Tonight’s question, greetings, and banter here. (More)
Today the Huffington Post‘s Ryan Grim reported that Senate Majority Leader Harry Reid said he will back President Obama in using his constitutional and executive authority to pay debts authorized by Congress. While President Obama has said he will not invoke the 14th Amendment to ignore the debt ceiling law, he has other options including authorizing the Treasury to mint platinum coins to cover existing debts. Atrios suggested putting Ronald Reagan’s picture on the coin. Would a Reagan Debt Coin be both politically savvy and historically just?
January 4, 2013 at 6:01 pm
Today on Campus
Morning Feature – Pound Foolish, Part II: Risk and Reward, Yours and Theirs
Midday Matinee – triciawyse with Frieday Critters
January 4, 2013 at 6:07 pm
As President Reagan tripled the national debt, I think a $1 trillion platinum Reagan Debt Coin would be both politically savvy – think of President Obama: “I’m offering to put Ronald Reagan’s face on the most valuable coin ever minted” – and historically just. It would also deny Republicans the chance to hold the U.S. and indeed the entire world economy hostage, with the ransom demand that President Obama impose their budget rather than the policies he campaigned and won on in November.
January 4, 2013 at 6:16 pm
When I first read about the platinum coin, I thought it was a joke. Now I think it is pretty cool.
I’d also consider President George H.W. Bush for correctly calling out voodoo economics which gave us ideas like deficits don’t matter (Cheney) and Reagan’s 3X debt and Junior’s 2xdebt. Bush practiced the same voodoo crap but he was initially correct.
Maybe we could put Boehner’s crying face on the coin. Without him we wouldn’t need the coin.
Really Reagan is the best choice for the coin, but the brainstorming is fun.
January 4, 2013 at 6:27 pm
The Treasury has some gold. About $11,041,059,958.18 worth. Can it transfer it to the Fed as needed?
January 4, 2013 at 6:52 pm
That gold is not legal currency, and only Congress has the authority to print or coin money … except for platinum coins. Congress authorized the Treasury to mint platinum coins, in any denomination. The law was passed to authorize commemorative coins, but that limitation wasn’t written into the statute. That’s why a lot of people are floating the idea of $1 trillion coins authorized for this.
January 4, 2013 at 7:27 pm
How about Dick Nixon on a $3 bill?