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View Diary: Fracturing the GOP with a Fiscal Canyon (87 comments)

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  •  I'd still like the Democratic President to (0+ / 0-)

    instruct the US Treasury Secretary to mint a platinum $1 Trillion coin and deposit it in the US Federal Gov't account at the Federal Reserve.

    It's Constitutional, at least according to Jack M. Balkin, Knight Professor of Constitutional Law at Yale Law School.

    31 USC § 5112 “Denominations, specifications, and design of coins.” It’s super-prescriptive about all kinds of things until you get to section (k):
    (k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

    It would put paid to the utter bullshit theory of the Republican Party, which they have been trying endlessly to inculcate the American people into believing, that the Debt Ceiling is a move on the part of the US Congress to acquire more debt.

    Which, as any educated person knows is not an increase in spending, or "debt", but instead is a promise by the US Congress, signed off on by the US President, to repay monies already spent in the last US Budget Bill.

    It would take the option to try and blackmail the Democratic Party into doing what the Republican Party wants every damned year, when it comes time to pay the piper (pass a new debt ceiling, if the last budget bill spends more than is available under the current debt ceiling) - and remove it forever.


    "I like paying taxes...with them, I buy Civilization" -- me

    by Angie in WA State on Thu Dec 13, 2012 at 02:10:34 PM PST

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