Paul Krugman:
Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely. He will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious.
For those new to this, here’s the story. First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default.
And Republicans are openly threatening to use that potential for catastrophe to blackmail the president into implementing policies they can’t pass through normal constitutional processes.
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?
Why not?
How about because it’s completely insane? It’s the equivalent of saying “I’m not broke, I still have some checks left.” It’s also a violation of the principle of checks and balances. Remember when liberals had a conscience?
My respect for economists has dropped considerably the past few years and my respect for Paul Krugman has gone past zero and is in negative numbers now.
Just when you think Democrats can’t get any stupider they go and prove you wrong.
As always, ask yourself what the reaction would have been if George Bush did it.
Overruled: irrelevant
The Chinese will be really happy when they receive it as a payment.
Less than the latest issue from the Franklin Mint.
US money is “Good for all debts, public and private”.
I’m just an ignorant rube without a Nobel Prize but even I can see there’s a 3rd option — i.e. negotiate and implement serious reductions in spending to decrees the $1 trillion + deficits we’ve been running every year for the last 4 years. That’s neither silly nor vile & destructive. Of course that would require compromise — especially from the vile progs — and they aren’t even willing to cut spending from Seasame Street.
Funny how Krugman is so worried about what Obama is “legally required to do” in this situation but doesn’t give a fig that he’s also legally required to pass a budget — something that hasn’t happened his entire first term. I guess I’m not smart enough to understand it all & should just listen to my betters.
“Women should be obscene and not heard”
(That’s from the Vile Prog handbook.)
Undemure cackle!
Logic? Reason? From a woman? Elizabeth Warren won’t like that./sarc/
Nixon, Carter and Bush are all looking good to me now.
Yep. Who’d a thunk it?
Well better anyway. :lol:
Well, they are the ones that own him, aren’t they?
Nobody owns Obama.
But he is available for rent.
Is Obama holding Krugman’s family hostage or something? What a pathetic sell-out he turned out to be & all it took was a ride on AF 1.
http://hotair.com/archives/2013/01/07/bad-news-krugman-wont-take-treasury-job/
I’m disappointed.
Gawk, the stupidest part is where Krugman says he’s a bad administrator. “And that matters.” But his articles all scream, “Take my advice on administrating!” It’s like he can’t even complete a full circle of logic in his own brain anymore. FFS.
oops.
And he assassinated a Republican. So wouldn’t OWS be more apt.
http://www.zerohedge.com/news/2013-01-04/putting-trillion-dollars-platinum-perspective
“Stocking up on food and ammunition” used to be troubling. Now it makes perfect sense. One can always barter for necessities with shells and bullets..
Obamawampum :D
I know I’d have to go into the witness protection program.
Only to be outed by a newspaper with an agenda.
Why stop at one trillion?
They won’t.
It looks kinda like my drinking helmet. I have a William Holden special edition.
She should hold on to that in case she decides to get back into politics later.
Such quality of character. I’m not in the least bit surprised of this from that guy.
https://twitter.com/realmyiq2xu/status/288401982157365248
http://www.nationalreview.com/articles/337035/guns-me-not-thee-john-fund
Journal news hires armed guards after backlash from publishing gun map.
http://thehill.com/homenews/senate/275815-democrats-looking-for-up-to-1t-in-new-tax-revenues-this-year
kind of like a prostitute, you pay them to get screwed