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View Diary: President Obama: Debt Ceiling Negotiation "Is Not A Game I Will Play." (117 comments)

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    •  14th Amendment not needed. (7+ / 0-)

      I am not making this up--Matthew Yglesias:

      I keep hesitating to write about this because it sounds insane, but Jack Balkin’s a professor at Yale Law School so I’ll let him say it:

      "A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds."

      http://thinkprogress.org/...

      http://www.theatlanticwire.com/...

      The Secretary of the Treasury is, of course, a cabinet official. So Obama tells Geithner to make a $1 trillion coin and presto, it's done. No more debt ceiling problem. Or, to avoid an inflation shock, maybe they just make one $50 billion coin per week until the GOP caves.

      "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

      by HeyMikey on Wed Dec 05, 2012 at 08:23:37 PM PST

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      •  I don't think it's an option. (1+ / 0-)
        Recommended by:
        Simplify

        It lends itself to easily to cartoon renderings, first off.  I think the Obamans are too media savvy to do something that overly clever and open to late night comedy.  Think about the media space that would be wasted as well, on what the coin looks like, who designed it, how much it's worth on the rare coin market, blah blah blah ad infinitum.  

        That clause of Section 4 of the 14th amendment should be tested.  This will keep on happening otherwise; if the coin precedent is established, the chances that it will be abused somehow down the road is enormous.

        "Well, yeah, the Constitution is worth it if you succeed." - Nancy Pelosi // Question: "succeed" at what?

        by nailbender on Wed Dec 05, 2012 at 10:15:57 PM PST

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        •  Maybe, maybe not. (1+ / 0-)
          Recommended by:
          nailbender

          You may well be right. A couple of points.

          1. Obama was a prof of Constitutional law at U. of Chicago law school, which is a top-tier school and considered conservative; and he was so good that, despite its conservatism, the school offered him tenure. So whatever he decides about the 14th Amendment is likely to be the right call.

          2. The ideal face to put on the $1 trillion coin would be, of course, that of John Boehner. I'm just trying to think of the image for the obverse--maybe the Treasury building going off Niagara Falls?

          "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

          by HeyMikey on Thu Dec 06, 2012 at 07:35:28 AM PST

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          •  You can't use the constitutional law prof argument (1+ / 0-)
            Recommended by:
            HeyMikey

            with me.  See my sig line.

            And your point #2 proves my point #1!

            "Well, yeah, the Constitution is worth it if you succeed." - Nancy Pelosi // Question: "succeed" at what?

            by nailbender on Thu Dec 06, 2012 at 12:08:23 PM PST

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