Hey, let’s avoid the debt-ceiling standoff by minting a trillion-dollar platinum coin instead
posted at 4:23 pm on January 4, 2013 by Allahpundit
Words cannot express my excitement that this banana-republic idea is now being taken seriously enough to attract vocal support from a sitting Democratic congressman. If you’re looking for a way to convince the public that the left has no interest whatsoever in reducing spending before we face a fiscal meltdown, you can’t do better than having Obama and Geithner respond to the GOP’s demand for cuts by producing a de facto handful of magic beans.
In fact, that’s my condition for supporting this proposal. I’ll back it to the hilt, but only if the masterminds behind it figure out a constitutional way to let Treasury choose beans as the trillion-dollar currency instead of a coin. That’ll show those Republicans.
“There is specific statutory authority that says that the Federal Reserve can mint any non-gold or -silver coin in any denomination, so all you do is you tell the Federal Reserve to make a platinum coin for one trillion dollars, and then you deposit it in the Treasury account, and you pay your bills,” Nadler said in a telephone interview this afternoon.
I asked whether he was serious.
“I’m being absolutely serious,” he said. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”
By “things,” he means magic coins, not Medicare reform. Over at National Journal, a jittery Matthew Cooper wonders if the optics of all this might not be counterproductive for Democrats:
As bad as the House behavior has been, using a small legal provision meant to please numismatists to leverage the nation’s debts seems, um, risky. The only analogy I can think of is the Court-packing mess of the 1930s when President Roosevelt, faced with a cranky Supreme Court that overturned his social-welfare programs and those in the states, tried to enlarge the size of the Court to fill it with more sympathetic appointees. After an outcry, the president backed down. But FDR at least tried to make the change by proposing a statute and forcing a Senate debate. (The bill never cleared the chamber.)
Minting the coins would seem even more imperious. After all, the Supreme Court in the 1930s was knocking down state minimum-wage laws and other expressions of the popular will. FDR had some momentum behind him. But President Obama would look despotic if he embraced this tactic. (Imagine all the pictures of King Obama on a coin.)
I assume the reason they’re thinking about a coin worth “only” a trillion instead of $10 trillion is because, you see, a $10 trillion coin would be exorbitant and sound crazy.
Via Mediaite, here’s Rick Santelli proving his extremism by wondering why people who refuse to mindlessly extend the nation’s line of credit while we’re on an unsustainable fiscal track are the “lunatics” in this debate. Exit question: Am I giving American voters way, way too much credit in thinking they’d laugh at the trillion-dollar coin idea? At this point, given the results in November, what’s the best result poll-wise we could hope for? 55-45 against?
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So says the Lib whose administration has provided 94 of 25,000 documents and whose one same Ms Nuland has uttered “do we want Congress knowing we didn’t heed warnings”….golf clap.
hillsoftx on May 17, 2013 at 8:20 AM
Gibber all you want, bubi.
You have NO credibility around here.
But I do see you constantly defending yourself. That tells me a lot, because I have seen you so many times and for so long.
The people here who rise against you aren’t at fault, no matter what you think of your pitiful self.
We rise against you because YOU ARE YOU.
End of story there, whether you like it or not.
Liam on May 17, 2013 at 8:23 AM
“tainted” “pure scum”? haha I know what you mean, though. :)
This is the kind of immoral, unintentionally comedic mental case who should be only ignored or mocked here:
Unspiritual d-bags like HAL are like the Jews who thought they were more Jewish & closer to God than Jesus Himself while they were pressuring Pilate to crucify Him.
Anti-Control on May 17, 2013 at 8:26 AM
Perhaps you confuse a mere political scandal with clear evidence of widespread oppressive intimidation and law breaking by an calloused all powerful government with a “mere” scandal?
The idiots understand fear easily enough. Therefore, it is the GOP’s role to help them to start shaking deep inside over this abuse that our forefather’s knew would come from only from our own government.
Follow the Chicago way and double down on this perfect opportunity to rid our nation of the evil called Godless liberalism as government. It is anything but “just a scandal.” It is a once in a lifetime opportunity.
Don L on May 17, 2013 at 8:27 AM
Oh, how that would educate the people. Not gonna happen.
