When Andrew Yang was running for President just a few months ago, people would howl with laughter at his proposal for free money (he called it the Freedom Dividend). How swiftly things change. What was now the source of risible derision is now blasting its way through the hallowed halls of Congress (hat tip to doublenaughtspy for this video):
Honestly, this is jaw-dropping. Of course, Congress always has to come up with a cute name for their “acts” (like the PATRIOT act and the CARES act) to make them seem benign. This latest one is the ABC act, which should appeal to the kindergarten-level education for which it is intended. ABC stands for Automatic BOOST to Communities (yes, the word boost is in all caps) and, as stated in this article from Forbes, here’s where all this sweet cash comes from:
The ABC Act would be funded directly from the Treasury with no additional debt issued by minting two $1 trillion platinum coins. Additional coins would be minted as needed. Title 31 of the U.S. Code gives the Treasury Secretary the authority to mint and issue platinum bullion coins
Folks, we have seriously entered la-la-land. I can’t think of any way to end this piece except by showing a long-term chart of gold which, I dunno, seems like an appropriate coda.