{"id":20687,"date":"2016-05-16T12:56:47","date_gmt":"2016-05-16T17:56:47","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20687"},"modified":"2016-05-16T12:56:58","modified_gmt":"2016-05-16T17:56:58","slug":"print-the-money-trumps-reckless-proposal-echoes-franklin-and-lincoln","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20687","title":{"rendered":"\u201cPrint the Money\u201d: Trump\u2019s \u201cReckless\u201d Proposal Echoes Franklin and Lincoln"},"content":{"rendered":"

\u201cPrint the Money\u201d: Trump\u2019s \u201cReckless\u201d Proposal Echoes Franklin and\u00a0Lincoln<\/a><\/h3>\n
\u201cPrint the money\u201d has been called crazy talk, but it may be the only sane solution to a $19 trillion federal debt that has doubled in the last 10 years. The solution of Abraham Lincoln and the American colonists can still work today.<\/em><\/div>\n
\n

\u201cReckless,\u201d \u201calarming,\u201d \u201cdisastrous,\u201d \u201cswashbuckling,\u201d \u201cplaying with fire,\u201d \u201ccrazy talk,\u201d \u201clost in a forest of nonsense\u201d: these are a few of the labels\u00a0applied by media commentators<\/a>\u00a0to Donald Trump\u2019s latest proposal for dealing with the federal debt. On Monday, May 9th, the presumptive Republican presidential candidate said on CNN, \u201cYou print the money<\/em>.\u201d<\/span><\/p>\n

The remark was in response to a firestorm created the previous week, when Trump was asked if the US should pay its debt in full or possibly negotiate partial repayment. He replied, \u201cI would borrow, knowing that if the economy crashed, you could make a deal.\u201d Commentators took this to mean a default. On May 9,\u00a0Trump countered<\/a>\u00a0that he was misquoted:<\/p>\n

People said I want to go and buy debt and default on debt \u2013 these people are crazy. This is the United States government. First of all, you never have to default because you print the money, I hate to tell you, okay? So there\u2019s never a default.<\/p><\/blockquote>\n

That remark wasn\u2019t exactly crazy. It echoed one by former Federal Reserve Chairman\u00a0Alan Greenspan, who said in 2011<\/a>:<\/p>\n

The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.<\/p><\/blockquote>\n

Paying the government\u2019s debts by just issuing the money is as American as apple pie \u2013 if you go back far enough. Benjamin Franklin attributed the remarkable growth of the American colonies to this innovative funding solution.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cPrint the Money\u201d: Trump\u2019s \u201cReckless\u201d Proposal Echoes Franklin and\u00a0Lincoln \u201cPrint the money\u201d has been called crazy talk, but it may be the only sane solution to a $19 trillion federal debt that has doubled in the last 10 years. The solution of Abraham Lincoln and the American colonists can still work today. \u201cReckless,\u201d \u201calarming,\u201d \u201cdisastrous,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[13869,13868,145,7844,6716,304,538,827,7693],"class_list":["post-20687","post","type-post","status-publish","format-standard","hentry","category-economics","tag-abe-lincoln","tag-ben-franklin","tag-cnn","tag-donald-trump","tag-ellen-brown","tag-federal-debt","tag-money-printing","tag-united-states","tag-web-of-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20687"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20687\/revisions"}],"predecessor-version":[{"id":20688,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20687\/revisions\/20688"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}