Thursday, January 10, 2013

You Would Think The Party Of Money Would Actually Have Some Idea of How Money Works

From the National Republican Congressional Committee (via Balloon-juice):


As ma boy Steve Benen explains:


But even putting that aside, the problem with the image and initial argument is that the NRCC appears to have forgotten how money works. A $20 bill does not have $20 worth of paper. Indeed, the paper and fibers that go into a $50 bill do not have five times the value of a $10 bill. And as such, a $1 trillion coin would not need $1 trillion worth of platinum. 
Maybe you think the coin idea is sensible; maybe you think it's ridiculous. Either way, the conversation would be more productive if Republicans who support holding the nation hostage brushed up on the introductory facts. As Jamison Foser joked, "The NRCC reminds me of old Letterman joke about offering Dan Quayle two fives for one twenty." 
The value of the materials that go into American currency is unrelated to the monetary value the government assigns to the currency itself. Does the NRCC think a nickel is worth more than dime because the latter is physically smaller and lighter? When we print $10,000 bills, do they assume we use really expensive paper? 
It's not at all reassuring that the NRCC finds this confusing.

 Indeed.

And it's these same dumb asses who unfortunately have this completely undeserved reputation for being the party who knows how money and finance works. This is why the left generally considers education a good thing, and this is what happens when you have people who insist on not having a curriculum that includes anything more complex than finger painting.


Also, as of this moment, the NRCC still hasn't taken down that idiotic image from their twitter feed. Similar to Todd Akin, I guess they're still quite proud of it.

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