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Thursday, October 20, 2016

The Platinum Coin Is As Absurd As The Problem It Solves, And That’s A Good Thing

The Platinum Coin Is As Absurd As The Problem It Solves, And That’s A Good Thing

President Obama can beat Republicans in the debt celing standoff by turning their own tactics against them.

Not since Samuel L. Jackson announced his desire to have the snakes removed from his passenger flight has a single sentence thrilled the Internet as much as Chuck Todd’s question at yesterday’s White House press briefing: “Do you guys have a position on this trillion-dollar coin business?” At the same time, one could hear the collective groan of critics who hoped the whole coin idea would stay buried in online obscurity rather than become a topic of discussion for people with actual influence. It’s understandable that the silliness of the trillion-dollar coin rubs its opponents the wrong way, but it’s that very silliness that makes it the perfect response to the ridiculous state of American politics.

The precise origins of the trillion-dollar coin are a matter of debate (some credit blog commenter “beowulf” for the idea, while others trace its inspiration to nuclear energy magnate C. Montgomery Burns), but in the last week it’s become a preoccupation of the economic blogosphere. The particulars have been covered in exhaustive detail elsewhere (see The Atlantic’s Matthew O’Brien for a good overview), but the short version is this: due to a loophole in commemorative coin law, the Treasury Department technically has the power to mint a platinum coin with a face value of $1 trillion, deposit that coin in the Federal Reserve, and use the funds to pay its debts if Congress fails to raise the debt ceiling in time to avoid default.

I don’t intend to get into the legal foundation for the platinum coin approach (though experts including Harvard professor Laurence Tribe and the co-author of the law believe it’s sound) or even to suggest that the president might actually go for it. No matter what garbled signals his press secretary sends, Barack Obama is a serious man who doesn’t like stunts. After spending more than four years cultivating an image as the only grownup in the room, he’s probably not going to step out into the Rose Garden, pull an oversized novelty coin from his pocket, and announce that he just ended the debt ceiling standoff before it started. But that’s too bad, because he totally should.

Non-legal arguments against the coin share a common theme: it’s stupid, and its supporters are sinking to the GOP’s level. Kevin Drum of Mother Jones writes, “This whole thing is not just a ridiculous idea, it’s a bad idea too.” Ross Douthat at The New York Times argues that it would be “trying to match the Republicans irresponsibility for irresponsibility, in a constantly escalating game of ‘can you top this?’” Republicans, Drum notes, “seem willing to set the country on fire to please their increasingly fever-swampish base, and eventually they’ll pay a price for that at the polls,” so Democrats should just sit back and wait for them to self-destruct. One might have thought that happened in November, when they lost the presidential election, several Senate seats, and the popular vote in the House, but two months later, they’re still in control of the House and still threatening to trigger a global depression out of spite. How’s that working out?

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  • nobsartist

    I hope they put boners mug on it.

    • sleeve

      I was kind of hoping for Che, with the phrase “The Revolution Starts Now”; but I will defer to whatever we think would pimp them the most. Maybe Ronnie kissing Malcom X?

  • So concerned with the economy they’re willing to destroy it?

    That did *not* work with a village in Vietnam.

    I rather doubt it would work with our economy.

    • While it would not work here as it did not work in Viet Nam, did we not do it? Are we not also trying to do it here? Will the results also be the same? Is it not insane to expect any different results this time? Time to take the ball out of the hands of kids who will not play nice by whatever means necessary.

  • Don’t like politics? Then treat policy to parity.

    …Mint that sucker.

