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In order to bang home the point that it is of no intrinsic value, I'd hope it would be tiny.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Jan 12th, 2013 at 02:54:14 AM EST
[ Parent ]
At the very least it should inspire a few Russell Crowe Trillion $ Heist movies where the protagonist discovers, to his horror, that no one will actually believe he has got the real thing rendering it effectively worthless...

Also perhaps a stupid and stupider 7 movie sequel where the protagonists counterfeit the coin and are caught when they attempt to "cash" it in because the one and only true coin is in the Fed and no "real" copies exist.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Jan 12th, 2013 at 05:50:53 AM EST
[ Parent ]
As specie, it is effectively worthless. Who would accept it in payment for anything?
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Jan 12th, 2013 at 05:56:31 AM EST
[ Parent ]
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Jan 12th, 2013 at 06:08:36 AM EST
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Special institutional case.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Jan 12th, 2013 at 10:27:42 AM EST
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It's symbolic.

Oh, wait...

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sat Jan 12th, 2013 at 06:30:44 AM EST
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So's a Washington.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Jan 12th, 2013 at 09:32:11 AM EST
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Accepted without difficulty in exchanges, so has transactional value.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Jan 12th, 2013 at 10:26:21 AM EST
[ Parent ]
If Peter Sellars was still alive there'd be a new film adventure for the Dutchy of Grand Fenwick

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sat Jan 12th, 2013 at 05:50:36 PM EST
[ Parent ]
Booman is still clinging to the "real metal value" theory and refusing to differentiate (like Fox News) between bullion and proof coins.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Jan 12th, 2013 at 06:41:44 AM EST
[ Parent ]
Booman is serious.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sat Jan 12th, 2013 at 07:17:09 AM EST
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No, but he is desperately trying to be - getting inside White House briefings - and trying to coral some of the wild cats of the progressive blogosphere on their behalf. However I think his attitude highlights a real problem with the progressive blogosphere in the USA. 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.

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. So far he has the Republican right more or less where he wants them - unhinged from establishment Republicans who voted for the Fiscal Cliff compromise.

Obama risks uniting the Republican and conservadem establishment against him if he goes the coin route.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Jan 12th, 2013 at 07:45:29 AM EST
[ Parent ]
<>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.
yeah...
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?
(Krugman)

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

by Migeru (migeru at eurotrib dot com) on Sat Jan 12th, 2013 at 07:57:28 AM EST
[ Parent ]
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.
Stephanie Kelton calls them deficit doves, as opposed to deficit hawks. Both believe deficits should be reduced, it's just that the liberal deficit doves are willing to entertain short-term stimulus policies.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sat Jan 12th, 2013 at 10:24:43 AM EST
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When I met Kelton and Wray at a conference here some time ago, I had no idea how important they, and their ideas were about to become. I even asked her the conventional economic question about "printing money" ultimately leading to inflation and was surprised by the vehemence of her response to the contrary. Part of me wants Obama to mint the coin just to see Republican and Conservadem heads explode. Part of me wants him to face the political fall-out of a (probable) failed impeachment attempt just to overturn the whole conservative economic narrative of the right. After all he did promise to be a transformational President...

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Jan 12th, 2013 at 11:49:34 AM EST
[ Parent ]

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