<>However I also think Boo is probably correct in his assessment of how the Trillion $ coin would play in the US. Obama has desperately been trying to play "the adult in the room" and keep Wall Street onside.

There seem to be two kinds of objections. One is that it would be undignified. Here's how to think about that: we have a situation in which a terrorist may be about to walk into a crowded room and threaten to blow up a bomb he's holding. It turns out, however, that the Secret Service has figured out a way to disarm this maniac -- a way that for some reason will require that the Secretary of the Treasury briefly wear a clown suit. (My fictional plotting skills have let me down, but there has to be some way to work this in). And the response of the nervous Nellies is, "My god, we can't dress the secretary up as a clown!" Even when it will make him a hero who saves the day?

I suppose for serious people like Booman, a great depression and a government default are better than looking foolish in the eyes of the Boeotians.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

Most US liberals and progressives are, more or less, economically illiterate and haven't gotten past Austrian or Chicago school economics 101. They share the same basic assumptions and theoretic constructs of  austerity economics, even if they would like to temper it's extremes by saving as much of the New Deal and Great Society as they can.