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Krugman Coins Another Insult

Home - by - January 11, 2013 - 19:45 America/New_York - 13 Comments

 GOP Acting Like Someone With ‘Bomb Strapped to His Chest’

By Clay Waters from NewsBusters

Paul Krugman’s Friday column for the New York Times, “Coins Against Crazies,” announced his support of a bizarre-sounding budget solution taken up mostly on the left: A trillion-dollar platinum coin that would supposedly avoid the looming problem of the debt ceiling. But more offensive than Krugman’s nodding along with this unlikely idea is his referring to Republicans as terrorists.

PIMCO chief executive Mohamed El-Erian explained the platinum coin idea: “Under legal authority it already has (which is meant for decorative coins), the U.S. Treasury would issue to itself a very large platinum coin — say a single, trillion dollar denomination. The coin would be deposited in the Treasury’s account at the Federal Reserve. Against this ‘credit,’ the Treasury would withdraw from the central bank more conventional forms of money and use them to meet payments obligations that have already been approved by law….The key here is that the Treasury would raise money without borrowing. Thus, the increasingly binding debt limit would not apply….”

Krugman signed on, at least in theory, since it would neutralize the Republicans who are using the debt ceiling like a madman with a bomb strapped to his chest. (Didn’t know the debt-ceiling debate could escalate like that, did you?)

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So, Paul; I’m a terrorist but Muhammad El-KillTheInfidels is not?

Also, if this decorative coin is actually deposited in the Treasury’s account at the Federal Reserve and used to withdraw real money to pay our debt, it no longer is a commemorative/decorative coin. This would be unconstitutional and illegal. But then, what is keeping Obama and his administration from doing it? It’s not like they would be concerned that anyone would call them on it.

» 13 Comments

  1. grayscape

    January 11th, 2013

    Krugman sounds like someone with no belt or shoes and a spoon around his neck.

    Thumb up +9

     
  2. Navy Squid

    January 11th, 2013

    Pity Krugman couldn’t act like a man – with a brain strapped to his head!

    Thumb up +8

     
  3. Unruly Refugee

    January 11th, 2013

    Just ignore the fact that Burako Bama is running around shooting nukes out of his arse ’cause that’s ok in prog town.

    Thumb up +4

     
  4. Stewart Pid

    January 11th, 2013

    They should make 300 million of these coins and give one to all of us Americans! Then we will all be rich!!! 11eleventy!

    Thumb up +7

     
  5. Stranded in Sonoma

    January 11th, 2013

    “Under legal authority it already has (which is meant for decorative coins)…

    No, it’s meant for money. Not paper and not numismatic coins, you moron. Congress does not have the power to emit a bill of credit. That power was put forward at the constitutional convention but was denied through omission. Read A Plea for the Constitution by George Bancroft.

    …the U.S. Treasury would issue to itself a very large platinum coin…

    And from where is the Treasury going to get the metal? It’s not just sitting around waiting to be made into a coin. The Treasury would have to buy the metal from someone. What are they going to buy it with? Mooshell’s good looks?

    …say a single, trillion dollar denomination.

    So, are the libtards now saying that precious metal CAN be used as money? This from the same people that continue to say, “There isn’t enough gold to go around.” But now, miraculously, there is enough platinum to go around. How big is this coin going to be?

    The coin would be deposited in the Treasury’s account at the Federal Reserve.

    Why don’t we audit the FRB first and find out how much we owe before we do this?

    Against this ‘credit,’…

    Notice that credit is in quotes, meaning it is NOT credit.

    …the Treasury would withdraw from the central bank more conventional forms of money…

    Like what? The worthless paper that the FRB and gov’t foists on us now? Yeah, nothing wrong with a plan that fixes a problem by doing more of the same that caused the problem in the first place!

    The key here is that the Treasury would raise money without borrowing.

    Once again, numbnuts. From where does the metal come? Scotty doesn’t just beam it into the Treasury. Someone has to dig it out of the ground, remove the ore from the dirt, melt it down, and make a salable metal from it. Get the keyword: salable.

    Why is it that every idea by a socialist can be summed up as putting screen doors on a submarine?

    Thumb up +3

     
  6. AvgDude

    January 11th, 2013

    Is it just me, or does the printing of a platinum coin given an arbitrary value of $1 trillion sound like a variation on the false idol story from when Moses came down from the mountain. And the fact that the idea was thought up by a Muslim makes me even more suspicious. These people are insane. A big lump of platinum is only worth whatever the platinum is worth on the open market. Just because it has a shape to it doesn’t make it worth a $1 trillion. That is just absolutely ridiculous.

    Thumb up +7

     
  7. joe6pak

    January 11th, 2013

    That idea, to mint a $1,000,000,000,000.00 coin, is so insanely stupid that everyone of us that read that is dumber for having done so.

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  8. even steven

    January 11th, 2013

    That’s one of the most idiotic schemes I’ve heard. It figures that Krugman, the economic terrorist from Fuckstickistan, would claim it was a good idea.

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  9. Name Redacted™

    January 11th, 2013

    It’s just a variation on the “print more money” scheme which Krugman is such a fan of. It’s entirely symbolic, just like dollar bills. They could just as easily add a few zeroes to the federal bank account and move the decimal over – this just looks better to sheeple by pretending there is something of value in the bank.

    Sometimes this country feels like being on a roller coaster to hell – you can’t control the path, you can’t get off, and nobody hears you screaming your head off.

    Thumb up +5

     
  10. One Notch Above a Congresscritter

    January 11th, 2013

    If this Administration was a television show what would it be called?

    Thumb up +2

     
  11. really enraged

    January 12th, 2013

    @ One notch: “Braindead enemy suckwads on parade”?

    Thumb up +3

     
  12. Annie

    January 12th, 2013

    Shock Theatre

    Thumb up +1

     
  13. phil.arbeit

    January 12th, 2013

    Problem solved, the coin has already been minted and is in the PERFECT place, no one will ever be able to get to it. It has Secret Service protection 24/7! Check it out: 1 TRILLION DOLLAR COIN PHOTO

    Thumb up 0