The Trillion Dollar Coin

The proposal has been killed as it should have been.

Is this proof that our politicians are sensible?

Not at all of course. What happened here is merely a calculation aimed at self preservation. Someone realized that in going through with the plan, society would begin to question the role of the central bank; as they indeed should.

If Treasury is legally entitled to repay the entirety of the debt generated by a Debt Based Fiat Monetary system (DBFM), then why don’t we just do it? Similarly, if Treasury is legally able to create the currency, why exactly do we need a central bank? More importantly, why should government borrow money from a third party and pay interest when government can create its own money?

These are questions that central banks do not want asked.

Please note. I am not advocating that Treasury should take over monetary policy perpetuating DBFM. Monetary policy should be in the hands of the public and politicians should not have free rein in managing the monetary system just as unaccountable and unelected central bankers should not either. In this respect a value based monetary system or a fixed amount of fiat money would be desirable and would serve to, at once, eliminate the central bank and restrict government excesses.

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4 Responses to “The Trillion Dollar Coin”

  1. Patrick Donnelly Says:

    You fail to see what history shows. This is part of our political system. It is like peristalsis. Squeeze and release. Too much power has been accumulated. The politicians have no power, so it is safe to have a sham of democracy. Issues dominate while the credit machine rolls on.

    John Law was released from 18th Century Gitmo to destroy France, which he did. He helped establish banker fortunes there. Ever hear of Baron Rothschild?

    The question to be asked is: who really benefits by this money machine? That it exists, comes as a shock to some, but surely you have gotten over it and found out how old it is? Any research at all?

  2. josephbc69 Says:

    You’ve stated it all in a nutshell; now how do we get the politicos on board?

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