Thursday, January 10, 2013

I Love The Platinum Coin Option

Hell, it doesn't have to be platinum. Zinc will do:
The president would do a live broadcast the day we hit the ceiling, explaining calmly that he is in a legal bind. Congress has passed a budget forcing the government to spend certain sums of money, but they have not given him the authority to borrow the money they themselves are forcing him to spend. He’d explain how on consultation with his lawyers he’s determined the platinum option is legal, and he’d cite chapter and verse. He’d explain that there is no danger of inflation and that things will be returned to normal the moment Congress raises the debt limit. He could propose that he give up his power to print in return for abolishing the debt ceiling. Most of all, he’d be the classic cool, reserved Obama, reassuring everyone that this is only a little hiccup, a simple technical workaround a goofy obstacle, that won’t affect anything important.

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