  • Suppose Obama actually did this. What could quite possibly happen? 1. Obama would be subjected to such ridicule and disgust that his ability to govern would be severely crippled; 2. because the House is dominated by republicans, articles of impeachment would be brought and Obama would be indicted; 3. although the Senate would not convict, the entire impeachment process would stall meaningful legislation as well as crimp Obama’s ability to carry out the duties of his office; 4. the aftermath would make it extremely difficult to pass significant legislation and for Obama to govern effectively, resulting in virtual government paralysis (which is what many republicans actually desire); 5. a republican in the White House four years hence would be rendered highly probable. For these reasons, although they would express outrage in public, republicans would be secretly overjoyed if Obama would actually do such a thing. On the other hand, would all that be worse than default? At any rate, considering the immeasurable harm default would bring to the government of the United States, for threatening it republicans mark themselves as willing to commit treason in public.

    • nobsartist

      All of that is going on right now because no one has the balls to call the treasonous members of congress out.


      put raygun on it since his failed policies have ruined this country.

      • JSquercia

        You are NOT the FIRST to suggest the idea which would indeed be a fitting Tribute to Ronnie Ray Gun

      • cats33

        All of this is going on because that communist, America hater won’t quit spending. He knows what he’s doing, DESTROYING OUR ECONOMY

    • JSquercia

      You MIGHT be Right about Impeachment . These rethuglicans are a TREASONOUS lot but could it stall legislation any more than the Republicans did in 1112th Congress .
      I am hoping that the Senate revises the filibuster Rules to actually make these CLOWNS get up and Hold the Floor al la Jimmy Stewart .

    • I say print it. I do not see your number one happening at all period. I also do not think the Republicans in the House are that stupid as to try to impeach President Obama because they have no legal standing to do such.I mean not in the sense that they have the authority to impeach and can (per Pres. Ford at least) determine what constitutes a high crime they have no basis in the Constitution for bringing charges. The 14th Amendment is very specific as to that in relation to allowing NOTHING to prevent the President and the Treasury from paying for the Public Debt, not even CONGRESS. The Supreme Court has already ruled on that aspect and I would expect the current SCOTUS to also back that ruling. Regardless the Public debt IS the money already spent by the HOUSE

      • If I were President Obama I would constantly remind America of the fact that this so called debt limit is an after the fact problem caused by the House already appropriating the bills and then not wanting to pay for them. It is like buying a pair of shoes with a credit card and then not wanting to pay for them when the bill comes due from the card company and still keeping the shoes. You bought it, you pay for it period. If the House truly wanted to be fiscally responsible then do not authorize the expenditures in the first place not when it comes time to pay for it. In other words tell the House it is their problem deal with it. They created the problem by spending in the first place, now pay your bills. Time to pay the bill collector. Just do it and stop trying to lay your problems on the rest of us (US). The House does not seem to have a problem in not appropriating money for project the far fight do not like. Such as Bush II’s no child left behind they did not fund. Left it to the Democrats to pass the funding for it so guess who looks like foolish spenders? Time to let the chickens come home to roost for the House.

  • The only thing a one trillion dollar platinum coin would do is prolong the inevitable. It may serve as a bargaining chip during the debt ceiling negotiations, but it will not solve our fiscal or economic problems. Our fiscal problems are caused by the fact that we refuse to pay for the things we need and benefit from. We want to best military and intelligence agencies in the world, we want social programs that help us live with a modicum of dignity and comfort when we age, we want a good education for our children, we want medical researchers capable of identifying new virus strains and develop vaccines to keep us healthy, we want a robust border patrol, effective food and drug inspections, and all the other services we get from the Federal and State governments…we just don’t want to pay for it.
    Yes, there is waste in government and that waste should be identified and eliminated, a task that is far from being too difficult to accomplish. The problem is that special interests, ideology, and even religious imperatives are so ingrained in our culture that we rather complain and do nothing to solve our problems that look at them pragmatically and objectively to solve them.
    The problem is not our government, if nothing else because we are our government, the problem is not that our problems are too difficult to solve, and the problem has nothing to do with foreign or domestic terrorism. We re the problem, and the sooner we recognize that fact and do something about it the sooner we will restore the economic prowess we once enjoyed and the ability to dream of a better future.

    • Right on!

    • peteserb

      First time I ever agreed with DOMINICK. he’s right.

