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Wednesday, February 6, 2013

6 February 2013

The US economy is quite evidently fucked. There is little denying it.
Over 14 trillion in debt for a GDP of 11 trillion and rapidly decreasing. A divided system of politics and populace, an obsolete, dogmatic Reaganomic system, and a social system that is designed to make the rich richer and the poor poorer.
Then we have the fact that the top 1%  use their wealth and power to pay little to no tax, or divert their incomes to foreign tax havens.
Uh-oh, what is the debt ceiling isn't increased?
What will happen if the US goes over the fiscal cliff?

But wait, US Senate Representative Jerry Nader has a plan to save the day - why don't we just print off a $1 trillion dollar platinum coin?
That's twelve zeros after the one.
Yep, it's precisely that episode from The Simpsons.

Because of a hilarious (read: genius) loophole in the US Federal Reserve laws, they can technically print off a coin 'of any amount'.
Those of you with a background in economics, or minimal fiscal capacity whatsoever, might ask; 'but what about inflation?'.
Yes, Mr. Nader, what about inflation? Well, apparently it won't be that bad since most of the trillion is going overseas.

Now, I'm not saying that this plan can't work. What I am saying, however, is that it's stupid.
Today's Daily Quota is an interview in The Atlantic, discussing this concept. It's quite light-hearted, but also very informative. The interviewer goes into the piece with heightened skepticism, and comes out with more informed skepticism, as will you.
Strange days have indeed found us.


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