3 chapters across the catalog
US Debt Ceiling, One Trillion Dollar Coin Proposal
President Biden addresses the looming debt ceiling crisis, stating that the U.S. has never reneged on its debt in 200 years. Economist Paul Krugman's proposal to mint a one-trillion-dollar platinum coin to avoid default is discussed. The hosts mock the idea as non-sensical and question Krugman's claim that such a move would not be inflationary.
The "Automatic Boost to Communities" (ABC) Act is proposed, which would provide $2,000 monthly debit cards to all residents, funded by the minting of two $1 trillion platinum coins. The hosts trace this "dumb" idea back to 2013 and a classic episode of The Simpsons. They note that both "nut job Republicans" and progressives like AOC have now embraced the concept of magic currency.
Trillion Dollar Platinum Coin, Debt Ceiling Crisis
Representative Gerald Nadler and various economists have proposed minting a one trillion dollar platinum coin to bypass the debt ceiling crisis. The hosts explain the legal loophole that allows the Treasury to mint platinum coins of any denomination. They argue the proposal highlights the conceptual and "fake" nature of modern money.