    • blueindy1

      QUOTE: “We re the problem, and the sooner we recognize that fact and do something about it the sooner we will restore the economic prowess we once enjoyed and the ability to dream of a better future. ”

      And THAT’S the problem. All fine words, and true enough, but the solutions are where we all differ. This moment in time is critical. From the Right, you have a total determination to destroy anything like a social safety create an Ayn Rand “paradise” where social Darwinism holds sway, and the fittest are defined as the wealthiest.

      From the Left, IMO, oddly enough, you see a determination to hold the status quo which would traditionally be a more Conservative position…this being especially true in our fiscal world. Also, I believe the Left knows one thing the Right doesn’t WANT to see. Start really cutting that social safety net, and there will be a TERRIBLE price to be paid at the poles. Enough to destroy the party seen as the culprit. I think the Left’s intentions is to make sure the Right does the paying- which they will.

      We are having a fundamental “Redefining America” moment, and that touchs the soul of this nation. We’re going to have to master the art compromise, and -especially the party of “NO” won’t do it As I had one Far Right Republican tell me just Thursday, “Compromise is a Communist ideal.” -no kidding.

      It does not leave me hopeful. I believe we are seeing the beginning of what can only lead to the Fall of America…and I think it may be long past time to stop it.

      • Significant cuts in social program would have devastating consequences, not only at the polls, but on our society as well. I suspect the majority of Tea Party members have not considered the consequences of drastic cuts in Social Security, MEDICARE and MEDICAID. The most obvious involves the options left for senior citizens without the means to survive and get the medical care they need, and the implications of that circumstance to their families. The options left include families that are struggling to make ends meet having to take care of their elderly parents and grandparents, including paying for their medical care. Another option, perhaps acceptable for the followers of the anti-Christ, is euthanasia.
        I agree, we must learn to master the art of compromise, and we should start by accepting the fact that nobody is perfect, that we must learn to listen to the opinions of others with respect, and that the overwhelming majority of Americans are neither far right nor far left. Most of all are centrists. Compromise has nothing to do with communism, in fact, most communist governments were, and remain, totalitarian regimes where the art of compromise is non-existent. You either do what the regime says or you end up in a Gulag…or worse

        • Replying to Dominick Vila –

          As someone who has spent most of his life as a conservative Democrat, I have turned Hard Left since George The Second became President.

          I regret voting for his father, and any other Republicans I have ever voted for in the past.

          The Democrats would have to put someone absolutely evil on the ticket before I would even consider not voting for a Democrat in the future Presidential elections.

          If that day ever happens, I will likely NOT vote, rather than vote for a Republican.

          • blueindy1

            “If that day ever happens, I will likely NOT vote, rather than vote for a Republican”

            I, too, voted republican in the past. Never again. I repent of ever having done so…although there were some good ones in the past…William Scranton, George Romney, Nelson Rockefeller.

            Ol’ Mitt fell a long way from that family tree.

        • kanawah

          One of the latest Transylvania tea baggers (Rand Paul) is a proponent of such devastation. He only shut up when the republican dog catcher put a muzzle on him.

          The problem is there are too many people that do not stop to think about what the BS that the far right is proposing will actually do.

          If you look at the audience at Paul’s rallies, well over half are either on oxygen, in a power chair,or both. They are too stupid to realize that what Paul was proposing would make them pay for those things out of their pocket or do with out them. For some, that would mean a very uncomfortable life, or it would mean death.

          You just can’t help stupid.

          • Inthenameofliberty

            Well, you are just a ray of sunshine, aren’t you?

            When I looked at pics on the internet of the rallies I saw young, middle aged and old.

            Let me be an ass like yourself: go get yourself some glasses. You need something to help you see what is in front of your face instead of what you want to see.

            Posts such as yours make me regret that I ever was a member of the Democratic party. You have no better life skills at getting along with people than the Republicans you demonize.

