WASHINGTON, April 29, 2020 /PRNewswire/ -- Our Money published The Lesson of the Trillion-Dollar Coins in support of the "Mint the Coin" proposal released by the office of Rep. Rashida Tlaib. The proposal may seem bizarre, or even comic, at first glance. However, it performs an extremely important service in this critical moment: it demonstrates with unique clarity the fact that Congress has the power to fund its spending simply by creating money. The platinum coins proposal is essentially this great lesson of the recent opening of the public spigot, storming the public square in a neon jumpsuit, jumping up and down, and waving its arms frantically for attention.
As the country reels from the torrent of federal spending and money creation, Our Money hopes its commentary on the Mint the Coin proposal can help elucidate any confusion regarding Congress' spending capacity.
The piece also makes the connection between the federal spending capacity revealed by recent emergency response measures and the ability of Congress to adequately protect the black community from the economic ravages of the pandemic-induced depression we now face. Our Money founder, Rev. Dr. Delman Coates said, "The black community is always hit hardest by these calamities. We saw it in the Great Recession, in the Great Depression before that, and now we're already seeing the black community disproportionately impacted by the virus. It is probable the case that we will also prove disproportionately hard hit by the economic fallout. With this piece we wanted to discredit in advance the excuse that Congress will fall back on to resist calls for more decisive action to provide relief to communities, minority communities in particular."
About Our Money
Our Money is a campaign which seeks to popularize an understanding of the importance of our public power of money creation and demand that it be used on behalf of the public to the fullest extent responsible, rather than diverted towards private interests.
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Tomeka B. Scales, Ph.D.
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SOURCE Our Money