Monetary Econ and #MintTheCoin
My latest in Bloomberg, on monetary economics and #MintTheCoin:
The dream of my colleague Josh Barro is dead: The U.S. Treasury Department and the Federal Reserve have nixed the idea of minting a trillion-dollar platinum coin to circumvent the debt ceiling.
Yet the platinum-coin debate, for all its absurdity, was in fact packed with the basic principles of monetary economics. Here are five lessons that the trillion-dollar coin should teach us about how money really works.