            Time to ship all of you out of politics – since both parties have done a great job of drowning this country with their special interest and campaign lies.

            Gary Johnson is a libertarian. Go search his record and tell me what you see that is so terrible about it.

            Oh, yeah, that’s right……you need glasses.

          • blueindy1

            I didn’t even have to read to the bottom of your mindless babblings to realize you were one of the pathetic, unevolved, knuckle-dagging Libertarian Trogolodytes.

            Libertarians. The “Fortress America” concept. Ignore the rest of the world, pretend it doesn’t exist. And always it’s “research this, or that, or the other thing.” I’ve been aware of the foolish Libertarians since Ed Clark’s Presidential run in 1980. Cut the daylights out of everything, Ayn Rand paradise. Defend our borders, and to hell with the rest of the world.

            Outdated, out moded ideas when they were NEW. The Libertarians have had nothing relevant to say since “Circle the wagons!” was great military strategy.

            Fortress America, indeed. Libertarians. The repository for the “Lost in the political woods” naive nincompoops.

            Please. Go back to the 18th Century. Fossilize there.

          • Inthenameofliberty

            You are just so SWEET! And make lots of groundless assumptions that are very entertaining.
            I believe in amnesty for illegal aliens. But I suppose you don’t feel foolish yet.
            I believe that the US has no business using drones to bomb innocent men, women and children in other countries in order to flex our muscles against evil tyranny – hypocritical much? Bet I bet that you believe in gun control – don’t you?

            People such as yourselves are full of self-righteous indignation and are mad at the world.

            Such a shame. Maybe someday you’ll grow up and join the real world.

            Fossilize my ass!

            How old are you anyway?

          • blueindy1

            IN the name of flippery: Age? 66, pushing 67 way to hard, but I’m not interesting…YOU are.

            Quote: “I believe in amnesty for illegal aliens. But I suppose you don’t feel foolish yet”

            You’re right, I don’t. Of course you would believe in that, Libertarian. It’s the very definition of your failed political philosophy. Stoners on the corners, and in local school yards, selling that which they grow in their flower pots in the house. End the war on drugs so you can snort, shoot up, inhale, ingest all you want, without being busted by THE MAN. Dump Homeland Security, the FBI, the CIA, the NTSB, the Dept of Education, the NLRB, -oh hell, everything with all the letters of the alphabet in it. Cut the Federal government to the bone, and beyond, so you can create 50 little Dukedoms going 50 different directions…and, in the process, destroy the United States in the name of saving it. In other words, Libertarianism is ANYTHING GOES, better known as “The Sovereign Man.” A world- class recipe for destruction.

            And before you say I don’t know what I’m talking about, every point I made, was told to ME by “Libers” on various sites around the net…especially Yahoo.

            Quote: ” I believe that the US has no business using drones to bomb innocent men, women and children in other countries in order to flex our muscles against evil tyranny – hypocritical much? Bet I bet that you believe in gun control – don’t you? ”

            My, YOU assume much, too. I also do not believe we need to bomb more camels into submission, all, of course, in the name of OIL. But then, neither do I believe we close all overseas bases, and bring home the troops to “Protect our borders” -as beloved by every asinine Liber I’ve met. It would be only a matter of time, before those guns would be pointed INWARD, instead of OUTWARD. Fortress America would become Prison America.

            And as I oppose Imperial America, freeing the world at the point of a gun, I also realize we MUST keep a strong military presence at various regions of this planet. Yes, you bet your 18th century butt I favor gun control, serious and intense. I’m tired of a virtual Vietnam War fought on our streets about every 2-3 years. It also, Liber, stands to reason you would NOT favor it…because that AGAIN goes to the unevolved Liber’s belief, the “Sovereign Man” may do ANYTHING as long as it “Doesn’t hurt someone else” – another Liber quote told me, often, failing to realize carte blanche “sovereignty”INVITES abuse.

