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'Two $1 Trillion Coins': Rashida Tlaib Proposal Calls on US Treasury to Fund Coronavirus Recovery From US Mint

Originally published at http://www.commondreams.org/news/2020/03/21/two-1-trillion-coins-rashida-tlaib-proposal-calls-us-treasury-fund-coronavirus

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The problem with these "every American schemes is that it would waste resources on people with adequate reliable income (like me) who don’t need cash aid. That would put me in a position of having to find a trustworthy fund to deposit my share into.

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A trillion here, a trillion there and pretty soon we’re talking about REAL money.

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But how are we going to spend it to jump start the economy while we are sheltering in place. Yes, we can order food on line and it can be delivered and we can order from Amazon (barf) goods and drugs and…were not driving so can support local service station. We can pay our mortgage and other bills on line but many people don’t do on line banking. I sound like debbie downer, Sorry!

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But there is a lot of fraud going on. Do we trust the charities Bernie raised 2 million in 48 hours to help those charities? I think I do. I trust Bernie, not Biden and of course not the orange buffoon and company.

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For all the multi-millionaires out there, provide an option to refuse.

For those who want to see a UBI, this could lay the groundwork for getting more support. Take the money and run. Use it for expenses not normally incurred due to the coronavirus, such as, grocery/restaurant deliveries, new games for the kids at home now, or a rainy day fund for the next emergency or car/home repairs put off.

This may never happen again but what you can count on is there will be more tax cuts and tax loopholes for the extremely wealthy, more bailouts for the banks and corporations, all while everyone else bickers over who didn’t really need the extra $1,000 a month for three months. As far as I’m concerned if it provides a hotel room for a homeless family, it was worth it. If it provides a bed for a homeless veteran sleeping in the park, great. If it helps those with the least get a leg up, job well done. Progressives have to take it wherever they can get it.

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Maybe the pentagon could do a matching fund drive. Just a thought. : )

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So, fill out a form after you are sick during a pandemic? Absurd in the extreme. Do a universal payment and then put language into the bill that a progressive tax will be implemented to tax it away later if it makes you feel better. The rich and relatively well off can also donate the money and get a tax write off. Feel free. Creating a reliance on a bureaucracy when that bureaucracy will be overtaxed is insanity. It creates complexity and wastes time on debating means testing policies when we could just simplify the process.

This idea by Tlaib is absolutely brilliant. Anyone that knows how money is created knows that this could be an absolute game changer. If carried forward, it could alter how the federal government creates money, and bye bye to the public subsidy to private financial capital that is the bond auctions that the Treasury takes part in. By law, a small handful of private interests bid at bond auctions, and then sell the bonds to the Fed at a markup.

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Hi juju dahl:
LOL, you sound like Pelosi—or horror… MIITCH! : )
Well, in history the WPA ( Works Project Admin) sounded stupid too and so did the CCC ( Civilian Conservation Corps and Social Security S…all those things came for FDR and his administration. Besides, if people do get sick, they won’t be living in fear of losing everything! The economy would get moving again—and one reason is that the doctors and nurses would actually have the funds to buy what they need to be safe, since the government is not filing them now. People could actually be tested , and if Trump and his cronies really cared about America, this would have been handled long ago and NYC wouldn’t have become the epicenter of horror in just a week!
There is a song that goes, "Life keeps happening every day—say YES! " Find that song and start singing it and you’ll find things really do get better when everyone learns to say YES to Life, ( even the icky parts) : )

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Seriously, great idea. After all, Twumpie took pentagon bucks for his stupid wall.

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OR, donate that money to a charity in your immediate area.

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Where do you donate money that has a real benefit for people right now?

Firstly means testing would take too long slowing the process with bureaucratization. The easy solution is to take the money back from the rich and well off via taxes later; everyone would have to declare the grants as income. The share would then be returned progressively-if you’re rich it all comes back, poor nothing.

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Surely, there are many worthy local organizations to donate to in your area. Do some research.

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Love Tlaib’s idea, coupled with progressive taxation of the grant, or is that part of the legislation?

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This plan simply creates inflation. You’re creating money out of thin air. It sounds like a great idea on paper to progressives/socialists, but the minute the money is actually spent, you’ve created inflation.

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yeah i did.

At some point, it adds up to a sort of backward approach to a Universal Jubilee Year.

Let’s think real big, mint a few hundred trillion-dollar coins, and pay everything off once and for all. At that level, it’s all funny money anyway.

The rich are rich enough. They don’t need more (except as a pathology), and the rest of us don’t need more of them.

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This is where I live. Before anyone does anything, the wizard has to make two magic coins.

A trillion dollars…that’s even more than trump claims to be worth.