No Platinum Coin

[Timshel]

http://www.nytimes.com/2013/01/13/u...trillion-coin-to-raise-debt-ceiling.html?_r=1&

Treasury Won’t Mint Coin to Defy Debt Ceiling [h=6]By ANNIE LOWREY[/h]WASHINGTON — The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit.
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Anthony Coley, a Treasury spokesman, said in a written statement.

The Obama administration has indicated that the only way for the country to avoid a cash-management crisis as soon as next month is for Congress to raise the “debt ceiling,” which is the statutory limit on government borrowing. The cap is $16.4 trillion.

 

[Bonestorm]

http://www.nytimes.com/2013/01/13/u...trillion-coin-to-raise-debt-ceiling.html?_r=1&

Treasury Won’t Mint Coin to Defy Debt Ceiling [h=6]By ANNIE LOWREY[/h]WASHINGTON — The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit.
“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Anthony Coley, a Treasury spokesman, said in a written statement.

The Obama administration has indicated that the only way for the country to avoid a cash-management crisis as soon as next month is for Congress to raise the “debt ceiling,” which is the statutory limit on government borrowing. The cap is $16.4 trillion.

Dumbasses.

 

[Timshel]

It's a bad idea and it is not for what the law was intended. Exotic ideas meant to defeat the democratic process are not going to provide a good solution.

 

[FUCK THE POLICE]

I understand Krugman says it wouldn't be inflationary at the current moment but... that's still seems too experimental of an idea for my tastes. And, anyway, it's gamey. Obviously, if there is a loophole that allows the executive branch to unilaterally coin all it wants, that should be amended, not exploited.

 

[FUCK THE POLICE]

But the debt-ceiling itself should be done away with anyway. I find it kind of astounding that congress can pass a budget calling for some amount of spending, negotiated with the president, which will clearly go over the limit if followed to the letter, and then get frustrated at the president and demand some re-negotiation when the spending (that, again, you asked for) goes over the limit. What? Did you not know beforehand? How about, I dunno, not passing the spending in the first place? Doesn't that make more sense?

 

[Timshel]

But the debt-ceiling itself should be done away with anyway. I find it kind of astounding that congress can pass a budget calling for some amount of spending, negotiated with the president, which will clearly go over the limit if followed to the letter, and then get frustrated at the president and demand some re-negotiation when the spending (that, again, you asked for) goes over the limit. What? Did you not know beforehand? How about, I dunno, not passing the spending in the first place? Doesn't that make more sense?

It's not the budgets but the appropriation bills that direct spending. Budgets set priorities and a plan. There have been no bugets passed recently, which is part of the reason Republicans are claiming the need to use the debt ceiling. Without the budgets there is no real oversight. There is blame for both sides on this.

 

[canceled.2021.1]

But the debt-ceiling itself should be done away with anyway. I find it kind of astounding that congress can pass a budget calling for some amount of spending, negotiated with the president, which will clearly go over the limit if followed to the letter, and then get frustrated at the president and demand some re-negotiation when the spending (that, again, you asked for) goes over the limit. What? Did you not know beforehand? How about, I dunno, not passing the spending in the first place? Doesn't that make more sense?

Well, that all makes sense, but the bottom line is that Americans have come to want the gobblement spending. They just don't want to pay for it. They have been duped into believing someone else will pay for it like the rich. It is a very seductive lie. People have been promising something for nothing since the dawn of man. Modern day politicians have just taken it to a whole different level.

It is time to realize that this is what the American people want. Whenever I hear someone say "We should cut spending". I immediately ask them about cutting Social Security and Medicare (the biggest drivers of debt) and when they say "No", I immediately cease the conversation as they don't get it. Don't want to get it. And won't get it until the check one day does not come in and they go "What the fuck?"

It is like that poor girl who just realized that her payroll taxes just went up. She is stunned. She can't believe it happened. She was promised that taxes would only go up on the top 1% (then became top 2%) and she surely doesn't see herself as the top 1%. She is the classic low information voter (or what we used to call moron) who will be dazed and confused when it all comes crashing down.

I can't wait for that party. It can't start soon enough for me.

 

[canceled.2021.1]

There is blame for both sides on this.

So the Republican controlled House has passed a budget every year. The democrat controlled Senate has not.

That to you means, there is "blame for both sides".

