Economy

Jan 9, 2013

There’s two sides to the US trillion-dollar coin

There are suggestions President Obama should issue a trillion-dollar coin to pay down US debt. Huh? The proposal is a bizarre response to the next stage of the ongoing US financial crisis.

Guy Rundle — Correspondent-at-large

Guy Rundle

Correspondent-at-large

Somewhere, buried deep in London and Edinburgh, they lie, in locked boxes that are in locked boxes, in climate-controlled vaults. Sometimes they are moved from one vault to the next, down a corridor, attended by a phalanx of guards. They dwell in the netherworld. They are … the Titans. They are … Scottish banknotes.

5 comments

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5 thoughts on “There’s two sides to the US trillion-dollar coin

  1. Edward James

    A chevy chase comeback/ are you kidding we are discussing a giant Ponzi scheme. where world governments want us to keep supporting higher borrowings. Edward James

  2. zut alors

    ‘… the Muslim-Weatherman government.’

    A searing and accurate insight.

  3. michael r james

    GR forgot to mention that, while the $M movie was British, it was based on a Mark Twain story.

    So, obviously, BO only needs to get Aaron Sorkin to write the script and it will be a cinch. Total cred. (Could possibly shoot a pilot with Martin Sheen–or Morgan Freeman?–to test it on focus groups.)

  4. Monash.edu

    Sorry to be serious about this (I’ll leave in a second), but surely if it were as easy to solve debt by printing more money, everyone would do it? I only studied economics in year 12, and I distinctly recall the word ‘inflation’ being thrown around there somewhere. Not that that’s a bad thing per se, but if one were to choose inflation or debt, wouldn’t you stick with the latter? And there was something about some German chaps pushing wheelbarrows full of money, tipping it out and stealing the wheelbarrows?

    Economists of Crikey, I am asking to be schooled on this matter.

  5. John Bennetts

    Ahhh…

    Gotta love something that resembles a collaborative effort involving Spike Milligan, Marty Feldman and the guy who wrote the Pogo comic strip, with a bit of Michael Palin thrown in for balance.

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