It would also destroy the confidence in US Dollar worldwide, provide further proof that Biden is indeed an idiot, and basically pushed the US to the slippery slope, that ends with the US economy being in the same condition as Venezuelan.
If it was used to redeem debt held by outside parties, that would be an issue. Redeeming Fed holdings has no effect on circulating holdings or public debt holdings, and is basically a nonevent. The money creation that matters regarding those already happened when the Fed created real circulating money to buy the Treasuries in the first place. (Which, btw, did not have catastrophic effects on confidence in the US dollar.)
No it wouldn't
> provide further proof that Biden is indeed an idiot,
Idiot or not, the coin is actually a solid move.
> and basically pushed the US to the slippery slope,
Nope.
> that ends with the US economy being in the same condition as Venezuelan.
TF?! Not at all. You do not belong in this conversation. You have no clue what you are talking about.
Look at any charts of the M1/M2 money supply (that haven't been discontinued) and they seem to strongly indicate we're on a slippery slope towards hyperinflation, that's been the trend for several decades and seems to be rapidly accelerating- At least that's what it looks like to a dumb layman like myself
"What can be asserted without evidence can also be dismissed without evidence" OP provided no evidence, so I dismissed without evidence.
> it's one of the most blatant examples of debasing a currency I can imagine
No. QE is. look it up. Actually minting a coin is smart.
Peter Schiff has touched on this, but who in the world is willing to lend to the US at the moment when the US just came out on record as running the biggest ponzi scheme ever?
I wanted to believe in MMT; it sounded at first like it could be something completely counterintuitive that just works, and some time later a rational quantity of math would explain it.
At the present, I think that was too wishful. The US seems to be able to print unlimitedly because of its unique status as the reserve currency. Once other countries opt out, and some are making concrete steps towards doing so, our dollar will quickly collapse, and it'll take the rest of our lives to experience a quality of living akin to today's.