Usually when a liberal says there is "blame on both sides", it means the democrats are caught in a box but said liberal can't bring him/herself to blame the democrats.

 

[Banned]

Just a scam to get the price of platinum jacked up.

 

[Timshel]

So the Republican controlled House has passed a budget every year. The democrat controlled Senate has not.

That to you means, there is "blame for both sides".

Usually when a liberal says there is "blame on both sides", it means the democrats are caught in a box but said liberal can't bring him/herself to blame the democrats.

The House is still approving appropriations. They then threaten default. There failure to win control of the Senate is not really a good reason to continue to threaten default and we don't really know that they would not do this even with a budget. So yes, they deserve some blame.

 

[canceled.2021.1]

The House is still approving appropriations. They then threaten default. There failure to win control of the Senate is not really a good reason to continue to threaten default and we don't really know that they would not do this even with a budget. So yes, they deserve some blame.

We won't default. Don't you know how this game is played yet? Boner will pound his chest and eventually he will bend over and take Obama's cock in the ass. Oh sure, people will wring their hands and kvetch all along the way about what might happen. But, we all know how this is going to end.

They will kick the can down the road until one day somebody decides they no longer want to buy our debt. I know I stopped buying US debt a long time ago. It is a sucker bet. I would be better off investing in some sub prime mortgage in harlem from an unemployed couple with no income, a 350 FICO and $30,000 in credit card debt than investing in the US Gobblement

 

[evince]

dont get all dreamy eyed cons.

YOu will NOT be allowed to USE the debt ceiling to beat the American people into submission to your historically failed ideas

 

[tinfoil]

dont get all dreamy eyed cons.

YOu will NOT be allowed to USE the debt ceiling to beat the American people into submission to your historically failed ideas

Why are you folks so determined to drive your children into debt they can never repay?

 

[evince]

tinny your an idiot and nothing you ever predicted came true.


You have a tin ear when it comes to insight and truth.


Your opinion is worthless to thinking people.

In other words .....



shut the fuck up donny

 

[SmarterthanYou]

didnt some african country do this about 12 years ago and now a loaf of bread costs almost a million of whatever their currency is called?

 

[canceled.2021.1]

shut the fuck up donny

I find it fascinating that you on the left wring your hands about the coarseness of debate. You wax poetic that all you want is civil discourse. Yet....................

 

[Bonestorm]

It's a bad idea and it is not for what the law was intended. Exotic ideas meant to defeat the democratic process are not going to provide a good solution.

What the law allows and what the law intended are different things.

The debt ceiling shouldn't be used to hold the economy hostage while demanding spending cuts. The platinum coin would simply release the hostage while whatever spending discussions they want to have can proceed.

 

[Timshel]

What the law allows and what the law intended are different things.

The debt ceiling shouldn't be used to hold the economy hostage while demanding spending cuts. The platinum coin would simply release the hostage while whatever spending discussions they want to have can proceed.

Exactly, they are different things. It's not a good precedent for the President to start abusing the spirit of the laws and twisting them to get his way. That will create instability and hurt our credit worthiness.

Congress is supposed to have cosiderable control over spending. The Democrats in the Senate need to quit dragging their feet and help pass a budget. The Republicans would then have no legitimate argument for this debt ceiling gambit.

 

[Bonestorm]

Exactly, they are different things. It's not a good precedent for the President to start abusing the spirit of the laws and twisting them to get his way. That will create instability and hurt our credit worthiness.

Congress is supposed to have cosiderable control over spending. The Democrats in the Senate need to quit dragging their feet and help pass a budget. The Republicans would then have no legitimate argument for this debt ceiling gambit.

Congress can easily fix the law if it doesn't like it and it is abundantly clear that the platinum coin is permitted. The spirit of the law counts for diddly shit.

The Republicans have no legitimate argument for the debt ceiling gambit. The President can only spend money as appropriated by Congress. The platinum coin would not change that one whit.

 

[Timshel]

Congress can easily fix the law if it doesn't like it and it is abundantly clear that the platinum coin is permitted. The spirit of the law counts for diddly shit.

The Republicans have no legitimate argument for the debt ceiling gambit. The President can only spend money as appropriated by Congress. The platinum coin would not change that one whit.

It counts quite a bit to those judging our creditworthiness.

Congress can just as easily pass a budget or increase the spending limit.

Businesses and governments use budgets for a reason.