[ExI] a good laugh

[F. C. Moulton]

The idea for a high value coin has been around for a long time; some 
history at:
https://reason.com/2021/10/08/the-hidden-history-of-the-trillion-dollar-coin/


On 10/8/21 3:57 PM, spike jones via extropy-chat wrote:
> *From:* William Flynn Wallace <foozler83 at gmail.com>
> *Subject:* a good laugh
> 
> from Krugman's column
> 
>>…one possible way out would be to exploit an apparent legal loophole by 
> minting a platinum coin 
> <https://nl.nytimes.com/f/newsletter/b4dtI5rwAikyBwQmgGZipg~~/AAAAAQA~/RgRjQwZkP0TwaHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAyMS8xMC8wMS9vcGluaW9uL2JpZGVuLWNvaW4tZGVtb2NyYXQtcmVwdWJsaWNhbi1kZWJ0LWxpbWl0Lmh0bWw_Y2FtcGFpZ25faWQ9MTE2JmVtYz1lZGl0X3BrXzIwMjExMDA4Jmluc3RhbmNlX2lkPTQyNDAxJm5sPXBhdWwta3J1Z21hbiZyZWdpX2lkPTY0MTU5Nzc2JnNlZ21lbnRfaWQ9NzEwNjAmdGU9MSZ1c2VyX2lkPTVlNzExMzliNzlhYjE0MzNkMDc3MTBkOGY4ODM1NmM4VwNueXRCCmFfZIFgYT_hCG1SE2Zvb3psZXI4M0BnbWFpbC5jb21YBAAAAAA~> with 
> a huge face value, say $1 trillion, depositing that coin in an account 
> at the Fed, then drawing on that account to pay the government’s bills
> 
> bill w
> 
> Cool, why didn’t we do this a long time ago?
> 
> But platinum is relatively rare, and if they are using up several grams 
> of the stuff every time they need a trillion dollars, why not substitute 
> some other more common material, such as copper or steel?
> 
> If a multi-trillion dollar spending bill can be covered by minting a few 
> copper or steel coins, why don’t we use a roll of those to pay the 
> national debt?  Then we can use a couple a year to replace taxes, add a 
> couple more and carry the US budget.  And if spending doesn’t add to the 
> national debt, we don’t need to increase the borrowing limit.
> 
> But this is all US politics.  Please if anyone outside the US has any 
> comments to make, you may feel free to post me offlist.  I don’t want us 
> getting in trouble with ExiMod.
> 
> Brits and Italians, what does it look like from your perspective?  Why 
> didn’t Britain ever come up with the idea of just minting a trillion 
> pound coin?  Even Zimbabwe figured out this very simple answer to 
> runaway debt: mint the mighty quadringentillion dollar note:
> 
> Then sell the quads to American tourists and gag-gift buyers for 3 bucks.
> 
> I learned that a quadingentillion is (1000)^400 or 10^1203.
> 
> spike
> 
> 
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-- 
F. C. Moulton
moulton at moulton.com