Saltysam on May 17, 2013 at 8:29 AM
Why do I suspect that if he were around in 1941, that he’d be directing the Zeros to their targets? What total lack of moral character.
Don L on May 17, 2013 at 8:30 AM
Historically speaking, now would be about the right time for Obama and company to stage a false flag operation/Reichstag fire episode. Hopefully he or Jarrett and company won’t go after Michelle, for whom I am feeling some small amount of sympathy.
I think that I put my tinfoil hat on a bit too tight today.
justltl on May 17, 2013 at 8:37 AM
To successfully implement a working Gulag system geography is a consideration?
workingclass artist on May 17, 2013 at 8:39 AM
Hold on tight to that thread. I’m sure it’ll support your weight.
http://www.breitbart.com/InstaBlog/2013/05/14/The-White-House-s-New-Game-The-Benghazi-Emails-Were-Doctored
NotCoach on May 17, 2013 at 8:39 AM
I disagree: this is just starting. The GOP is just getting on top of this issue, and the media is just now getting around to paying attention to it. Sekulow has 15 to 25 clients already. People–small businesses and individuals–are now coming out of the woodwork in addition to these tea party groups.
Look, liberals (see that Jon Stewart video) are exasperated by all this. I’m sure that liberals like some of the Morning Joe panels are just p*ssed that the IRS got caught. But non-ideologues will not go for seeing individuals, businesses, and legitimate charities harrassed by the IRS. I really do think that this is a solid 60% outrage issue, with another 10% to 20% knowing it’s dead wrong but not voicing an opinion because–whatever their issue–they can’t side with conservatives. That leaves the crazy 20% who who believe the only problem is that the IRS got caught.
BuckeyeSam on May 17, 2013 at 8:41 AM
Yep, and I admit I find it very cute when they project that deficiency onto Repubs, as though we are just as amoral as they are.
They are extremely stupid when it comes to understanding their own psychology, let alone when it comes to understanding how others’ minds work.
Anti-Control on May 17, 2013 at 8:43 AM
Yeah, I was going to say that I’d read that almost as soon as libs were dancing on tables, that lame WH effort had already been debunked by the very emails they distributed.
BuckeyeSam on May 17, 2013 at 8:43 AM
There are a few class action suits against the IRS in the works. The number of lawsuits will likely increase as more information comes forward…
“Earlier this morning, several members of the Kentucky 9/12 Project, the Richmond Tea Party, and Ohio Liberty met with the American Center for Law and Justice (ACLJ) in Washington, DC, to discuss plans for civil suits against the IRS for the admitted intimidation and targeting they received after applying for tax exempt status…”
http://www.theblaze.com/stories/2013/05/16/some-conservatives-targeted-by-irs-say-they-plan-on-filing-civil-suit-against-irs/
And there’s one class action filed for theft of records
“What happens when a fundamentally flawed entitlement program that threatens to usurp one sixth of the U.S. economy runs up against a scandal involving the government’s second most powerful enforcement agency? The answer is a class-action lawsuit filed by a California HMO alleging that 60 million medical records from 10 million patients were stolen by the IRS.
Healthcare IT News (via Courthouse News Service) writes that an unnamed HIPAA-covered entity in the Golden State is bringing the action against 15 IRS agents. “The personal health information seized on March 11, 2011, included psychological counseling, gynecological counseling, sexual/drug treatment and other medical treatment data….”
http://libertyunyielding.com/2013/05/15/class-action-lawsuit-filed-against-irs-over-theft-of-60-million-medical-records/
workingclass artist on May 17, 2013 at 8:46 AM
Here is some good news. Those obama marxists have been lying to us. We middle aged white guys are not racist, but we are the MOST TOLERANT of the people of the world, according to the Washington Post. The entire US is the most tolerant and least racist nation. Less than 4.9% of the population could be considered racist. The next time one of those troll pukes use racism to refute your argument, then play this link to them. In fact, I am surprised that Hot Air missed this.
Old Country Boy on May 17, 2013 at 9:09 AM
Ok well try again:
Old Country Boy on May 17, 2013 at 9:11 AM
It still doesn’t work. Go to mi site or Instapundit to get the link.
Old Country Boy on May 17, 2013 at 9:11 AM
Agreed…These are the actions of the Self-Centered.
