Obama's Magic Trillion Dollar Coin Trick

... "When intellectuals of such distinction can state ... that 'There's nothing that's obviously economically problematic' about a theoretical near trillion dollar discrepancy between the intrinsic, or market, value and nominal value of U.S. legal tender it would appear that cleverness is triumphing over motherwit in Washington," writes Ralph Benko about Gagnon on his blog The Gold Standard Now

The platinum coin trick does not pass the laugh test; this does not mean, however, that the idea is going nowhere. Unless Congress acts to prohibit the coins from ever being struck it is always possible the president, any president could keep one or two up his sleeve just in case. It's bad policy, bad politics, and bad economics. It should be rejected out of hand and the White House should make clear it has been.

Read Full Article