            Ron Paul, Gary Johnson, Ed Clark-doesn’t matter the name. They are the same. THEY are the hypocrites, the naive fools tidally locked on a world-view that was dead before knickers.

            A Libertarian, a wizened little gnome of a man, perched on a toadstool, contemplating a golden statue of Ayn Rand.

            A Libertarian for President? – Quoth the Raven, “Nevermore.”

          • Inthenameofliberty

            My only drug is alcohol. Of which I partake a few glasses a month because I have don’t have the down time to be silly on alcohol.
            I have a family that depends on me, a job where people depend on me……friends and family that depend on me. I have better things to do than drink. But I certainly don’t need you or anyone else telling me what is the best thing for me.

            I feel sorry for you. You are more bitter than I am. And that takes some doing.

            Prohibition of alcohol worked so well in our country, so I suppose that is why you think prohibition of drugs is going to work so well, too? Are YOU going to go snort up coke because someone makes it legal? I can’t tell from your posts.

            We should this country hate illegal aliens so much? My opinions on this subject have been challenged over the years. I used to believe that all should be deported. Now, not so much. In this country of hundreds of millions of people, why should I hate the millions that are here and working hard to make something of themselves? Are the lazy asses in the cities [that exist on welfare] so much more worthy of living here than those who risked their lives to get here – the illegal aliens? I am rediscovering my compassion. How about you?

            Go fix Mexico – diffuse the drug cartels by taking away their income by legalizing drugs. Then what do you have? I am just asking – you tell me.

            And don’t bother to tell me that you think I am interesting then write what you write.

            How many children were accidentally bombed by those damn drones? What did those babies do? Are they any less valuable than those children that lost their lives in CT just because they live in a different country? Seems to me you don’t care who our country kills as long as you have your bases overseas for your ‘strong military presence”.

            Humans are horrible. And I certainly don’t see us making it they way we are going. Adults are evil and corrupt their children instead of nurturing them and giving them the best they have to give.

            Then we adults end up on these web sites being snotty and condescending.

            Maybe you are feeling clever right now. Me, not so much. If you really are in your 60’s, then I would have expected more from you than what you wrote above.

          • marvinb5695

            I am a 60 year old black man. I spent 9.5 years in the USMC, voted both Democratic and Republican. I am a Democrat. I voted for President Obama both terms however if the Republican Party had ran a candidate the second time around I may have voted differently. My point is I always taught that the American People elected their officials to represent them in the political arena. That when they fail to do that they get fired. every man has party leeway when running for office after the election it is suppose to be about the US of A not Republicans or Democrats. if I am just an idiot its ok to say it. The President of the United States of America used to be some one. but starting with President Nixion their credibility seems to have declined greatly I watch the news or listen to friends their is no respect for the Office of the President.marvin

          • Inthenameofliberty

            It appears to me that politicians lie their way into office. I believe that the Office of the President is no different. It is difficult for me to respect the Presidency when I find the men who have been holding that office are morally corruptable. It is so discouraging. I am probably the most dissappointed in Obama. Because I truly thought we finally had a man who was going to be different. I not only believed HIM, but I believed IN him.

            You are most certainly not an idiot. But there are now some extenuating circumstances in our country. So many people rely on the government to take care of them. So those people vote into office the person most likely to do that.

            I never felt that way before. Not until the 2012 election. Never.

    • The only thing a one trillion dollar platinum coin would do is prolong the inevitable. It may serve as a bargaining chip during the debt ceiling negotiations, but it will not solve our fiscal or economic problems.

      It’s good to have lofty goals like solving our fiscal and economic problems but it’s better to survive long enough to work on the problems. The Republicans very likely could destroy our economy long before we ever could fix it. We have to work on that problem first.

