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mother earth

(6,002 posts)
Mon Jan 7, 2013, 05:36 PM Jan 2013

Platinum Mint Coin to End GOP BS on Debt Ceiling...Boehner Face.

http://krugman.blogs.nytimes.com/2013/01/07/be-ready-to-mint-that-coin/

Taken from above, for full article see above.
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Enter the platinum coin. There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all.

So why not?

It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin.

So if the 14th amendment solution — simply declaring that the debt ceiling is unconstitutional — isn’t workable, go with the coin.

This still leaves the question of whose face goes on the coin — but that’s easy: John Boehner. Because without him and his colleagues, this wouldn’t be necessary
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Platinum Mint Coin to End GOP BS on Debt Ceiling...Boehner Face. (Original Post) mother earth Jan 2013 OP
You tell them Paul! Little Star Jan 2013 #1
Obama should do this now to put an immediate end to the GOP extortion over the debt ceiling LonePirate Jan 2013 #2
the design of the coin, let's think about it.... NightWatcher Jan 2013 #3
Putting Reagan's face on it would piss them off more. Jim Lane Jan 2013 #4

LonePirate

(13,431 posts)
2. Obama should do this now to put an immediate end to the GOP extortion over the debt ceiling
Mon Jan 7, 2013, 06:47 PM
Jan 2013

We should not need to endure almost three months of yammering and games from the GOP.

 

Jim Lane

(11,175 posts)
4. Putting Reagan's face on it would piss them off more.
Tue Jan 8, 2013, 01:03 AM
Jan 2013

But no one deserves it more than Reagan. He's the one who reversed 35 years of postwar economic progress, during which the accumulated debt as a percentage of GDP declined pretty steadily. That percentage went up under his administration and that of his chosen succesor, Bush 41; resumed its downward path under Clinton; and then headed up again when Bush 43 emulated Reaganomics (cut taxes on the rich, increase military spending, and make speeches denouncing deficits).

So, while the Bushes did their parts, they were only following the course that Reagan had defined.

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