ore.) will "introduce a bill to stop a proposal to mint high-value platinum coins to pay the federal government’s bills."

Will the soft currency crowd bring their fancy platinum bill opener to a knife fight?

Soft Currency MMT Platinum versus Hard Money Teaparty Steel
 Robin Leach versus Freddy Kruger - platinum dreams versus Spartan Tea Party steel

Bottomline: Don't fade the Leech
Congressman Greg Walden: 2nd District of Oregon:
Greg Walden plans to introduce bill to stop U.S. Treasury from creating trillion dollar platinum coins to pay bills and expand debt  — U.S. Rep. Greg Walden (R-Ore.) today announced plans to introduce a bill to stop a proposal to mint high-value platinum coins to pay the federal government’s bills.

“Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution. I’m introducing a bill to stop it in its tracks,” Rep. Walden said...

Paul Krugman / NY Times:
Be Ready To Mint That Coin  —  Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default?  Yes, absolutely.  He will, after all, be faced with a choice between two alternatives: one that's silly but benign, the other that's equally silly but both vile and disastrous...


Josh Barro / Bloomberg:
Why Platinum Coin Opponents Are All Wrong  —  This morning, Joe Weisenthal and I took our message in favor of minting a trillion-dollar platinum coin to “Bloomberg Surveillance,” where we were met with the usual shock and horror from hosts Tom Keene and Sara Eisen...

DougJ / Balloon Juice:   You can't win, you can't break even, and you can't get out of the game

Joe Firestone / New Economic Perspectives:
Trillion Dollar Coin: Posts on Legality and Constitutionality — In fact, it is only in the area of [platinum coins] that the Treasury has anywhere near the freedom and authority that the Fed routinely exercises over reserves. So, with respect to money creation powers it seems that a much greater delegation problem, if there is one, exists between Congress and the Fed than between Congress and the Treasury...

Asymptosis Blog:
Platinum Currency: What’s The Fed’s End Game? — It doesn’t matter conceptually whether Treasury deposits that currency at their bank (the Fed) then pay bills normally using checks and wire transfers, or issues the coins to payees...

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