      • sigrid28

        I wish the president could act on the 14th Amendment and take the debt solution out of the hands of elected representatives who want to destroy the government. Facing judicial challenges for this executive action would be far more troublesome to those who bring them than to president (unlike the humiliation of the coin frenzy that would follow minting it). Executive action to protect the debt more rationally fits the punishment to the crime, and might prompt changes that would eventually lead to better solutions in the long run. If judicial challenges stretched out until the 2014 election, all the better for replacing unreasonable, fact-challenged Republicans throughout the country. Using the 14th Amendment is the long game.

        However, printing money the old fashioned way to fund jobs programs and economic stimulus should not be ruled out. It could accompany such an executive action, not only to save the country from a double-dip recession but to protect markets throughout the world. At home, more jobs mean more revenue.

        Our big chance to cut spending in a way that does not inflict harm on the most vulnerable in our country is to get out of Afghanistan and reshape our military for the twenty-first century. Why can’t it become a lean, mean fighting machine, as the saying goes, instead of a huge air craft carrier that takes a whole day just to change direction? The sooner Democrats realize that Republicans will not offer any help in solving the problems we face today, because they have marginalized themselves and attacked the fabric of democracy in order to protect wealthy contributors, the faster Democrats can devise ways to work around them in order the prevent the disaster they wish to bring about.

        • The economic dilemma for us is that while spending reductions are needed, public sector investment in infrastructure, modernization, R&D and education are an absolut necessity to stimulate the economy and encourage private sector investment. The latter is the key to sustained economic growth and stability, but since the elite seems to be more interested in investing overseas to maximize profits, the only way to entice them into domestic investment is through government spending designed to create jobs, increase revenues, reduce unemployment benefits, and improve consumer confidence.
          There are ways to reduce spending without reducing senior citizen benefits and compromising our national security. Leaving Afghanistan as soon as possible and not engaging in any more crusades is one of them. We must also consider closing military bases abroad and at home rendered obsolete by technology. NATO is an albatross that is no longer needed, at least not for the purpose it was originally created. Considering that China and Russia are more interested in industrial and economic might than warfare, we must wonder why we continue to build more expensive and sophisticated weapon system. Are we planning to use them against nuts that plant IEDs and fire AK47s from the beds of pickup trucks? Foreign aid should be limited to humanitarian aid. Military aid should be discontinued. Federal agencies with similar charters (NASA/NOAA, CIA/FBI) should be merged to reduce overhead costs and improve efficiency. A 5% budget cut, across the board, would not have an adverse impact on any department or agency, and it would help reduce the deficit. Government travel expenses should be reduced, and it need should be replaced by the use of video teleconferencing. Last minute purchases of furniture and other items, designed to spend the entire budget to avoid cuts in the next budget should be subject to disciplinary action. Last, but not least, Congress and the Supreme Court, should decline their last pay raise as a demonstration of concern and restraint.

          • I Say Make 16 Of Them Pay Off The Debt So The GOP/American Taliban Can STFU!! And Never Let Another War Starting Asshole In The White Again Ever!!!

          • Americans love war

          • You Got That Wrong!! Americans Don’t Love War The American Taliban Members Love Wars!!!

          • sigrid28

            Fern, welcome back. Old Blue and I missed you so much. I think everyone did. I’m imagining you having a super vacation, though I will be watching for your posts on the National Memo from now on.

          • sigrid28

            I heard a hopeful piece of information on the Sunday morning talk shows. The courts are unlikely to agree to hear any challenges to the president’s minting of a trillion dollar platinum coin or to his resort to the 14th Amendment in order to honor the government’s obligations, if the debt ceiling challenge resulted in either.

            The bad news is, that the only recourse the crazies on the far right would then have, would be impeachment. My guess is that the administration hopes these extremists come to their senses, while hardly expecting it. If Tea Party Republicans dared to force the president’s hand, I don’t think they would distinguish themselves very well during impeachment proceedings. I think a good portion of the American public would be enraged at such a procedure.

          • myfanwy

            I don’t think popular disgust would influence the Tea Party Republicans at all.

