Oh no, no this is not what Ron Paul has advocated, Obama is not transitioning to a gold backed currency he is keeping the fiat currency system and if this rumor is true he will be printing another trillion plus dollars further inflating the currency. I believe Krugman has advocated this trillion dollar coin idea.
In case anyone wants to know how this works. Ths basic idea is not to "create" money to pay off debt. It is to use a legal loophole to avoid the debt ceiling. Its more like a legal form of money laundering. They arent actually printing money into the economy apperently? But when you read the article they are still pulling money out of thin air or that's what it sounds like. From the link. Why not a 100trillion$ coin? "Remember the constraint isn't money its law" Basically what the article is saying is that the law allows them to mint platinum coins give it to fed debt ceiling blablabla Money laundering shenanigans Its all bullshit. This legal loophole will not be without consequence.
If anyone, Hmm, Obama (yeah right), or any one else that gets the chance had any balls at all they would tell the fed fuck you and default on everything. What would they do? Nothing they really can do. Start over at all costs. It doesnt matter what the outcome, all that matters is that it is the first big step in the right direction.
I guess I'm not very popular here? Meh ill keep spouting logic and reason till people stop listening And then some. I like reading myself type
Even if no one listens its probably good to fully think out your thoughts on what ever the subject matter.