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New York Sun

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Incident time: 
Friday, January 4, 2013
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United States
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Editorial: "The Platinum Coin Trick" (original).

It strikes us that this is the missing element in the grand bargain President Obama keeps talking about. This elusive bargain is supposedly a deal that would comprise both spending and taxes. But how can one resolve spending and taxes without also making a deal to end the era of fiat money? It is fiat money — issued without any reference to specie — that enables the Fed to to cover the government’s deficits, while the government resorts to Congress only on such occasions when the debt ceiling is reached. It’s a dodge every bit as improper as the coin trick about which Congressman Nadler has said he’s “absolutely serious.”

NOTE It would be a highly ironic outcome if the end of the fiat money regime came under the Obama regime, before we had the chance to use money for public purpose.

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dr sardonicus's picture
Submitted by dr sardonicus on

How is this surprising? The use of fiat money for public purpose is the one thing the banksters and tycoons fear most (for then their lives would have been lived for nothing), thus they will do everything in their power to make sure the public never makes this discovery. At the same time, they can't do away with fiat money altogether - after all, there are more wars to be fought.

Rainbow Girl's picture
Submitted by Rainbow Girl on

... in Kleptocracy where "Fiat for Us (the Peter Pinguids)" and "Debt Ceilings For You (Unterbussen 99.9%) are perfectly consistent!