        • Sorry but you need to check your amendments. The Fourteenth Amendment gave citizenship to minoritie. It has nothing to do with the budget

  • The problem REALLY is, when you’re trying to deal with as…ho..s, you gotta do what you gotta do.

  • peteserb

    Anyone who even considers this idea should be locked up in an asylum.

    • Inthenameofliberty

      Here here.

      • myfanwy

        Do you mean, “Hear, hear”?

        • Inthenameofliberty

          Yes. One would never guess that I graduated with a college degree with my penmanship. Thanks.

  • Why not.all in all the old money and make new money, that is what Roosevelt told the rich you spend your money or I will make new money, rather than lose their money they spend it and moved this country forward.

  • ObozoMustGo

    This is the final step toward formally making the USA into just another Banana Republic. What the hell… we have a president with a banana republic mentality, so why not?

    Only a moron would think this is a good idea.

    [click image to enlarge]

    Have a nice day!

    “There are two ways to conquer and enslave a nation…
    One is by sword…
    The other is by debt.”
    John Adams 1826

    • Speaking of MORON, how are you today?

      • InsideEye

        Here We Go AGAIN..>>>>>>>> Some TRUTH recognition, all are hypocrites

        It was All of Congress and the president that went along to have this phony Fiscal Cliff/Sequestration scenario. If the Cliff was reached they knew that some taxes would go up and Some heavy cuts would go into affect. as per Simpson / Bowles They all proposed and sign-on to this scenario…now they fight against it ??!!! Why is this fact not in the NEWS

        It actually is the correct solution. since none of Congress wanted to raise taxes or cut funds anyway, a cowardly dereliction of duty.

  • Why not mint 20 of them, pay off the National Debt, and have 3 or 4 Trillion dollars to bolster the economy for a few years until a Republican can be elected to destroy it again?

  • elw

    I would rather let the Republicans play the part of silly adolescents who want their way. Threatening not to pay bills, which includes Social Security, Medicare, Medicaid and defense costs didn’t do much to help the Republicans win the minds and heart of the American Public last time and it will not now. They took the blame when they did it the first time; let them keep it if they try it again. We have hard decisions to make as a Country; They include what our priorities are and how we want to use our resources. We will never make them if we allow temper tantrums or keep our minds closed to ideas and our pocket books locked. We need serious conversations between our elected representative not political theater and silly games.

  • robertwhart

    Good comment Joe Steele.
    The fact is the government doesn’t face insolvency due to its “debt”, its not even real debt in the sense that a household can have debt. The government is not operationally contrained in its issuance of “debt” , it produces it out of thin air. The factor that contrains government spending is the possibility of inflation. While you have millions unemployed and the economy in a near recession, there is little chance of a spike in inflation. The immediate imperative is for the government to expand the deficit.
    As Warren Mosler says: “There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.”

  • kanawah

    The coin is as good of an idea as the republicans screwing over the economy for political satisfaction.

    The president must do what ever it takes to make the debt ceiling a moot subject.

    He could start by going to the supreme court and have them declare that the whole debt ceiling debacle violates the 14th amendment.

  • While minting a 1 trillion dollar coin is totally absurd, why not mint a collectors
    “Kill the debt” coin. A one time, limited issue $10 dollar coins to pay off the debt? Or may a whole series, pennies, nickels, dimes, quarters, half dollars and dollar coins in a collector set.

  • charleo1

    I’m no politician, but I just don’t see how Republicans think it’s a good idea, politically to
    once again bring the Country to the edge of default. It’s dangerous, and for a couple of days
    the last time they did this, it was uncertain a deal to avoid what would have become a real
    mess, very quickly, was going to be cobbled together to, in effect save ourselves, from ourselves.
    It is common boilerplate Republican world view, to cast America as the sole super power.
    The one essential Country the world community looks to for security, and leadership.
    Okay then, how does America explain to the world, this idiotic game of brinkmanship,
    that not only threatens our economy, but the economies across the world? It looks for all
    the world, like America has enlisted into it’s government, a faction that either don’t know
    about the vital role the U.S. plays in stabilizing a global economy, or don’t care. Either
    way, it is incredibly irresponsible, and down right frightening to the world community
    to see America acting in this way. Again, I just don’t see where the Republican Party thinks
    this kind of behavior is going to make them look any other way, than, just plain stupid.

