For many people on the right, value is something handed down from on high It should be measured in terms of eternal standards, mainly gold;
For people like me, on the other hand, the economy is a social system, created by and for people. Money is a social contrivance and convenience that makes this social system work better — and should be adjusted, both in quantity and in characteristics, whenever there is compelling evidence that this would lead to better outcomes.and finally
The money morality people are basically adopting a pre-Enlightenment attitude toward monetary and fiscal policy — and why not? After all, they hate the Enlightenment on all fronts.Follow below the squiggle for updates on the coin from today
First, the White House did not flatly rule out creating the $1 Trillion coin at the press briefing today. In sharp contrast to the discussion of the 14th Amendment, today Jay Carney dodged the question as to whether the White House would consider this - in fact he dropped a penny on the floor.
Second Harvard Professor Laurence Tribe (a potential democratic supreme court nominee) said unequivocally it is legal.
"The statute clearly does authorize the issuance of trillion-dollar coins," says Tribe.
Third, many progressive reporters on twitter are now demanding the media stop misreporting the facts around #mintthecoin, as per Matt Ygeslais.
This is a perfect opportunity for a real discussion about why we believe in an economy that helps people, not one that punishes people - and to call out all those who would deny our right to protect ourselves from a radical nihilist Republican caucus in Congress.