Donald Trump stunned TV watchers on as he said on CNN the U.S. could never default on debt – because the U.S. prints the money.
“You never had to default because you print the money,” said Trump.
Astounding – why didn’t Greece do that?
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After all, why suffer austerity when Greek banks can just run a few more Euros off the printing presses?
Such luminaries as Nigeria magazine pointed out this was the policy of hyperinflation struck Zimbabwe, or the Weimar Republic.
Donald Trump prescribes North Korea, Zimbabwe,economic policy for the U.S. You Print Money https://t.co/99ZEzZcP0i pic.twitter.com/Hw61TAn64m
— Nigeria Magazine (@NigeriaMagazine) May 10, 2016
"I love debt – I'm the king of debt – The government doesn't have to worry about going bankrupt because it can print money." Donald Trump
— TR Ahlstrom (@TR_Ahlstrom) May 9, 2016
“First of all, you never have to default because you print the money,” Trump said. Democrats rejoiced at the GOP leader’s moronic comments:
Donald Trump thinks you can just "print money" with no consequences. Your presidential candidate, GOP fans https://t.co/Aoyg0hnVuk
— Sam Sipes (@Sipesy13) May 9, 2016
Trump seems to be suggesting he would scrap all the economic lessons learned since Paul Volcker, the Federal Reserve chairman who defeated the great inflation of the 1970s and early 1980s…
Inflation came from President Lyndon Johnson printing money to pay for the Vietnam War.
Trump was pushing back on a New York Times report that he might be able to negotiate a partial repayment of national debt.
Trump said he would not negotiate with creditors. Instead, he would buy back debt if interest rates went up.
Tom Simons, senior money-market economist at Jefferies, said this proposal also didn’t make economic sense because the U.S. would have to borrow at high interest rates to pay for the buybacks.
Buying back debt is a good strategy if the government is running a surplus and can retire the debt, Simons said.
Donald Trump was widely mocked around the world, and GOP insiders, according to Heat Street sources, stepped up efforts to control the convention platform in order to prevent what they see as a radical take-over by a Democrat who not only wants to soften the policy on pro-life – after having won states pretending that he took a pro-life position, and famously saying he would punish women who sought illegal abortions – but yesterday was seen to abandon basic fiscal conservatism and even reason.
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“It was only days after Donald Trump clinched the nomination that the mask came off,” said one article.
@TheEconomist @Newsweek @srl @NBCPolitics @marinafang @bpolitics @Rare @BreitbartNews #DonaldTrump's mask is off https://t.co/JVKjMmQBMQ
— FEE (@feeonline) May 10, 2016
In the UK, Trump was compared to a Guardian journalist supporting the left-wing Labour party who was widely mocked during the UK general election last year for suggesting the Bank of England just print money:
“Of course there is a magic money tree. It’s called the Bank of England,” Williams said. In the Vine below, the man wincing is a Labour (Democratic) strategist – printing money is regarded as insanity even on the left.
Donald Trump's economic heros – the Guardian. #Hyperinflation #PrintTheMoney #magicmoneytree https://t.co/kGyVEZF8XX
— Louise Mensch (@LouiseMensch) May 10, 2016
The Guardian left-winger is now joined in her belief by ‘Republican’ Donald Trump.