it is genuinely hilarious the entire financial system might be saved by a random poster with the username "beowulf" in the blog comments of a B list hedge fund manager who was like "why dont we just mint a trillion dollar coin" which was passed by word of mouth to Krugman
— Lucas 🧡🧦 (@PunishedLink) January 7, 2023
...The problem we are facing is that too many politicians simply do not understand that the global markets will never accept unsustainable political promises or multi-trillion-dollar gambles. Sophisticated investors for huge institutions and sovereign nations cannot be managed; what allows them to come to work every day without endless panic is that they understand the pillars of the global economy and anticipate that no one would pull those away intentionally.The managers of these funds and institutions that play a huge role in keeping the global economy financially liquid all must answer to their bosses, which is why they are constantly looking over their shoulders, trying to anticipate what their colleagues are planning to do. And right now, those massive groups - Vanguard, Fidelity, TIAA-CREF, even China - have made it clear they believe the markets and the economy will collapse if the United States goes into unprecedented territory in this wholly unnecessary debt ceiling game.Think of it like a bank run: If everybody runs to pull out their money at the same time out of a fear that all their friends, neighbors, and other customers are preparing to drain their own accounts, the bank collapses.......If the United States government does something foolish and unprecedented, they are not going to wait to see what others do - they are going to make a mad dash to the door, selling all they can while hoping to stay ahead of their competitors trying to push past them. The other thing to know is that these decisions are, for the most part, dictated by computers: When markets fall, trading programs kick in to minimize losses. Which means shooting as many sell orders as possible out there until the market calms.This is where the Republican strategy, detailed in the Washington Post, will fail. The plan is to go ahead and hit the debt limit, then pick and choose what part of the government will be financed based on a listing of priorities...This financial plan fails on so many levels it is hard to know where to start...
Raising the debt limit doesn't add new debt, it allows payment of debts Congress already incurred.
— Rep. Don Beyer (@RepDonBeyer) January 13, 2023
The alternative is default, which risks a global financial crisis, recession, and millions of jobs lost.
Republicans raised the debt ceiling for Trump and should do the same now. https://t.co/2iqImjYLGE
But over on Twitter, people are just tweeting about the crazy instead -- solving the debt ceiling crisis by minting a trillion dollar coin and then depositing it at Fort Knox to cover the debt ceiling - and you've got to be kidding - please tell me you're kidding. Please? Anybody?The reason why I don’t worry about getting enough Republicans to vote to raise the debt ceiling to keep the economy from crashing is because I know how much they have invested in the stock market.
— Ron Filipkowski 🇺🇦 (@RonFilipkowski) January 14, 2023
Imagine trying to explain to the average voter that you're trying to mint a trillion dollar coin because of some nebulous statutory language and that it's okay because there's poetic justice in solving a ridiculous problem with a ridiculous solution. https://t.co/U9roLv1iEt
— MagnetCarta (@MagnetCarta) January 15, 2023
Like this, only coated in 5 microns of platinum and stamped with a profile of Elvis Presley pic.twitter.com/G1AGhKz82Q
— David Frum (@davidfrum) January 13, 2023
I'm thinking the $1 trillion coin should at least be as big as the one Batman keeps around the office pic.twitter.com/d1UbirBU4s
— Benjy Sarlin (@BenjySarlin) January 13, 2023
exactly, you don't want it falling out of your pocket with your left airpod
— Benjy Sarlin (@BenjySarlin) January 13, 2023
Now that somebody has invented the NFT, maybe America doesn't actually need to mint any coin at all. They can just print a picture of the coin and then just say its worth trillions and trillions. Then send an email to Yellen with the photo attached. Problem solved!I imagine a small-ish gold coin that looks like it’s suspended in mid-air in a white windowless room, but there are all these super technological lasers and magnets and whatnot protecting it, and Tom Cruise sneaks in and effortlessly disarms it, steals it, and escapes.
— Elizabeth Picciuto (@epicciuto) January 13, 2023
No matter the long term economic impact, you know on some level Trump is going to be so pissed if Biden mints the coin because Donald had one chance to force the government to mint a trillion dollar coin with his face on it and blew it.
— Checkless Starfish Who Can Change His Name (@IRHotTakes) January 15, 2023
2 comments:
There's no question that the Electoral College is a stupid, cludgy system, what with the constant threat of unfaithful electors failing to follow election results. But the part about it delivering results that don't reflect the popular vote is exactly what our first-past-the-post system does here in Canada. Indeed, if we had a system that prioritized the popular party vote, chances are we'd be in the third term of prime minister Scheer. Be careful what you wish for.
Cap
Yes, I can understand this concern -- perhaps pure popular vote isn't always exactly right either!
Though in a straight-up Trudeau vs Scheer contest (ie, without the NDP, Bloc) I think Trudeau would win.
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