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11 January, 2013

Silly Liberals, Debt is the Path to Slavery and Ruin!

Snazzy headline aside, either Slate is run by complete morons or they think they're being funny.  I'm no fan of Fox News, but what they're trying to do here is to point out how big Obama's magic coin would have to be to actually be worth a trillion $$$, based on the spot-price of platinum.  Anybody who thinks making a $1500 coin and stamping a $1 trillion mark on it is an answer to our problems needs to Google "hyperinflation" and "Weimar Republic" for a little basic Economics education before we all end-up spending $75 for a gallon of milk at Wal-Mart.

You can get a Billion $$$ Zimbabwean bill on Ebay for $5 -- it isn't even worth that much, in reality, but you're paying for its value as a conversation piece.

What Slate seems to be completely ignorant of in their cute little tirade about money denominations is that paper money was originally meant to be used as a certificate to represent the gold and silver that belonged to the individual, but was kept in a bank or vault, because it was either too heavy or just inconvenient to carry around.  Coins, historically, were always assigned a value based on their metal content; having coins made from nearly-worthless zinc and such is a recent thing, and it represents the hidden theft of "real" wealth from the peoples of the world.

Our debt-driven economy and worthless, fiat currency is at the root of the problem, and upping the ante will only make it worse. Ask yourselves this: If the President could just Harry Potter up a magic coin to pay the bills, then why are we paying taxes?

If I was in Congress, I'd make the President a deal (they are empowered to create currency; he is not): he can have his magic coin right after we repeal the 16th Amendment and sell the IRS headquarters at auction.

1 comment:

  1. Slate is a strange magazine. On the one hand, they have some good, well balanced articles in favor of individual freedoms. On the other, they publish bizarre articles like the one you refer too. I just take the good ones for what they are worth and ignore the ludicrous.


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