Activists advancing the ludicrous notion that the solution to the debt-limit crisis is to have the U.S. Treasury mint a trillion-dollar coin are becoming completely unhinged. Or maybe they were never hinged?
Jeff Stein, the Washington Post economics reporter, asked two of the leading theorists advancing the idea to respond to certain reservations from those close to the White House. Among the reservations was the fact that the Supreme Court could strike down the idea. Stein then posted the text exchange. One of the activists, an assistant law professor at Willamette University, Rohan Grey, had a novel solution: “ignore SCOTUS.” Oh, and demand that the Federal Reserve accept the coin by sending troops.
I asked @rohangrey & @NathanTankus — 2 of the leading theorists behind the “Mint the $1 Trillion Coin” idea — about some of the concerns I’d been hearing from those close to the White House about their plan Their responses, shared w/ permission, are worth reading pic.twitter.com/7HijRiohXp
— Jeff Stein (@JStein_WaPo) January 20, 2023
Josh Barro makes a fair point:
If your strategy to keep financial markets operating normally contains the step “send troops to the Fed,” I’m skeptical it will actually succeed at calming market participants https://t.co/CDhsESvbJ2
— Josh Barro (@jbarro) January 20, 2023
These are not serious people.