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Treasury rules out trillion dollar coin: http://www.politico.com/story/2013/0...091.html?hp=l1
Krugman: Mint that Coin!
http://www.nytimes.com/2013/01/11/op...seid=auto&_r=0Here’s how it would work: The Treasury would mint a platinum coin with a face value of $1 trillion (or many coins with smaller values; it doesn’t really matter). This coin would immediately be deposited at the Federal Reserve, which would credit the sum to the government’s account. And the government could then write checks against that account, continuing normal operations without issuing new debt.
In case you’re wondering, no, this wouldn’t be an inflationary exercise in printing money. Aside from the fact that printing money isn’t inflationary under current conditions, the Fed could and would offset the Treasury’s cash withdrawals by selling other assets or borrowing more from banks, so that in reality the U.S. government as a whole (which includes the Fed) would continue to engage in normal borrowing. Basically, this would just be an accounting trick, but that’s a good thing. The debt ceiling is a case of accounting nonsense gone malignant; using an accounting trick to negate it is entirely appropriate.
Treasury rules out trillion dollar coin: http://www.politico.com/story/2013/0...091.html?hp=l1
The authority for this stems from a law allowing the issuance of platinum coins in any denomination. It was intended for use to create collector edition coins to raise money for the government.
Treasury: We won’t mint a platinum coin to sidestep the debt ceiling
http://www.washingtonpost.com/blogs/...-debt-ceiling/The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.
That’s the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” he said.
least worst political option for our distinguished reps?
http://www.huffingtonpost.com/2013/0...n_2458379.htmlThe U.S. Treasury Department will not mint a high-value platinum coin to avert the debt ceiling, according to an official statement from the Obama administration obtained by the Huffington Post on Saturday.
"Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," the statement reads.
sameDuring the 2011 debt limit standoff, Treasury Secretary Timothy Geithner publicly suggested invoking the 14th Amendment to the U.S. Cons ution, which states that, "The validity of the public debt ... shall not be questioned." Obama, however, rejected the move, saying that the White House legal team did not believe that the 14th Amendment was a viable legal option for averting default.
No I am much more confrontational, rude and generally mean-spirited towards those I feel contempt for and/or stupidity. I don't suffer fools and you are probably the single biggest fool I have ever encountered. As I told you, quit being an ignoramus and I will start being nicer.
Poor Fuzzy Wuzzy. Has to brag about being a wannabe alpha ass.
How is that alpha? I don't claim dominance over anything. I am arrogant as to my intelligence certainly but that does not make me dominant over another individual.
You have not earned your arrogance.
How would you know what I have or have not earned? Or are you claiming that you have the capacity to determine something like that?
why does it have to be a platinum coin?
Because the law loophole they're using specified platinum.
Plus, it's balla. You know the first black pres would t have it made of any other material, except maybe Dolomite.
I think if such a large value coin is to be minted, it needs to be made of unobtanium.
It is simply that you are notable wrong too often to have earned being arrogant. Only those who earn arrogance wear it well. You do not wear it well at all. I see you more like a raging egomaniac rather than being arrogant anyway.
When you earn your arrogance, it is pride. When you don't, it is hubris, or egomania.
Last edited by Wild Cobra; 01-14-2013 at 07:15 AM.
Jon Stewart mocks trillion dollar coin idea
http://www.thedailyshow.com/watch/th...on-dollar-coin
Kruggers not pleased
http://www.huffingtonpost.com/2013/0...n_2468934.html
DarrinS's obsession with Krugman continues, but he now using a pseudonym for him so that the posts don't show up in WH's DarrinS Paul Krugman post count obsession report.
Barry said this morning he simply won't negotiate the debt ceiling. repeated it many times. Used the word ransom several times.
So the Repugs can shut down the govt for all he cares, and the REPUGS, esp the nihilist tea baggers, can take all the justified blame.
Barry refuses to deficit reduction to debt ceiling. He's tired of these stupid, avoidable debt ceiling showdowns and crises as the Repugs' attempt to "govern"
Last edited by boutons_deux; 01-14-2013 at 02:26 PM.
Barry said this morning he simply won't negotiate the debt ceiling. repeated it many times. Used the word ransom several times.
So the Repugs can shut down the govt for all he cares, and the REPUGS, esp the nihilist tea baggers, can take all the justified blame.
Barry refuses to deficit reduction to debt ceiling. He's tired of these stupid, avoidable debt ceiling showdowns and crises as the Repugs' attempt to "govern"
"our Government’s reckless fiscal policies."
like starting and botching 2 unfunded wars
cutting taxes on the wealthy and corps, and in fact on everybody
unfunded Medicare Part D, Medicare Advantage, and forbidding govt from negotiating prices down with BigPharma
Barry was ing about reckless fiscal SPENDING AND TAXING problems of the Repugs, all of which tripled the debt under dubya.
Thanks for the quote, extremely useful to slap you with.
I like your optimism and all, but the reason that we have all of this brinksmanship is because BO is weak willed. This all started when he negotiated (with himself) on Obamacare. When that didn't work (to bring the republicans to the table), he passed the watered down negotiated plan anyway instead of passing something with a public option. If he would have stood up straight and passed his original plan, the others would have found that they would have to play ball. Now they know that they can just wait it out until he caves.Barry said this morning he simply won't negotiate the debt ceiling. repeated it many times. Used the word ransom several times.
So the Repugs can shut down the govt for all he cares, and the REPUGS, esp the nihilist tea baggers, can take all the justified blame.
Barry refuses to deficit reduction to debt ceiling. He's tired of these stupid, avoidable debt ceiling showdowns and crises as the Repugs' attempt to "govern"
The value is not regulated and there is a larger abundance of it. To do it with say gold would cost us a trillion
What do you expect from a sci-fi writer
I agree mostly.
He assumed, horribly erroneously, that he was negotiating with good-faith Repugs.
If Barry had stuck with the public option, which he still could do, the health care industry would have Harry-and-Louised it, and him, to a lifeless pulp, no ACA would have been passed at all.
He's needs to go CRAZY PISSED OFF on the Repugs and get some good done, like a public option, and Executive Order to move mj from Schedule I to Schedule V, as step to full legalization with no Federal enforcement. Same for Hemp, full legalization.
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