Then someone has an idea. Brush off one of the old checker pieces in the attic, assign it a value of, say, $2,000 -- and use that newly minted "coin" to pay the credit card.
Such an absurd idea is, pun intended, gaining currency as a technically legal way for Washington to avert a looming fight over the debt ceiling. A Democratic congressman, a Nobel-winning economist and several prominent writers are now floating the idea that the Treasury Department should use obscure powers to mint a $1 trillion coin if Congress does not permit an increase in the debt ceiling. That coin, then, could be used to pay America's debts.
Folks like Nadler point to a tiny section in the U.S. code that allows the Treasury secretary to "mint and issue platinum bullion coins and proof platinum coins" of a size and denomination of "the secretary's discretion." This is mainly for commemorative coins, but the idea that the provision could be exploited as an ace-up-the-sleeve for the administration was first explored during the 2011 debt ceiling fight. Now, it's back.
Fortunately, on this one, there are still some who use reason...
CBSNews: Amid a smattering of calls for President Obama to skirt a looming debt ceiling fight by minting a couple of trillion-dollar coins, one Republican lawmaker says he's introducing a bill to make sure it doesn't happen.
Rep. Greg Walden, R-Ore., announced today that he plans to introduce a bill that would make it illegal to mint high-value platinum coins as a means to paying down government debt.
"Some people are in denial about the need to reduce spending and balance the budget. This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren't so serious about it as a solution. I'm introducing a bill to stop it in its tracks," he said in a statement. "My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt. We must reduce spending and get our fiscal house in order."
And how!
The desperation of this President and his majority of Democratic cohorts, and yes, even some Republican enablers, to preserve our nation's current debased trajectory, hampering any true change, is uncanny.
ADDENDUM: Here's Rush with some more rippage!
