Wednesday, June 22, 2011

Winning Design for $200 Banknote

Both Euros and Swiss francs are issued in denominations of 200.  To compete with Europe and enable consumers to keep up with inflation, the Federal Reserve Board will soon have to issue $200 banknotes.

The issue of any new banknote requires serious consideration of a presidential portrait on the obverse side (front) and iconic American political scene on the reverse (back).  My choice for the front is Bill Clinton.  Why?  The Clinton administration was the only presidency in the past half-century in which budget surpluses, not deficits, were the fiscal rule.  Had the Bush administration stayed on the Clinton fiscal track, the U.S. would have been paying down its public debt, not increasing it by trillions of dollars.

My choice for the back is the Boston Tea Party.  It was an important event in the American colonies signifying opposition to Britain’s efforts to tax and regulate the American colonists.  Its reincarnation in the modern Tea Party demonstrates that the founding ideals are still alive in the American body politic.

The issue of this design will serve as a daily reminder of the benefits and virtues of limited, responsible government.

(HT:  Ellen Santiago)

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