No, but their audience is. Therefore, they have to play to their base…
It would appear so. Or at least they’re hoping their audience is:
Just to be clear, the Trillion Dollar Platinum coin does not actually have to be one trillion dollars worth of platinum in the same way the paper and ink used to make a dollar bill is not actually worth one dollar .
Also to be clear, the TDP coin is an example of how ridiculous the GOP threat over the debt ceiling is.
Here’s the skinny on the coin: The Treasury can’t just print money all willy-nilly, BUT it can mint a commemorative coin of pretty much any kind. Soooooo…some intrepid blogger suggested that they do exactly that: mint a coin “worth” one trillion dollars, hand it over to the Federal Reserve and taaaadaaaaa! A trillion dollar account to draw from.
It’s a thought-exercise in the same exact way the debt ceiling is a thought-exercise. The difference between, minting the TDP coin and not raising the debt ceiling, according to Paul Krugman, is:
“A choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious.” [Source]
Fox, of course, would be quite happy with the GOP crashing the economy because it would scare the bejeezus out of their viewers and that means ratings! To that end, they’ve decided that the TDP coin is a bad idea and either can’t be bothered asking an economist what it really means or delivering ridiculously bad information to their viewers.
Probably a bit of both.
Here’s the full explanation of the TDP coin and why the GOP/Fox/right wing media machine really wants it to go away. It’s very thorough and straight forward. Enjoy!
- White House Won’t Rule Out $1 Trillion Coin (newsy.com)
- A lot can go wrong with a platinum coin (washingtonpost.com)
- Economists Mull Minting 1 Trillion Dollar Coin (newsy.com)
- The story of the $1 trillion coin (mnn.com)
- Krugman: Mint That Coin! (huffingtonpost.com)
- No, Fox News, the Trillion-Dollar Platinum Coin Won’t Weigh As Much As 89 Blue Whales (gawker.com)
- Would Somebody Explain To Fox News How Money Works Please (wonkette.com)
- Trillion dollar coin will be equivalent in mass to ballistic missile submarine: Fox News (mining.com)