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Will a $1 Trillion Coin Solve the US Debt Problem?

There is a lot of crazy talk out there regarding the minting of a $1 trillion coin to get around the debt ceiling.

Today Paul Krugman hopped on the $1 trillion bandwagon in his New York Times article 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. The decision should be obvious.

For those new to this, here’s the story. First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default.

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  • Joe Pijanowski on January 09 2013 said:
    This magic coin idea is valid.....but it does not address the root of our debt. HR2990 (The NEED Act) is a related concept BUT it goes the whole way to address our DEBT. It pays off the national debt over time, creates over 7 million jobs and rebuilds our failing infrastructure without causing inflation! Our entire country does not understand that our national debt is completely unnecessary and it is a product of our FLAWED debt based money system. HR 2990 (related to the Chicago Plan) corrects this and it is proven as a valid solution in a white paper by Michael Kumhof and Jaromir Benes. Incidentally these two are from the research department of the International Monetary Fund. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
    AND here is another white paper which comes to the same conclusion http://monetary.org/wp-content/uploads/2011/11/DesignOpenMacro.pdf

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