This is effectively a nuclear option, which I suspect could only ever be used once, before it got taken away. So why would anyone do it for a mere $1T? Used right, it’s the power to make the modern monetary theorists right, and make Congress responsible for all inflation and deflation, through fiscal policy controlling the money supply, forever. I think there’s a way to communicate to the public, “I am sworn to uphold the Constitution, which both guarantees the validity of the national debt, and gives Congress sole power to decide how much money gets spent and taxed. My hands are tied, I must use the means at my disposal to do as Congress has required. All Congress has to do to ensure this coin is not inflationary, is ensure that from now on its taxing and spending decisions are stable and appropriate.”
Then go mint a $1 septillion coin, ensuring the treasury never needs to borrow money for the next millennium.
On Minting the Coin:
This is effectively a nuclear option, which I suspect could only ever be used once, before it got taken away. So why would anyone do it for a mere $1T? Used right, it’s the power to make the modern monetary theorists right, and make Congress responsible for all inflation and deflation, through fiscal policy controlling the money supply, forever. I think there’s a way to communicate to the public, “I am sworn to uphold the Constitution, which both guarantees the validity of the national debt, and gives Congress sole power to decide how much money gets spent and taxed. My hands are tied, I must use the means at my disposal to do as Congress has required. All Congress has to do to ensure this coin is not inflationary, is ensure that from now on its taxing and spending decisions are stable and appropriate.”
Then go mint a $1 septillion coin, ensuring the treasury never needs to borrow money for the next millennium.