Rush Limbaugh Slams 'Banana Republic' Plan To Mint The Coin
Limbaugh devoted a segment of his show today to slam Krugman and others that have begun to advocate the coin as a serious proposal to circumvent the debt ceiling if Congressional Republicans refuse to raise it by the "X date" that could come as soon as Feb. 15.
Limbaugh compared it to something a "banana republic" would do:
And Krugman said, "Yep, absolutely," and people are serious about this. People on the left think that this is a brilliant idea, including Paul Krugman. So, because of this, the Republicans have introduced a bill that would ban the creation of a trillion-dollar platinum coin. Now, folks, you have to admit that this is the kind of stuff that banana republics do.
I mean, this is absurd. But it has the support of leading leftist Democrat journalists and economists, such as Paul Krugman. A $1 trillion coin! A platinum coin that's worth probably 85¢ would just be said to be worth a trillion-dollars, and the government could spend it. It would be a trillion dollars we'd found, and we would have to print any additional money. It's a miracle.
Republican Rep. Greg Walden plans to introduce legislation that would ban the Treasury from minting high-value platinum coins.
You can listen to the full segment below, courtesy of The Daily Rushbo: