Heh, as if any sane person would even think to do that!
What they meant was “Of course we will mint several 100 trillion dollar coins, though.”
I sorta like the idea. Obama is already borrowing almost half the money he spends. Why not mint bogus coins to pay for the whole thng? We could then completely eliminate ALL taxes. /s
I thought it was a funny CT though.
If someone would produce fake trillion dollar coins, I would like to have some as a momento of this insanity period... If they were cheap enough, they would make good handouts for my liberal friends :)
The trillion dollar coin would not replace taxes, it would BE a tax of the worst kind, the inflation tax and would affect the poorest the worst.
Will they sign that with a bunch of loopy zeros?
I do believe that it is legal for the treasury to produce a denomination of $1T coin. Congress can order coins to be made rather than paper money that is run by the FED reserve. It is the second and third order effects that are terrible.
1. if issued how are you going to get change for buying a stick of gum with it (sarcastic but true). Such a coin needs to have the full faith and credit of the US behind such a coin.
2. Our credit rating would be come junk bonds over immediately if we did that.
3. Look at the other nations with hyperinflation printing with 100,000,000 denomination value notes (the the Deutsche Mark for one) that cannot buy a loaf of bread. such a coin would make that scenario more likely
Too many issues for my liking.
We really have gone down the rabbit hole. They are trying to fool with how people perceive reality so that they can be more easily controlled. If I didn’t know better I would think that I was merely in the middle of an odd dream and will shortly wake up. Am I?