Word is that some are seriously considering letting the US Treasury mint a coin with a created value of $1 trillion. I’m almost ashamed to spend any digital ink on this, but I the idea should discussed and have the light of reason focused on it. Megan McCardle does a bit of shining:
I hope you’ll pardon me while I go off on a rant here. The trillion dollar platinum is an absurdity wrapped in a legislative incongruity inside a farce. It is the logical extension of an utterly illogical legislative process that only becomes more irrational with each passing day. Each partisan battle has become stupider than the last. Silly loopholes are exploited for bargaining power, and the resulting stalemates are generally solved with a temporary patch that solves the immediate problem by creating a bigger one down the road. When the bigger problem arrives, naturally the other side seeks an even sillier loophole, resulting in an even more temporary patch.
Exploiting loopholes is a horrible way to run country. Of course, the more thousands of pages of laws which are written (and then backed up with 10s of thousands of pages of regulations) the more we see the massive increase in loopholes. Not to mention people whose job description almost comes down to exploiting them: lobbyists. I’ve nothing against lobbyists, per se, since they are simply making the best of the situation in which they find themselves. But the system which gives them so much power is something which needs to be changed.
You know how we wouldn’t be having discussions about trillion dollar coins? If we simplified things: the tax code; the functions of government; the relationship between income and outgo (1:1) and so forth.
I’ll close with a final word picture:
An ADHD day trader with a cocaine habit and six months to live has considerably more long-term planning skills than our current congress.