White House Won’t Rule Out Trillion Dollar Obama Coins to Cover National Debt
In an epic bit of video, conservatives get a glimpse of what they are up against: people who believe that it is even conceivable to mint trillion dollar Obama coins to render debts settled. After all, this is pretty close to what the government does with paper money, which are just state-issued permission slips to trade debts.
But what would happen if the Obama team did just that? People would lose more confidence in the U.S. government around the world, since the dollar would be in danger of cheapening to the point of uselessness and the debt securities that governments hold would be paid back in extremely inflated dollars.
What next? Let me tell you what next. The dollar that people in the United States use as a symbol of trust that debts for goods and services, labor really, would be paid back would fall to pieces. When that happens, the currency that allows people who don’t know one another to trade with each other will be rendered too untrustworthy and the nation’s economic system will be pulled apart by the seams.
The nation itself would then be in danger of crumbling, as people’s diverse economic interests would send them in multiple directions, as they would be loathe to cooperate with others whom they don’t know and trust.
So next time, Jay Carney, that someone asks you if the Obama administration is seriously contemplating minting trillion dollar coins backing the likeness of our American caesar, just do us a favor and allay the market uncertainty — just say no.