Whoever is floating this is truly a brain dead weasel.
"While there are laws in place to regulate how much paper, gold, silver or copper currency can be circulated by the government, there is nothing so clearly stated when it comes to platinum. That door open, the Treasury could have the U.S. Mint melt and mold a few trillion dollars of it, then ship the goods over to the Federal Reserve for safekeeping until the time comes to pay the bills."
Here is an article on the platinum coin cliff. Definitely this power needs to be taken away from the Treasury, it was only intended for commemorative coins anyway.
I wouldn't say it is just a game in the long term. Bonds are real investments owned by somebody, and sooner or later the prices, interest rates, and credit ratings are going to reflect true market conditions, probably after the FED stops printing.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
This what happens when Congress tries to violate the US Constitution. Congress is creating debt then refusing to pay the bills. The President has no power or authority to create debt, he is merely the billpayer for bills created by Congress. Under the 14th Amendment, he is required to pay those bills.
Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.
If Congress abdicates its constitutional duties to raise the debt ceiling or otherwise pay for the debts that it alone created, the President will be forced to use whatever legal means at his disposal to do so. The trillion dollar coin is one legal mechanism within his authority to do so.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
The coin is just smoke and mirrors. The Fed has essentially been printing paper for decades.
And check out the Dog, she is admitting that the debt problems aren't "W"''s fault. Bad Girl!!! LJ clearly needs to feed you the party line and re-educate you.
Actually the debt problems are due to the legislature not agreeing on a budget for years and just letting the old budget continue.
Thomas Sowell: There are no solutions, just trade-offs.
Never said the debt ceiling issue was the fault of this mysterious "W". However, the deficit certainly can be attributed to the administration of George Bush.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
Gotcha. 11 trillion of debt combined for all the previous Presidents, but 5 trillion for BHO. Everyone does say Barack is an overachiever.
And thankfully the interest rates on that debt are still at record lows, if it goes to 5%, most of the discretionary budget will just finance the interest on that debt.
Thomas Sowell: There are no solutions, just trade-offs.
