The One Trillion Dollar Coin

Money Trillion Dollar Coin   :

Is the platinum $1 trillion dollar coin scheme being bounced around as a ploy to counter Republicans threat to refuse to increase the debt ceiling, taking politics into the realm of the absurd? Yes, of course it is…but I’m still with Paul Krugman on this one.

Should President Obama be willing to print a trillion dollar platinum coin if Republicans try to force Americans into default? Yes, absolutely. He will, after all, be faced with a choice between two alternatives, one that is silly but benign the other that is equally silly, but both vile and disastrous. The decision should be obvious.

Republicans, of course, are crying bloody murder and one House member, Greg Walden, is proposing to introduce a bill that would outlaw the minting of coins as a means to 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,” Walden said in a statement issued on Monday. “My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt.”

The irony in Walden’s statement is astounding. Republicans feel no shame in proposing to force a default on America’s economic responsibilities by refusing to increase the debt ceiling. This is their way of blackmailing the president into passing their wishlist of economic policies. And somehow, in their twisted view of reality, this is not “absurd and dangerous”…but issuing a $1 trillion dollar platinum coin is?

Look, the $1 trillion dollar coin is dumb but you have to keep in mind that you’re dealing with a political party that has become completely unhinged and divorced from reality. There is no playing nice with Republicans. There is no sitting down with them and discussing important matters in an adult and rational manner. You can (and should, I imagine) try but don’t become flustered when you walk away completely flustered and covered in slime.

A $1 trillion dollar platinum coin? Sure, why not. If it does little more than screw with Republicans’ heads, then it’s a worthwhile effort.


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17 thoughts on “The One Trillion Dollar Coin

  1. I think the White House is coming to the conclusion that to accomplish anything meaningful in the second term, given the oppositional disorder of the GOP, they may have to consider some extraordinary measures. Curbing gun violence by executive order is another hot button issue the President is exploring:

    i’m personally sorry it has come to this in a democracy, where it was my understanding opposing legislative parties were supposed to work together to build a concensus on serious issues for the overall good of the country. Since this doesn’t seem to work that way anymore, I support the President in whatever action he deems necessary to save us from financial default, and from the killing of innocent men, women, and children at the hands of deranged gunmen.

  2. I like your design for the one side. I’ve been suggesting, everywhere I go, that the other side should have the face of William Henry Harrison, the President who achieved the LEAST while in office.

  3. What is more outlandish is the stupidity of Walden’s passing a bill in the House that will never pass the Senate. So good luck with that.

    The importance for the american economy right now is to see growth and if the Platinum coin will help the economy to get going and grow,then I have no objection to the coin. I don’t know who thought about that but I would think that’s why the President was saying that the debt ceiling would not be part of the negotiation.

    The Republicans are not fair to America and steps need to be taken to encourage a climate for job opportunities,gun control,debt reduction and immigration. The path will not be easy but the fate of the american people depends on the commitment of Democrats to the greater purpose.

  4. alwaysoccupy!

    The Republicans are not fair to America and steps need to be taken to encourage a climate for job opportunities,gun control,debt reduction and immigration. The path will not be easy but the fate of the american people depends on the commitment of Democrats to the greater purpose.


  5. @Sarah,

    Republicans = the ones who cause massive economic crisis, block the Presidents cabinet appointments, block his healthcare plan, block his economic recovery plans and block his foreign affair policy etc… and then accuse him of not doing anything.

  6. The batshit-crazy right-wing elements controlling the Republican Party (Note John Boehner’s swearing in Michelle Bachman to the House Govt. Intelligence Committee!) are already making noise that a shut-down of government may be possible in order to “win” the approaching debt ceiling skirmish.

    I hope Pres. Obama sticks to his guns in refusing to debate the necessity of financing government expenses ALREADY INCURRED. Already incurred by the Congress now petulently saying to their constituents and the whole world, “We’re not going to pay unless we can go into the pockets of the halt, the lame and the impoverished and continue to provide to two-percenters million dollar yacht purchase tax breaks. And funding trillion dollar military planes that never get off the ground. And tax incentives to Big Oil…Big Pharma… And on and on.”

    I am so tired of this debacle of our so-called government leaders…cowards and grifters mostly it seems to me…I hope we can all take the time to single out any of these gridlocking GOPers running in ’14 so we can concentrate on whipping their asses like rented mules.

  7. Well said, BasicFunguist. When I view the overall picture of what the Republicans have put us all through for the last four years, in my mind the main rift stems from having the first black man in the White House. Like you, I hope we can throw some of those bums out in ’14.

  8. Ah, how the Republicans love their political theater – introducing bills they know won’t pass, but will get them a mention on the news. Kind of ironic, isn’t it, that they’re wasting taxpayer money every time they do this sort of thing?

  9. So, Karen, aren’t you somewhat concerned that you might be criticized for playing the “race card’? I mean it’s a long time since…was it ’63 or ’64 when our fellow humans were finally freed?…NINETEEN SIXTY-FOUR…because while Lincoln (by an executive order I might add) emancipated the enslaved in 1863 it took fully another hundred years for US citizens of African ancestry to achieve anything like full enfranchisement as long as ole’ Jim Crow held sway, swaying in the breeze like some “strange fruit”…yes, lynchings a commom occurrence well into the 1960’s. And take it from this old white guy, the 1960’s were not very long ago,,,certainly not another
    century ago.

