MMT’s Big Coin Gambit
From Cato Institute:
In a reply to Firestone Philip Wallach, then at Brookings, hit the nail squarely on its head:
Even if you think that minting the coin would be legally legitimate in the sense of having a defensible statutory pedigree … there is no reason to think that the American public would be inclined to accept it as substantively legitimate. … To state the blindingly obvious, the platinum coin strategy is really weird. It asks Americans to reject all of their most basic intuitions about the government and money. Former Representative Mike Castle (R-DE), who played the biggest role in putting the platinum coin law on the books [called] the plan is “so far-fetched and so black helicopter-ish a type of methodology of trying to resolve something like this that I think the public would totally scoff at it…It would be an artificial way of trying to create money and I think everybody will see that.”