The problem is that many old school liberals are in utter denial as to the hijacking of their agenda by Progressive Totalitarian Leftists (Operating using the tools of Fascism).
These old school liberals cling to their denial because the cognitive dissonance is too painful psychologically,intellectually and emotionally.
I spent some time reading and commenting at some liberal blogs during the 07′ – 08′ primary season…and it was evident the generational and ideological divide between conventional Bluedogs and Progressives.
I did this because I was curious to see how Obama’s divide and conquer strategy within his own party was effecting the Bluedogs v Progressives.
At the time I was completing a political series and was adding the responsive activity of New Media into the work…So it was research really to add heft to the series.
This became especially clear with the old school feminists who supported Hillary Clinton and then were divided ideologically with the media treatment of Sarah Palin. Some are disillusioned by the revelation of their corrupt fallen heroine Hillary Clinton.
Personally I have little sympathy but I understand it.
What I saw was that many of these old school liberal folks assumed a kind of protective psychological helmet that blinded them to what they knew was a clear Fascist agenda working within their midst…They became the most confused lot I’ve ever seen.
I got booted off a lot of blogs…My crime was using logic and asking questions about the obvious shifts in politics/philosophy that became fluid to meet whatever objective was necessary. All politicians have feet of Clay.
It was interesting…Quite the education.
When I was an undergraduate in the mid-1980′s we had a great government professor…He was an excellent rhetorician. He warned us about Socialist/Fascism and the mechanics of it’s implementation. There is little difference in either philosophy or mechanic since both tenets achieve the same goal…Totalitarianism.
What I learned both as a student in college…and in life is that Fascism can creep into any culture when people get lazy.
The sheeple citizenry become content with Bread & Circuses.
workingclass artist on May 17, 2013 at 9:29 AM
Here ya go…
http://www.washingtonpost.com/blogs/worldviews/wp/2013/05/15/a-fascinating-map-of-the-worlds-most-and-least-racially-tolerant-countries/
WAPO also has a link for another map on ethnic diversity.
According to their conclusions the US is in the middle when it comes to ethnic diversity because the wealthier the nation the less ethnically diverse.
I find this conclusion spurious…likely due to the definition of ethnicity they are using since most of the countries in Africa and the Middle East are deemed more ethnically diverse than the US.
workingclass artist on May 17, 2013 at 9:49 AM
…new name!…dumbphuckordie !
KOOLAID2 on May 17, 2013 at 10:08 AM
Because it’s target practice… allowing us to sharpen our skills on their strawman corpses before engaging in dialog that really matters… with our friends and relatives that don’t know any of this is going on, but were still Democrat supporters.
I know that the debating practice spent with these morons have made me a better debater with those who do matter. Without them constantly falling on my sword, I wouldn’t know how to handle my “rapier wit” to most effect.
Just speaking for myself, I’d like to thank the trolls here on HotAir… you have made me SOOO much more informed on my conservative worldview and effective in communicate it with others. Because of you, I have been feeding articles and viewpoints to my conservative friends, and helped them prepare their debating skills. You have made me so much more effective… as a person, as an informed citizen, as a patriot of this nation… and sealed the fate of your own party! On behalf of conservatives, thank you for your ceaseless stupidity in defending your corrupt ideology! Thank you for your support!
Liberals, please keep posting your drivel, as it only makes us better…
dominigan on May 17, 2013 at 10:51 AM
‘Toons of the Day: The Sergeant Schultz Administration
Resist We Much on May 17, 2013 at 10:54 AM
Well, I don’t disagree with you on your point that suits will happen. I guess I differ on a matter of degree when you say “in the the most public manner possible“.
You and I both know, the press and the television media will chase diversionary “Breaking News” as soon as possible and the continuing suits will find space on page 17 in the ho-hum columns, soon after they cobble together a couple of obscure, off-the-record sources and headline a “Bush may have done it too some experts say”. Then the GOP will run to the next television camera and save us from steroids-in-high-school-football-causing-the-tea-party-attitudes-that-have-prevented-Congress-from-getting-anything-done, dancing to the tune that the liberal media plays.
Business as usual as soon as possible.
Saltysam on May 17, 2013 at 11:00 AM
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