    So, when the owlish US Senator from Kentucky publicly asserts on the first day of the President’s ’08 term that his principal effort would be to unseat President Obama in 2012, one has to at least wonder what prompts such misplaced senatorial zeal; I mean, isn’t that club’s principal duty to serve the people?

    A rhetorical musing, if you might permit me: I just wonder how folks of color were referred to in the household in which that zealoust son of the Bluegrass State was reared. Just wondering.

  10. Not concerned at all, BasicFunguist. Not likely a newly-elected white President of the Democratic party would have received such a reception from that US Senator from Kentucky in ’08. In all of this unprecendented ugliness we have seen in the last four years, racism is very much alive and well, I am afraid. We haven’t come far enough since the slaves were emancipated in 1863, and I often wonder if we’ll ever get there.

  11. Karen,

    ” racism is very much alive”. I can only agree with you on that. It explains a little why McConnell chose Biden to be the white negotiator. They want in every instance that progress be made with the arian white race. Never would they ever surrender or allow credit to go to a black man. As a matter of fact,if you go deep in their cold hearts,they would turn on a dime to the return of the days of slavery.

    If McConnell unites with Biden and grants another positive nod on the gun control issue,they will discredit Obama some more and make it possible for Biden to claim the legacy of what Obama wanted for his own. Republicans will have it no other way.

  12. I think for many it is that white superority complex, and the fact that we are becoming more and more a diverse nation is very threatening to those people who have passed on their brand of bigotry from generation to generation. Eventually we whites will be in the minority in the US, a fact that people of prejudice are going to find very difficult to accept. Unfortunately, I believe that for no other reason than the color of his skin, President Obama, will get little, if any, credit for his accomplishments as POTUS from that segment of our society.

  13. one can only hope the progress of time and increase in diversity make it more possible for the accomplishments of his tenure to be celebrated rather than vilified.

    oh and ive also seen it suggested the coin should feature the bust of Ronald Reagan on it – while Harrison is a good option i do think at root a lot of what is seen today comes from RR – this way he can at least have a hand in fixing it. and it will rile certain folk who would love to see him feature on a coin …. but who also will loathe the use for which it will be struck. more messing with heads sounds good to me.

  14. Here is a thought experiment, imagine the Democrats, in opposition threatened to trash the US credit rating unless millionaires paid more tax. Is there anyone who wouldn’t call it blackmail and extortion?

  15. LB22,

    The basic principle out there is that government works for the people and millionaires work for their pockets. Your experiment is not valid because more often than not,people defraud the government more than government defrauds the people. Government needs ressources to operate America for the betterment of the people such as education,health,social security,economic progress etc.If everyone paid their taxes,I am convinced we wouldn’t have the economic mess we are in. For the last 10 years at least, we have given tax breaks to the rich and corporations so they would hire people and get the economy going. But today we have a lot of millionaires who have a lot of tax loopholes to become more wealthy and hide it in tax shelters and corporations who have a lot of cash in reserves ( and in tax shelters ) but do not invest in equipment or people in their plants. So if we claim more taxes from the rich today,it is because we are coming back to what they used to pay when Clinton was collecting taxes and he created a surplus which encourages us in our future prospects.

    Government cannot extort anybody because government is open and is administered by Congress where both Houses enact and pass budgets that include provisions for taxation. Any government that tries to trash their credit rating will create financial and political suicide and that in essence is a recipe for extinction.

    The secret to all our financial problems is get the economy going. Let corporate America invest in its products and people and you will see the greatest growth in prosperity for everyone

  16. Look. In the dwindling equity position bedeviling the US economy, we find ourselves in a zero-sum game; that is, the one-percenters can only continue to enrich themselves by the impoverishment of others -lately, the middle class.

    The Union Trade Movement of the last hundred years provided a steppingstone for those on the bottom rung of society to achieve the American Dream, membership with all the usual perquisites of middle class America. Of late however Trade Unionism has been painted by the regressive proponents along our economic spectrun as agents of larcenous, unpatriotic maldistribution of wealth. Yes, those running the unions lately have been targets of some deserved criticism. Humans are like that. The aggregators of wealth would dismantle the unions so they can get more wealth -the marginal utility of which is highly questionable- rather than see that wealth infused throughout the increasingly impoverished in a nation where our roads and bridges are crumbling, in which our children are falling behind educationally on the global playing field, in which the rich are getting demonstrably much richer and the rest of many of us are getting poorer.

    What’s the answer? Well, as a starter understand that the US military establishment is the enforcement arm of the Military Industrial Complex, the fascist combination of commerce and government of which Peresident Eisenhower warned us in1959. We can no longer afford to make the world safe for enrichment of the Multi-National companies whose corporate welfare is secured at the price of our individual rights of citizenship in our country, a place where corporations are now persons. The Dred Scott Supreme Court decision a century and a half ago is now seen to have been an affront to basic human values; so too, I believe, the same court’s recent finding of “personhood” for institutions, corporate and otherwise -yes, unions too.

    What the hell are we doing allowing our nation’s fellow citizens spilling blood, being maimed and dying in Afghanistan? Well, goes the boneheaded response, “We have to give them a chance to defend against the Talibiban” (the local boogeyman), our former vassals resisting the USSR in the ptrevious century.

    Gotta go; I’m being 86’d for longwindedness. Love to All, BasicFunguist

  17. Brilliant image…the other side of the coin should be a donkey’s ass…and a tribute to the Democratic party…

    You should make this coin and sell them…I would buy a couple.

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