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Opinions/Editorials Title: LET’S END THIS DEBT CEILING DEBATE WITH A $1 OZ. $1T COIN A reader points out a very interesting loophole in the debt ceiling debate that would give the US Treasury the ability to tell the US Congress to take their fearmongering and shove it you know where. Reader “Beowulf” notes: “No, Tsy isn’t authorized to just “print” money, the Federal Reserve Act gives that power to the Fed, However, the Coinage Act grants the Secretary of the Treasury rather broad coin seigniorage authority. Geithner could sidestep the debt ceiling this afternoon by ordering the West Point Mint to coin a 1 oz. $ 1 trillion coin. Tsy can then present the jumbo coins at the NY Fed to buy back $1 trillion in Fed-held debt (the Fed has to accept it, a creditor can’t refuse legal tender paid in to settle a debt): (h) The coins issued under this title shall be legal tender… (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.” The simple threat of doing this would end this debate right here and right now. It’s time for Congress to stop playing Russian roulette with the US economy. If you want to take a stand on spending then do so before you pass legislation that causes us to run up into the debt ceiling. Don’t use some phony law to try to scare people into thinking that we are Greece (something that’s entirely impossible anyhow). Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 59. #1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0) Sounds crazy, but...
#33. To: lucysmom (#1) Crazy is raising the debt limit. The rationalizations for doing so are very similiar to a drunk's reasoning for demanding he be given another bottle of Jack Daniels.
#36. To: Badeye (#33) The rationalizations for doing so are very similiar to a drunk's reasoning for demanding he be given another bottle of Jack Daniels. Not hanging out with drunks, I wouldn't know what that might be. What I do know is that if we don't pay our bills, we've broken our word.
#40. To: lucysmom (#36) What I do know is that if we don't pay our bills, we've broken our word. Raising the debt ceiling doesn't pay our bills. It only allows this administration to continue to write BAD CHECKS, further excerbating the debt crisis we already face. And it will in fact 'break the word' to American Taxpayers...not that you on the Left give a rats ass about THAT. Finally, I'm sure you are very familiar with drunks goofy. I don't believe anyone could suffer you without being drunk first.
#49. To: Badeye (#40) Raising the debt ceiling doesn't pay our bills. It only allows this administration to continue to write BAD CHECKS, further excerbating the debt crisis we already face. Every American owes $50,000 in current debt and $500,000 in future obligations. $500,000 -- that's $2 million for every family of four. The median household income is about $50,000 a year. Do the math. This can't possibly be paid. Not only do we have to stop borrowing money now, we also have to remove Social Security, Medicare, and Medicaid from entitlement status. They should be funded each year based on our ability to pay, not based on some automatic formula.
#53. To: jwpegler (#49) we also have to remove Social Security, Medicare, and Medicaid from entitlement status. Get ready for war then, MFer. You can use your Largest ever Military Budget to get me some weapons.... 8D Cause I ain't no body's slave. These Entitlements as you call them were made because 7 million Americans had just dies of starvation/cold the Winter of 32. The Top 50 000 will run out of bodies before the Bottom 90%....
#56. To: mcgowanjm (#53) Get ready for war then War with 60 year old dope heads like you??? Right. You can barely get out of bed in the morning and post incoherent rants on Liberysflame. ROTFLMAO.
#57. To: jwpegler (#56) Get ready for war then Whatever. Now we know why your local police need tanks.... How's your Bailed out Banksters doin this AM? Care to explain how America comes out of this Depression?
#58. To: All (#57) #3. To: mcgowanjm (#2) European Stock Markets crashing. Yes they are. Fred Mertz posted on 2011-07-11 10:28:34 ET
#59. To: All (#58) Remember that these agencies have never forecast anything of importance (neither subprime, nor the global crisis, nor the Greek crisis, nor the Arab Spring, ...). If they downgrade willy nilly today it’s because they have been caught at their own game (22). It’s no longer possible to downgrade A without affecting B’s rating if B is no better off. The "assumptions" on the fact that it’s impossible for any particular state to default on its debt have not withstood three years of crisis: this is where Wall Street and the City have fallen into the trap which threatens all aspiring sorcerers’ apprentices. They have not seen it would be impossible for them to control the hysteria kept up over Greek debt. So today it’s the US Congress, with the bitter debate on the debt ceiling and massive budget cuts, that the consequences of the misleading articles in recent months about Greece and the Eurozone enlarge. Once again, our team can only stress that if history has any sense, it’s certainly a sense of irony.
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