Wednesday, September 28, 2011

Flip A Coin

Does the Teabaggers even pay attention anymore?

Some House Republicans have proposed a bill which would kill the 1-dollar bill and replace it with a mandated dollar coin, The Hill's Peter Kasperowicz reports.

Rep. David Schweikert (R-AZ) and two other House Republicans introduced the Currency Optimization, Innovation and National Savings (COINS) Act last week, saying the U.S. would save $184 million a year by moving to the dollar coin.

Um, you guys know that, we, uhhhhh, have a dollar coin already.


In fact there are four currently in circulation (altho only two being minted presently) along with other dollar-denominated coins available, altho not in circulation. They make great investments, in fact!

And you know what, guys and gals? If you actually bought  some and used them, the Mint would have no choice but to issue more!

Supply, meet demand! See how easy it is?

You know what this is really about? It's about the ability of the Fed to control the money supply. See, coins are minted under the direct auspices of the Treasury Department. What the Teabaggers want is a back door way to monetize the debt under the control of the Congress and President so that they can claim they've got deficits under control.

While the price of bread triples in one year. That's their solution to our current crisis.

Also, I'm not sure there isn't an element of Scrooge McDuck working here...