  • cats33

    Hey dogs, how’s your paycheck looking?? Romney warned everyone, but you had to believe that lying snake in the WH!!! You voted for it, now everyone has to suffer. Thanks alot, idiots!!

    • charleo1

      Hey, yourself. Obama ran on the premise the economy grows from the Middle out,
      not the top down, as Romney claimed. Romney said, elect me, and I’ll cut my own
      taxes. Obama said elect me, and people like me, who continue to do very well, are
      going to be asked to pay a little more. Soooo, the lie was what? The paycheck got
      a bit smaller not because of a tax increase, but to continue to fund at previous levels
      Social Security, and Medicare. So everyone won’t suffer poverty when too old to work.
      Or untreated illness in their Senior years, because they can’t afford medical treatment.
      So who’s the idiot?

  • cats33

    If omuslim and the dems would quit spending, we wouldn’t even have to think of such a stupid idea. The party of jokers!!

    • myfanwy

      You know, making up stupid names for President Obama puts you at the level of a poorly parented 5-year old, and negatively impacts the value of anything else you may have to say. In addition, you are uninformed. President Obama has spent less than any President since Eisenhower. You should stop buying into right-wing propaganda.

  • I think it’s a great idea. Isn’t the biggest problem with the US Dollar the fact that so many have been printed that it’s purchasing power has been reduced to 5% of what it used to be?

    So make a bunch of these coins & pay whoever we owe & get even.

  • I do not know who is the bigger fool the Harvard professer that thinks it is a good idea to mint a trillion dollar coin or the autor who says ” He totally should ” ,,,,,,,,,,,,OMG what are you a 12 year old skateboarder , stick to the skateboard park DUDE !

  • diverdown48

    Brown did it in California. FPOTUS Clinton did it for the whole country. When is the last time a Republican balanced a budget.

  • truthhunter13

    I am now convinced that the Republicans know they are in deep trouble, they know the days of lying and bullying their way into office are over. They are sinking in quicksand and they want to drag us along. We can’t afford to let that happen. Time to play hardball with these greedy clowns.

    We, the people with common sense support you all the way.
    The future of our country is at stake.

  • Tom

    Why are we so concerned about a Congress that doesn’t know how to chew gum and walk at the same time? Will a trillion dollar coin solve the gun problems, the budget problems, or the insatiable desire to have all the perks a civilized society can have. It’s a very simple task to do away with the budget ceiling, and pass legislation that requires up or down votes on everything and taking it out of the hands of the speaker or senate majority leader. An intelligent congress could easily pass legislation doing away with all lobbying and requiring gun manufacturers to place serial numbers on the firing pins that when removed inactivate the weapon. Along with registration of persons and serial numbers congress could pass legislation making the manufacturers and sellers of guns responsible for the misuse of their product with fines and ever jail time. There is no excuse for a learned society to continue to put up with politicians that don’t represent the will of the people.

  • This idiot usurper, the useless coin, any body that backs it and those that don’t oopose it, all the media that touts are ridiculously insane. This trillion coin is just another step that will be used to destroy our economy one worthless coin at a time. It is a total waste of good platinum.

  • Johntheoldguy

    So you want a trillion dollar platinum coin? Ok: here are some facts:

    Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare.
    It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
    The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.

    A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.

    642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

  • onedonewong

    There is no need for a coin barak just has to use his power to invalidate the debt. He did it to the bond holders of GM and Chrysler’s debt an gave their assets to the union. So he can do the same with Chinese, Japanese, and SS bonds. Let them all eat cake..
    he’s the messiah you know