‘Wilkow!’: Krugman’s $1 Trillion Coin and Debunking Demand-Side Economics

Jan. 7, 2013 8:22pm Christopher Santarelli

New York Times Columnist–and former Enron advisor–Paul Krugman has a new idea for solving the latest debt ceiling crisis: mint a $1 trillion platinum coin if Republicans try to force America into default.

Good thing he has already declined the nomination (that he was never really offered) to replace Treasury Secretary Timothy Geithner.

In a half-serious blog post Monday, Krugman argues that using the loophole to create the coin could allow the president to sidestep the “destructive institution” of the debt ceiling, “while doing no economic harm at all.”

On “Wilkow!” Monday Anthony Davies of the Mercatus Center at George Mason University discussed the ridiculous notion of a $1 trillion coin, as well as more serious issues of debunking demand-side economics as Washington enters the next round of debt negotiations following the Fiscal Cliff.

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Comments (8)

Vickie Dhaene
Posted on January 8, 2013 at 10:00am
Other than our country, who would accept it’s valuation?

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iac
Posted on January 8, 2013 at 8:32am
A $1 Trillion Dollar ‘Bama coin; good for 20 Trillion Wooden Nickels !

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drs1969
Posted on January 8, 2013 at 12:25am
$1 Trillion = 6.25% of a $16 Trillion economy. That’s why our Constitution gives the purse strings to Congress.
This is taxation w/o Representation. There was a war fought over this exact same thing.
Buy all the metals, they are h*ll bent on cheating us out of everything we have!

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Dougral Supports Israel
Posted on January 7, 2013 at 11:52pm
These govrernment people can fool themselves into oblivion for all I care. Coining a trillion dollar coin will kick the can just a little farther down the road. One day soon it won’t matter what denomination their coin is because it will all be worthless.

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- naughtycal
  Posted on January 8, 2013 at 8:36am
  Exactly and those of us who have built America will see it destroyed by those who have been leeching it for generations. We need to start making a hit list of those who definantly need to be removed from our country either through death or exile give them the choice.
  
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HumbleMan
Posted on January 7, 2013 at 10:56pm
Andrew … I did the calculation for how big the coin would be. If it were just a cube (three equal sides) each side would be a little over 200 feet.

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- J Z
  Posted on January 7, 2013 at 11:49pm
  At today’s spot prices? Just over 2,000,000 cubic feet of platinum? No problem at all.
  
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- lel2007
  Posted on January 8, 2013 at 12:50am
  Since the government is minting it they can declare its value to be what ever they choose. The proposal specifies platinum because that is the only metal not mentioned in whatever provision is holding them back. What surprises me is the criminals propose minting only four trillion. Why not 16.4 plus a little extra to cover future needs?
  Way past time for a military coup. Arrest every elected and appointed official in Washington DC and weigh their actions against the Constitution – hang those failing to measure-up. Are there any loyal American Generals up to the task, or was G. Washington one of a kind?
  
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