Of Trillion Dollar Coins, Prancing Unicorns and Paul Krugman
I have written before of a truly wacked out nostrum popular among bloggers on the Left in this country to have a coin minted with a trillion dollar value in order to “solve” the debt crisis. Go here to read my post on the subject. Now economist Paul Krugman, Nobel laureate and barking mad Leftist moonbat, has endorsed the proposal:
Enter the platinum coin. There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.
So why not?
It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin.
Go here to read the lunatic rest. Our debt problem can be solved by trillion dollar coins, no doubt delivered by good fairies on prancing unicorns. In years to come, when people are surveying the long term damage the Obama administration did to the American economy, please remember the Krugman column. Obama is President only because a great many people like Krugman have taken leave of their senses, and are willing to implement ideas that should be the idle chatter at an insane asylum rather than government policy.